OD against Gold Jewels
OD against Gold Jewels
“OD Against Gold Jewels” is a new product / facility to the customers wherein an OD Limit is fixed instead of Term Loan facility with additional benefits. Apart from General Public.
| Eligibility | General Public
Women Applicants COVID Warriors proposed to include
|
| Age | Entry Age – Minimum 21 years |
| Purpose | Any purpose other than speculative |
| Quantum of loan | 75% of market value of the Jewels pledged or Per gram advance value of Jewels, whichever is lower
|
| Repayment | Interest to be serviced as and when charged in the account.
Withdrawals are permitted within the limit sanctioned |
| Interest Rate | Click here |
| Processing Fee | Click here |
| Appraiser Fee | To be borne by the applicant |
| Security | Pledge of Gold Jewels |
| Add on benefits | Issuance of Rupay Card & Personalised Cheque Books |
| Renewal of account | The Account should be renewed within one year from the date of original / latest sanction and the OD Limit will be re-assessed based on the value of Jewels pledged considering the margin requirements as on that date. |
| Documents required |
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Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Jewel Loans.
1. What is an Indian Bank Jewel Loan?
An Indian Bank Jewel Loan is a secured loan offered against the pledge of eligible gold jewellery or ornaments. It provides quick access to funds for personal, agricultural, or business requirements.
2. Who is eligible to apply for an Indian Bank Jewel Loan?
Indian residents who own eligible gold jewellery or ornaments and meet the bank's eligibility criteria can apply for a Jewel Loan.
3. What is the interest rate for an Indian Bank Jewel Loan?
The Jewel Loan interest rate depends on the applicable loan scheme and prevailing bank guidelines. Please refer to the latest interest rates published by Indian Bank.
4. How much Jewel Loan can I get against my gold?
The loan amount depends on the purity, weight, and value of the pledged gold jewellery, subject to the loan-to-value (LTV) norms prescribed by the bank and regulatory guidelines.
5. What documents are required for a Jewel Loan?
Applicants generally need valid identity proof, address proof, passport-size photographs, and the eligible gold jewellery or ornaments to be pledged with the bank.
6. Can I apply for an Indian Bank Jewel Loan online?
Customers can enquire about Jewel Loans through the Indian Bank website and complete the application process at the nearest branch, as applicable.
7. What is the repayment tenure for an Indian Bank Jewel Loan?
The repayment tenure varies depending on the applicable Jewel Loan scheme and the bank's prevailing guidelines.
8. Can I prepay or foreclose my Jewel Loan?
Yes. Indian Bank allows Jewel Loan prepayment or foreclosure as per the applicable terms and conditions.
9. Is my pledged gold safe with Indian Bank?
Yes. The pledged gold jewellery is securely stored by the bank until the loan is fully repaid and all applicable dues are cleared.
10. Can I use a Jewel Loan for any purpose?
A Jewel Loan can generally be used for eligible personal, business, agricultural, or emergency financial requirements, subject to the applicable loan scheme and regulatory guidelines.
11. How can I calculate my Jewel Loan eligibility?
Your Jewel Loan eligibility depends on the weight and purity of the pledged gold jewellery. Indian Bank may also provide a Jewel Loan or Gold Loan calculator to help estimate the eligible loan amount.
12. How long does it take to process a Jewel Loan application?
Jewel Loan applications are generally processed quickly after successful verification of the applicant's documents and the pledged gold jewellery.
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