What is South Indian Bank Gold Loan?
Gold loan is a boon for people looking for immediate finances because it provides instant funds in no time at all. South Indian Gold Loan has the best interest rates as compared to other loan products in the market. It is a secured loan as you have to pledge your gold ornaments or articles to the bank in return of the finances. Moreover, It has minimal paperwork so the amount is disbursed immediately.
Advantages of South Indian Bank Gold Loan
Firstly, the bank gives big finances to its customers.
Secondly, the bank provides the loan at a low-interest rate.
In addition to this, provides safe custody of the gold of the borrower.
Moreover, a gold loan offers a minimal processing fee.
Likewise, this loan is disbursed to the customer instantly.
Lastly, it offers easy repayment and multiple modes of payment.
Interest Rate of South Indian Bank Gold Loan
The rate of interest starts from 10.75% and varies from bank to bank.
In addition to that, Documentation Charges are Nil.
And, there are different schemes to pay back the amount and interest.
Eligibility for South Indian Bank Gold Loan
Age of the applicant must be 21 years or more.
Anyone with a stable source of income can apply for the loan irrespective of the profession.
Documents for South Indian Bank Gold Loan
Identity Proof (Passport Copy/ Voters ID card/ PAN Card/Aadhaar Card).
Address proof (Passport/ Electricity Bill/Telephone bill/ Aadhaar Card).
Signature proof (Passport/ PAN Card/Banker’s verification/ cheque).
2 passport size photographs.
How to Apply for South Indian Bank Gold Loan
There are two ways to apply for the loan, one is the offline method and the second is the online method which is more convenient and simple.
In the offline method, you have to go to the branch of the bank and do all the paperwork and the people there will assist you with everything till you have the finances in your hand.
And, in the online method, all you have to do is to visit bookmyloans and fill the online form. You will immediately get a call from the bank and they will properly guide you through the process till you get the loan.
About South Indian Bank
The south Indian bank is one of the leading private sector banks in India. It was founded in 1929 and now is available in all the states across India. It has its headquarters in Kerala.
Gold Loan Interest Rate of Major Banks
|
Bank |
Interest Rates |
|
HDFC Bank Gold Loan |
10.00% – 14.50% |
|
ICICI Gold Loan |
10.00% – 16.10% |
|
Muthoot Finance Gold Loan |
12.00% – 24.00% |
|
Axis Bank Gold Loan |
14.50% – 17.00% |
|
Manappuram Gold Loan |
19.00% – 26.00% |
|
Yes Bank Gold Loan |
10.00% – 15.99% |
|
Bank of India Gold Loan |
19.00% – 26.00% |
|
Federal Bank Gold Loan |
11.75% 13.50% |
|
IIFL Gold Loan |
12.00% – 12.00% |
|
Central Bank of India Gold Loan |
12. 90% – 14.65% |
|
Canara Bank Gold Loan |
12.65% – 12.65% |
|
Andhra Bank Gold Loan |
11.70% – 10.45% |
|
Induslnd Bank Gold Loan |
11.15% – 15.75% |
|
PNB Gold Loan |
10.75% – 11.75% |
|
Bajaj Finance Gold Loan |
14% – 26% |
|
Bandhan Bank Gold Loan |
11.5% – 14.5% |
|
DCB Bank Gold Loan |
14% – 16% |
|
SBI Gold Loan |
11.05%-15% |
|
Indian Bank Gold Loan |
10.00% – 15.99% |
|
UCO Bank Gold Loan |
19.00% – 26.00% |
|
Kotak Mahindra Bank Gold Loan |
11.75% – 13.50% |
|
Syndicate Bank Gold Loan |
12.00% – 12.00% |