Gold Loan Interest Rates 2020442 views
- What makes DCB Bank a suitable choice for a Gold Loan?
- Know the reason by gaining knowledge about its interest rates, eligibility criteria, flexible tenure and repayment options!
Facing some sudden need for funds to achieve your personal or business needs? Struggling to find the right loan option from a slew of loan facilities? Maybe DCB Bank Gold Loan could be an option for you. You can use your idle gold assets sitting in your home locker to get the required loan amount. That too, at affordable interest rates so that you don’t need to worry about the high repayment amount. You just need to submit your gold ornaments to the bank, and you will get the loan amount against it.
Coming from one of the leading private banks of India, this facility by DCB Bank helps you in fully utilizing your gold assets. You can overcome any emergency by submitting the gold ornaments as the security or collateral to get the needed amount. The maximum amount you can get with a DCB Bank Gold Loan is fixed at INR 20 lakh and it will depend on your overall value of gold. If you want to know more about this gold loan, you can read the page further.
Table of Contents
- 1 DCB Bank Gold Loan Interest Rate
- 2 What are the Highlights of the DCB Bank Gold Loan?
- 3 How to Apply for the DCB Bank Gold Loan?
- 4 How to use the DCB Bank Gold Loan EMI Calculator?
- 5 Documents Required for the DCB Bank Gold Loan
- 6 Eligibility Criteria for DCB Bank Gold Loan
DCB Bank Gold Loan Interest Rate
DCB Bank Gold Loan interest rate ranges from 10% to 18% per annum with being the maximum. The final rate of interest for you will be decided by the lender according to your required loan amount, overall profile, and CIBIL Score. The lower rates ensure the EMIs come well within your budget. You can look at the interest rate and other important details related to the DCB Bank Gold Loan in the below table.
DCB Bank Gold Loan Interest Rate and Other Important Aspects
|Minimum Loan Amount||INR 10,000|
|Maximum Loan Amount||INR 20 lakh|
|Interest Rate||10.00% - 18.00%|
|Minimum Tenure||12 months|
|Maximum Tenure||60 Months|
|Loan to Amount Value||As high as 75% of the total Appraised Value|
|Processing Fee||Upto 2% of the total loan amount plus applicable GST charges|
|Cheque Bounce Charges||INR 500|
|Foreclosure Charges||1% of the Total Outstanding Loan Amount|
|Cheque Swapping Charges||INR 500|
|Late Payment Charges||2% per month on the Overdue Amount|
|Repayment Methods||EMI, Monthly Interest Payment, and Bullet Payment|
What are the Highlights of the DCB Bank Gold Loan?
Now that you have known the interest rates and several important aspects of the DCB Bank Gold Loan, you should know some of the amazing features of this gold loan facility. These features make it different from others. We are mentioning all such important features below so that you can make an informed decision while choosing it. Take a look!
- DCB Bank Gold Loan provides you the option to opt for a loan amount ranging from INR 10,000 to a maximum of INR 20 lakh. And not only this, but you can also get a cash amount of upto INR 2 lakh depending on the overall value of gold ornaments submitted by you. This cash amount is the maximum you can get, the rest amount will be transferred to your account only.
- Coming to the repayment, you can easily repay the loan amount within a period of 12 months to 60 months according to your own convenience.
- You can also choose from a slew of repayment methods according to your repayment capacity. These methods are EMI Payment, Monthly Interest Payment and Bullet Repayment.
- DCB Bank Gold Loan offers a maximum of 75% of the value of gold as the loan amount. Suppose your overall gold value is INR 3 lakh, you can get INR 3 lakhs maximum as the loan amount.
- Your gold ornaments will be stored safely in the foolproof bank lockers without any extra charges. These will be returned to you once you repay the whole amount.
- DCB Bank also allows partial gold withdrawal facility, but an applicant has to pay the processing charges for this process.
- You can also foreclose before the agreed tenure by paying 1% of the total outstanding loan amount.
How to Apply for the DCB Bank Gold Loan?
After knowing so much about the DCB Bank Gold Loan, you should know about the application process so that you can apply for this loan facility as soon as possible. Well, this gold loan facility can be applied by anyone either online and offline. We will give you details about both the processes below so that you can choose anyone according to your comfort. Do check them out!
First, we would like to tell you about the Online Application Process. This can be done from anywhere at any hour of the day. For this, you just need an internet connection and a laptop or mobile. The steps you need to follow are mentioned below.
- First, go to the official website of the DCB Bank. On reaching there, you will need to go to the Gold Loan Section on that.
- You will see an application form on pressing the button of ‘Leave Your Number’. By filling this form, you will leave your number so that the representatives from the DCB Bank can contact you regarding your loan requirement.
- The details that you will need to fill in the form are your Name, Mobile Number, Email ID, State, and Residing City.
If you are not well versed with the current technology and instead want to use the offline method, you can do it too in a hassle-free manner. For this, you just need to go to the nearest branch of the DCB Bank. Currently, there are a total of 145 branches in 94 cities across India from where you can get the Gold Loan. You just need to go to any of these branches with your gold ornaments and the required documents. The representatives will tell you about everything related to the gold loan facility. After filling the application form and the authentication from the lender side, you will get the loan amount in your bank account.
How to use the DCB Bank Gold Loan EMI Calculator?
As stated earlier, you can repay the gold loan amount with one of the repayment methods which is the EMI payment method. With this method, you can repay the loan amount with Equated Monthly Installments (EMI). This amount will include a portion of both principal and interest amount.
If you choose this method, have an early estimate of the EMI amount. To know this, you can use the DCB Gold Loan EMI Calculator. To use this, you will need a very few details such as the required loan amount, rate of interest and the required tenure. As soon as you put all these details into the calculator, you will get the EMI amount. You can make a much better decision by knowing this EMI amount before applying for the loan.
Documents Required for the DCB Bank Gold Loan
A proper documentation is key to the hassle-free approval of gold loan applications. Without it, DCB Bank gold loan will not get accepted. The lender checks your authenticity through your documents. It varies from one lender to another. To know the list of documents, you can look below.
- Duly Filled-in Application Form with Self-attested Photograph
- Proof of Residence – Ration Card/ Telephone Bill/ Electricity Bill/ Voter’s ID Card
- Proof of Identity – Voter’s ID Card/ Passport/ Aadhar Card/ Employer’s ID Card
Eligibility Criteria for DCB Bank Gold Loan
Apart from the documentation, each lender has fixed eligibility criteria that an applicant has to qualify to apply for the loan. These criteria tend to vary from one lender to another. For DCB Gold Loan eligibility criteria, you can look at the points below.
- Any applicant aged between 18 years and 70 years can apply for this loan.
- The weight of stones in your gold ornaments will not include in the evaluation of your gold.
- It is important to submit the gold ornaments of 18 carats and above as any gold below 18 carats will be excluded from the evaluation.
- The gold loan will not be given against the gold bars and biscuits as they are not in the form of jewelry.
- The applicant must have a stable source of income to ensure a smooth repayment.
How to Contact DCB Bank Gold Loan Customer Care?
If you have any kind of query or concern related to the DCB Gold Loan, you can reach the customer care by the following ways. The first of these is that you can call the toll-free customer care number 1800-209-5363. Other than that, you can personally visit any of the branches to clear any doubts you may have. Or you can send an email to the DCB Bank official id from your registered email address. All your queries can be resolved in the minimum time possible.