IDBI Bank offers Agricultural Finance Gold Loan which is loan against gold for the purpose of meeting immediate agricultural or allied requirements.

The loan amount availed against the gold pledged by the borrower can also be used for meeting social obligations and medical needs. It is also offered to traders, small businesses and to distributors in order to finance their business processes.

Features of IDBI Bank Gold Loan

Minimum Loan Amount
The minimum loan amount that can be borrowed is Rs. 10,000.

Maximum Loan Amount
The maximum loan amount that can be borrowed is Rs. 5, 00,000

Loan Tenure
The minimum loan tenure offered is one month and the maximum is 24 months.

Documentation for IDBI Bank Gold Loan

• Identity Proof:
Any one of these documents have to be provided as identity proof of the applicant - Voter’s ID, Passport, PAN Card, Photo Credit Card, Existing customer’s introduction, Driving License, introduction of applicant by bank.

• Income Proof:
Income proof is not mandatory for self-employed individuals. This depends on the Bank’s discretion.
The income proof documents that have to be submitted includes – 12 months’ bank statement, last year’s Income Tax Returns with income computation.

• Address Proof:
Any one of these documents have to be provided as address proof – Ration Card, Passport, Utility Bill, Driving License, Credit Card Bill, Existing customer’s introduction or introduction of applicant by his/her bank.

• Proof of Business:
Any one of these documents have to be provided as proof of business - electricity bill, telephone bill, sales tax certificate or lease deed for shops and establishments.

• Self Employed:
The mandatory document that has to be provided by self-employed individuals is the copy of a valid certificate for a professional degree.

• Other documents:
Loan account statements, bank account statements, photo of the applicant, Proforma Invoice, etc. as requested while processing the gold loan request.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.