Syndicate Bank Gold Loan
Syndicate Bank has designed a unique product, SyndSwarna, a gold loan scheme to aid borrowers during financial emergencies. This loan primarily caters to borrowers from the non-agriculture background who wish to avail immediate financial credit against their gold. Given the fact that most Indian households have gold investments, this is ideal to cater to any immediate financial requirement. Under the SyndSwarna scheme there are two types of sub schemes. One is SyndSwarna EMI and the other is SyndSwarna Non-EMI scheme.
Features of Syndicate Bank Gold Loan
SyndSwarna comes with a number of key features, some of which are highlighted below.
- Multipurpose loan – Synd Swarna can be used for a number of purposes, ranging from business needs to personal financial emergencies.
- High loan amount – Borrowers can avail loans to the tune of Rs 20 lakhs under this scheme.
- Competitive interest rate – Synd Swarna is available at an extremely competitive interest rate. The rate of interest offered is 9.75%
- Quick approval – This loan can be availed with minimal paperwork, resulting in quick approval and immediate disbursement.
- Easy repayment – The loan can be repaid within a period of 1 year if you are availing the SyndSwarna Non-EMI scheme, providing borrowers adequate time to manage their finances. If you avail the SyndSwarna EMI scheme then the repayment tenure is up to 3 years.
Syndicate Bank Gold Loan Key Features – Apply Now
|Syndicate Gold Loan Interest Rate||5.88% per annum|
|Syndicate Gold Loan Rate Per Gram||₹ 2,900 to ₹ 3,450|
|Syndicate Gold Processing Fee||1% or ₹1000 whichever is higher|
|Syndicate Gold Loan Amount||Up to Rs. 1 Crore (With Income Proof)|
|Syndicate Gold Prepayment Charges||0-1%|
|Syndicate Gold Repayment Tenure||Up to 36 months|
|Syndicate Gold Repayment Scheme||Bullet Payment Scheme, Overdraft Scheme|
Syndicate Bank issues a Gold Loan per gram rate of ₹ 2,900 to ₹ 3,450 in line with the current gold rate. The best Syndicate Bank Gold Loan Rate per gram is ₹ 2,900 to ₹ 3,450 for 22 Carat gold, measured at a maximum 75% loan to value, and the average gold price for the last one month for 22-carat is ₹ 2,900 to ₹ 3,450.
Syndicate Bank Gold Loan Explanation
Syndicate Bank Gold Loan can be fundamental to meet a critical requirement for money by vowing your gold redesigns or gold coins as assurance. Gold improvement is likely the speediest kind of getting and can be benefitted by existing clients of Syndicate Bank notwithstanding new borrowers.
With Syndicate Bank, you won’t just profit by the gold credit sufficiently yet close at a veritable development cost. Here is all you require to consider Syndicate Bank gold improvement financing cost, residency, steadfast, and different terms and conditions.
Syndicate Bank Gold Loan Comparison With Other Banks
|Particulars||Syndicate Bank||SBI||HDFC Bank|
|Interest Rate||5.88% per annum||5.88% per annum||9.90% – 17.55%|
|Processing Fees||1% or ₹1000 whichever is higher||0.50% of the loan amount, minimum Rs. 500||1.50% of the loan amount|
|Loan Tenure||3 months to 36 months||3 months to 36 months||3 months to 24 months|
|Loan Amount||₹ 25,000 to ₹ 25 Lakh||₹ 20,000 to ₹ 20 Lakh||₹ 25,000 to ₹ 50 Lakh|
|Foreclosure Charges||Up to 0.50% of the principal amount||Nil||Nil after 3 months|
|Lowest EMI Per Lakh||₹ 8,734 per lakh||₹ 3,111 per lakh||₹ 4,610 per lakh|
How To Get Gold Loan From Syndicate Bank Fast?
- Syndicate Bank sees both hallmarked and non-hallmarked beautifications for getting a gold new turn of events. In any case, you can get the most raised gold credit per gram for brand name embellishments, as it decreases the odds of under-valuation by the valuer. Two or three banks charge lower preparing costs on hallmarked gold pearls.
- Syndicate Bank changes the cost of 22-carat gold for the perfection of gold. Accordingly, constantly attempt to get against higher sensibility embellishments as it will present to you the most raised outright for the gold new development.
- Syndicate Bank will manage the net load of jewels to find the level of advance against the gold you can get. Firmly, try to pick embellishments that have the least pearls and stones. An enormous piece of the banks will diminish the significance of pearls and stones from an all-out pile of embellishments. Syndicate Bank will depend on the report of his gold valuer to learn the net weight.
- Higher the significance of pearls and stones in redesigns cut down the net weight and evaluation of diamonds which accomplishes the lower level of gem advance you can get Further, Syndicate Bank won’t see valuable stone important stones if the gold utilized is under 18-carat flawlessness. By a wide edge a large portion of the critical stone updates are made in 16 carats to 18-carat gold and from this time forward, will accomplish low gold movement per gram.
- Incessantly attempt to get the best LTV on the evaluation of gold. Syndicate Bank is permitted by RBI to charge a most bewildering LTV of up to 85% to manage the level of gold credit you are prepared for.
Advantages Of Syndicate Bank Gold Loan Scheme
- Syndicate Bank Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes through Dialabank.
- If a borrower is eligible, Syndicate Bank Gold Loan can be approved within 5 minutes.
- After the approval of a gold loan, the loan amount is disbursed quickly if the borrower has all the documents that are required.
- Responsibility of your Gold is entire of the bank. Borrower’s gold assets will be kept under very tight and fireproof security.
- The Gold Loan Interest Rates provided by the bank are quite affordable.
- The documentation process is very easy and straightforward.
- Bank will not ask the reason behind the gold loan. One can use the Syndicate Bank Gold Loan amount according to their needs.
- The bank charges a borrower up to .50% on the principal outstanding in case of a Gold Loan Foreclosure.
How Much Gold Loan Can I Get Through Syndicate Bank Gold Loan?
The loan is granted against the security of gold ornaments or jewels at the rate of ₹ 2,900 to ₹ 3,450 per gram of 22 Karat Gold or 90% of the net market value of your gold, whichever is lower.
Syndicate Bank Gold Loan Rate Per Gram
|Updated – Gold Loan Per Gram Rate|
|Gold Weight||Gold Purity|
Syndicate Bank Gold Loan
Syndicate Bank offers loan against gold at very low-interest rates. They are one of the major Gold Loan providers who understand the need of the customers and disburse the loan amount in one hour. The Syndicate Bank Gold Loan rate today and all other charges are transparently announced to borrower upfront before sanctioning the loan amount. Also, The pledged gold is locked safely in the vault and the borrower does not have to worry about its safety.
- Syndicate Gold Loan Interest Rate is 5.88% per annum
- Syndicate Gold Loan Per Gram Rate is ₹ 2,900 to ₹ 3,450
- Syndicate Gold Loan Tenure: Up to 36 months
- Syndicate Gold Loan Processing Fee is Up to 1% of the Loan Amount + GST
Syndicate Bank Gold Loan Eligibility Criteria
Gold Loan is a financial product provided by the Syndicate bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Syndicate bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Syndicate bank Gold Loan is:
|Age||18-70 years of age|
|Employment Status||Salaried, Self-Employed|
|Gold Quality||Minimum 18 Carats|
Syndicate Bank Gold Loan At Home
With the changing needs of the times, Syndicate Bank has come across a simple yet valuable solution that will make everything easy for you. Just like your necessary commodities such as groceries, clothes and much more, everything is provided at your doorstep, in the same way, now, you can quickly get a gold loan at the comfort of your home.
If you are in urgent need of funds or too busy to visit a bank or prefer social distancing, Syndicate Gold Loan At home is a one-step solution. The process is straightforward. You need to give us a call to put in your request for a gold loan. Our executive from the nearest branch will visit your home at the earliest. Everything will be done at your home in your presence, from the evaluation of the loan documentation to the transfer of the loan amount. Furthermore, there are many benefits of Syndicate Bank Gold Loan at Home:
- Fast loan approval
- Lower interest rates
- Maximum value of gold
- Flexible repay tenures
- Easy payment options
- No additional charges
- 24*7 customer support
- Full security of the gold
- No hidden fees
- Service at your doorstep within 30 minutes
Syndicate Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Syndicate bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Syndicate bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures the high security of your gold ornaments till the loan is closed.
Documents required for Applying for Syndicate bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
|Photographs||2 Passport Size|
|Identity Proof||Aadhar Card, Passport, PAN Card, etc. (Only 1 is required)|
|Residence Proof||Aadhar Card, Driving License, Ration Card, etc. In the case of Rented House then the rent agreement or water/electricity bills for the last three months can be considered. (Only 1 is required)|
|Agricultural Land Proof||Required only if the Loan is taken for Agricultural Purpose|
**Any other documents as requested by the bank shall be duly submitted.**
Syndicate Bank Gold Loan Interest Rate, Fees and Charges
Syndicate bank Gold Loan can fulfill all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Syndicate bank are lower in comparison to other loans because it is a fully secured loan.
Syndicate bank also charges some additional fees along with the rate of interest in some cases, which are :
|Syndicate Gold Loan Interest Rate||5.88% per annum|
|Processing Fee||1% of the Principal Loan Amount|
|Prepayment/Foreclosure Charges||1%+GST (Within 3 Months), 0 (After 3 months)|
|Valuation Fee||Rs 250 for a loan up to Rs 1.5 lacs and Rs 500 for a loan over and above Rs 1.5 lacs|
|Late Repayment Charges||2% p.a. + Applicable rate of interest.|
|Renewal Processing Fees||Rs 350 + GST|
Syndicate Bank Gold Loan Apply Online
Applying for the Syndicate bank Gold Loan service is a simple and hassle-free process that can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with necessary information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with National Info by following the below-mentioned steps to get a Gold Loan as per your need.
- Visit National Info digital platform, where you will have just to fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalized service, giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With National Info, you can compare the different offers and schemes from various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
Syndicate Bank Gold Loan EMI Calculator
|Rate of Interest||6 months||1 Yr||2 Yrs||3 Yrs|
How To Pay Your Syndicate Bank Gold Loan EMI?
Your Syndicate Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with Syndicate Bank, Standing Instruction is the best method of repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the Syndicate Bank account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilized if you have a non-Syndicate Bank account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-Syndicate Bank account at your closest Syndicate Bank Loan Branch. A new arrangement of PDCs should be submitted on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Syndicate Bank Gold Loan Contact Number
Syndicate Bank offers loan against gold at the lowest Interest rate. Being one of the significant gold loan suppliers, Syndicate Bank understands the necessities of the clients and disburses the loan amount in 60 minutes. The gold promised is securely secured in the bank locker, and you don’t need to stress over its safety.
You just need to give a call on facebook page for any Syndicate Bank Gold Loan details.
Gold Ornaments Accepted By Syndicate Bank
- Any jewellery of 18 karats to 22 karats is acceptable to avail the loan.
- Gold coins weighing less than 50 grams in total.
- Bank does not accept minted/forged gold coins.
- Gold Bars and bricks are not acceptable.
- Raw gold in any form is not acceptable.
Uses Of Syndicate Bank Gold Loan
The funds acquired by availing the Syndicate bank Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
Syndicate Bank Agricultural Gold Loan Scheme
|Scheme||Syndicate Bank Agricultural Gold Loan Scheme|
|Interest Rate||Starting from 5.88% per annum (depends on the sum of the loan|
|Least amount of Loan||Depends on the value of jewel which is being kept as security|
|Loan period||Adjustment of advance sum inside 2 months from the date of reap of yields|
Benefits Of Syndicate Bank Agricultural Jewel Loan Scheme
- There is no processing fee is applicable up to ₹ 25,000
- 0.30% of the loan amount, Minimum of ₹ 300 charge is applicable to the amount ranging from above ₹ 25,000 – less than ₹ 5 lakh
- 0.28% of the credit sum, subject to at least Rs.1,500 is applicable to the amount more than Rs.5 lakh however under Rs.1 crore
Syndicate Bank Gold Loan Overdraft Scheme
Syndicate Bank Offers an Overdraft Scheme. With this, you are provided a loan amount as an overdraft facility. It works like a Credit Card, where you can spend your Gold Loan Amount as you want anytime anywhere. The overall loan amount will have a Credit/Loan Limit. In the Syndicate Bank Gold Loan Overdraft facility, the bank charges interest only on the amount you withdraw/utilize.
Syndicate Bank Gold Loan Key Highlights
|Minimum Loan Amount||Rs. 25,001|
|Maximum Loan Amount||Rs. 25 Lakh|
|Syndicate Bank Gold Loan Interest Rate||5.88% per annum onwards|
|Loan Tenure||From 3 months to 36 months|
|Gold Items accepted||Jewelry and gold coins sold by banks|
|Syndicate Bank Gold Loan Processing Charges||1% of the loan amount|
How Does Syndicate Bank Gold Loan Work?
The improvement of far and away cutoff is settled dependent on the perfection of gold, LTV, and the weight of gold. Envision Mr A and his two associates Mr. B and Mr. C own different degrees of gold with moving faultlessness. Mr. A has 50 grams of gold of 22 carats. Mr. B has 60 grams of gold with uprightness of 20 carats and Mr. C has 70 grams of gold with goodness or 22 carats. They approach the Syndicate Bank to benefit from a gold new development. The worth applied to acquire capacity with their gold credit absolute cutoff reliant on the most over the top LTV of 85% will vary by the significance of gold and thusly, will achieve moving gold improvement limit.
Syndicate Bank Gold Loan FAQs
What is the quantum of finance one can avail through Synd Swarna?
The quantum of finance depends on the purpose, with a maximum of Rs 10 lakhs provided for non-priority needs. Individuals who wish to use funds for business purposes can avail loans up to a maximum of Rs 20 lakhs. This is applicable only if you are availing the SyndSwarna Non-EMI scheme. If you are availing the SyndSwarna EMI scheme, then the minimum quantum of finance is Rs.10,000 while the maximum is Rs.10 lakh.
How is interest computed under this loan?
Interest is compounded on a monthly basis, with the final interest payable at the end of 1 year.
What is the repayment policy adopted by Syndicate Bank for SyndSwarna?
A bullet repayment scheme is in place for this loan, with the principal and interest to be paid at the end of 1 year for SyndSwarna Non-EMI scheme. For SyndSwarna EMI scheme, the repayment tenure will be for 3 years.
What is the ratio of security to loan amount received under Synd Swarna?
The amount one can avail as loan depends on the purity of gold. Borrowers can currently get loans upto 66% of the value of gold kept as security. For example, if one pledges gold worth Rs 1 lakh, they can avail a loan of Rs 66,000 (approximately).