Yes Bank Gold Loan

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Yes Bank gold loan is provided against gold coins or jewellery. The bank promises a smooth and hassle-free loan process for both its new and existing customers. The funds can be used for business and personal purposes. Many use the loan amount for emergency expenses such as travel, medical contingency, home repair, and other reasons such as travel, education, wedding, important events, business expansion, etc.

At Loanbaba, you will get to understand all the details about gold loan by Yes Bank.

Details of Yes Bank gold loans in India:

Yes Bank Jewel Loan

Details

Loan Amount

Rs. 25 thousand to Rs. 50 lakhs

Interest Rate

11.00% onwards

Tenure

6 months to 36 months

Processing Fee

0.75% to 1% of the loan amount

Prepayment Charges

0.50% in case the loan is prepaid before the first 6 months

Loan against Gold Scheme

Overdraft scheme and EMI scheme

Yes Bank Gold Loan Interest Rates

Yes Bank gold loan rate starts at 11.00%. The interest rate however will depend on gold weight and purity, loan amount, loan applicant’s profile, repayment capacity, and other factors. It is always best to compare and check rates of several jewel loan schemes offered by the bank, before selecting the suitable option. Also, choosing a shorter loan tenure will help reduce interest payout.

Yes Bank Gold Loan Interest Rates updated on

Gold loan interest rate Yes Bank starts from 11% but differs as per many factors, such as your relationship with the bank, credit history, gold weight and purity, tenure of the loan, and many more. The Yes Bank interest rate calculator considers these factors to determine the exact rate of interest applicable on your loans.

You may use EMI calculator and Eligibility calculator to know the instalment amount to pay every month till end of tenure, and your eligibility for the loan.

Features of Yes Bank Gold Loan

Yes Bank offers gold loan to its customers against gold coins or jewelry as security at attractive rate of interest. The process of loan is quite hassle-free and convenient to the customers as the process is quite smooth. The features of loan are discussed as under:

  • The minimum and maximum quantum of loan that can be financed under this scheme is Rs. 25,000 and Rs. 50 lakhs respectively.
  • The bank offers flexible repayment options out of which any one can be chosen by the customer as per individual suitability.
  • Loan is available for short term only. Gold coins and jewelry with purity between 18 carat and 22 carat can only be pledged to avail the loan.
  • You need not to fear about any loss to your pledged gold as the bank keeps your assets in safe custody.
  • There is no need of any guarantor for the loan
  • The interest rate for the loan is quite competitive. Lowest EMI for Rs. 1 lakh is Rs. 3,274 as per 11% rate of interest.
  • Bank grants a loan of up to 70% the value of gold and rest 30% is taken as margin for the loan.

Yes Bank Gold Loan Eligibility Criteria

Below given are eligibility criteria for Yes Bank jewel loan.

  • You need to be a resident Indian to avail the jewelry loan.
  • The minimum and maximum age of the applicant is 18 years and 65 years respectively.
  • The gold asset needs to be 18 carat to 22 carat purity.

Documents Required to Apply for Gold Loan

KYC certificates i.e. address proof and identity proof; PAN card need to be submitted with 2 passport- sized recent photographs, and duly filled and signed loan application form.

  • Identity proof (one of the following): Voter’s ID card, Driving License, Passport, Aadhar Card, etc.
  • Address proof (one of the following): Utility Bills, Rent Agreement, Aadhar Card, Bank Statement, Voter’s ID card, etc.

How to Apply for Yes Bank Gold Loan?

You can either apply for loan offline or on the internet. Gold valuation needs to be done at the bank, irrespective the loan application dropped online or offline. Take help of Yes Bank gold loan calculator on the internet to understand the EMI amount and your loan eligibility. Jewelry appraiser certificate will be provided, based on which a loan amount, interest rate, and other conditions and terms will be decided.

  • Online Application: Online method involves applying on the official website of Yes Bank. Here, you will have to fill out the loan application form on the website and submit necessary documents (soft copy).
  • Offline Application: In offline method, you need to visit the nearest bank branch and ask for the loan details. Fill out the loan application form, sign it, and attach the required documents.

Once the application and loan is approved, the funds will be credited to your registered bank account. You can withdraw this amount or transfer, use the fund for any purpose you may have.

Apply for Gold Loan

Yes Bank Gold loan FAQs

Below-mentioned are frequently asked questions about Yes Bank jewelry loan.

Below-given are the charges and fee on jewelry loan.

  1. Processing fees: 0.75% to 1% of the loan amount
  2. There is no need of any valuation fee.
  3. Late payment of EMI: 2% above rate of interest.
  4. Stamp duty and other statutory charges need to be paid on actuarial basis.
  5. Foreclosure charges:
    • No such charges if the loan is closed after 6 months.
    • 0.50% in other cases.
  6. There are no prepayment charges.

As per norms of RBI, you can get up to 75% of the gold’s current market value. However, the bank can offer a lower loan to value ratio. Yes bank’s reference price for gold loan per gram is Rs. 2,570. The bank can offer maximum 70% of the pledged gold’s value, as loan. The upper limit for lending against gold of 22 carat is Rs. 1799 per gram.

Below-mentioned are some of the benefits of jewel loan by the bank.

  • At Yes Bank, you can avail a loan against gold with irrespective, without any co-borrower or guarantor. Your credit score is not the primary requirement.
  • This loan helps during emergencies and at times when you require instant cash.
  • Since, the loan procedure is hassle-free involving minimal documentation, the approval and disbursal is quick.
  • The repayment of the loan is between the interest and principal amount. Here, the principal amount can be paid together at the end of tenure. The interest amount has to be paid regularly through the tenure.
  • The bank offers doorstep service to customers for the documentation process.

In most of the cases, you do not have to submit jewellery bill copy. But if the loan amount is too high, the bank may ask for such details.

In case of delayed or missed payments, the bank will send you reminders. However, if your loan account becomes a non performing asset, then the bank has the right to sell off the pledged gold to recover outstanding dues. However, before such an activity happens, the bank will send a notification. It is best not to default on jewel loan, otherwise, your credit score will take a hit and you will lose the ownership of the pledged gold as well.

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