Gold Loan

No income documents are required to obtain a Gold Loan from IDFC FIRST Bank.

We offer Gold Loans using paperless and digital processes such as eKYC, eMandate, eStamp, and eSign. Basic KYC documentation is required.

IDFC FIRST Bank offers three types of Gold Loans:

i. Bullet Scheme: Both the interest and the principal amount are due at the end of the loan term.

ii. Monthly Interest Servicing Scheme: The interest is paid monthly, and the principal is paid at the conclusion of the loan term.

iii. Equated Monthly Instalments (EMI) Scheme: An EMI is a set monthly payment made on the same day each month. Each month, the EMI applies to both interest and principle, and the loan is paid off in full over a number of years.

A Guarantor is not required to obtain a Gold Loan from IDFC FIRST Bank. 

When housewives or students apply for a Gold Loan, an income co-applicant is required. 

You have the option of receiving the funds in your existing savings bank account with any bank or opening a new savings account with IDFC FIRST Bank. Our Savings Bank account for Gold Loan disbursement includes a two-year remission of average monthly balance charges.

No, there is currently no provision for an overdraft facility for business purposes on a Gold Loan.

Gold Loan interest rates at IDFC FIRST Bank range between 0.83%* to 1.5%* per month.

*Subject to change as per RBI norms & at the sole discretion of the Bank.

Our digital infrastructure and automation are set up to process your Gold Loan in 45-90 minutes*.

For your Gold Loan to be disbursed within the specified time frame, there is dependency on the number of ornaments to be valued, loan amount, and your willingness to process your Gold Loan through our digital journey such as E-KYC, open digital savings account, and E-Mandate.

*T&C Apply

Yes, you can foreclose the Gold Loan earlier.

To apply for a Gold Loan from IDFC FIRST Bank, visit the nearest Gold Loan branch.

IDFC FIRST Bank is a pioneer in digital and paperless lending. We have expanded our cutting-edge digital lending technology to Gold Loans, allowing for rapid credit of funds via biometrics.

IDFC FIRST Bank does not charge a variable interest rate. Our interest rate is fixed for the duration of the loan. You are informed of any applicable costs in a clear and concise manner.

We do impose a nominal foreclosure fee. 

More information can be found in the fees & charges section, click here. 

The Gold Loan can be repaid using the following methods: 

• Cash

• Internal fund transfer

• NEFT

• RTGS

• Cheque

• Paytm

• SI/NACH

Late payment penalties will be imposed in accordance with the terms of the Gold Loan agreement.

More information can be found in the fees & charges section, click here. 

Your ornaments will be kept in secured sealed pouches. These pouches are placed in our state of the art vault.

When the Gold Loan is disbursed, the customer receives a gold arrangement letter with ornament specifications. Customers can refer this document to confirm that the ornaments released are the same as those given at the time of disbursement.