Gold Loan Interest Rates 2020390 views
- Why should HDFC Gold Loan be the first choice for you?
- Know about its interest rates, actual loan amount and the various repayment options
What if we tell you that you can fulfill all your financial needs by getting the required funds against your gold? Yes, it’s true and one of the banks that offer a customized loan against gold is HDFC Bank. Yes, with the help of the HDFC Gold Loan facility, you can get funds to meet your various needs. The best thing about an HDFC Gold Loan is that there is no limitation on the end-use for you which means that you can use the required funds in any way as you want.
HDFC Gold Loan can be secured by anyone from any background by going through an easy and transparent application process. The interest rates are also quite affordable and that’s why this product is one of the most preferred products of HDFC Bank. Being the largest private sector bank of India, there is no doubt among people when it comes to seamless and amazing banking services. A Gold Loan also brings a certain credit mix in your overall profile as this is a secured loan. Your gold will act as the security or collateral against the amount you will get. This factor also helps you in availing lower interest rates. So, if you want to know more about the HDFC Gold Loan, this article would be a perfect read for you. So, keep reading!
Table of Contents
- 1 What is the HDFC Gold Loan Interest Rate?
- 2 HDFC Gold Loan Interest Rate and Other Details
- 3 How to Apply for the HDFC Gold Loan?
- 4 What are the Documents that You Will Need?
- 5 What is the Eligibility Criteria to get an HDFC Gold Loan?
What is the HDFC Gold Loan Interest Rate?
When you decide to opt for any kind of loan facility from any lender, interest rate plays a crucial role in determining your repayment amount. That’s why people always look to opt for lower interest rates. Higher interest rates will result in a higher repayment amount and vice versa.
But in the case of the HDFC Gold Loan, you don’t need to worry about the interest rates as they are pretty much within your capacity and you can certainly afford them. HDFC Gold Loan interest rates range from 10% per annum to 17.98% per annum. You need to remember that this will also vary according to your loan amount which will be decided according to the quantity of gold you submit. The tenure you will choose for your loan amount may also affect your gold loan interest rate.
In the below table, you can look at some of the important details related to the HDFC Gold Loan.
HDFC Gold Loan Interest Rate and Other Details
|Minimum Loan Amount||INR 25,000|
INR 10,000 in the rural areas
|Maximum Loan Amount||Customized and depends on your gold value|
|Interest Rate||10.05% - 17.95%|
|Minimum Tenure||3 months|
|Maximum Tenure||24 months|
|Processing Fee||1.5% of the total loan amount + Applicable GST charges|
|Valuation Method||INR 250 for Loan Amount upto INR 1.5 lakh|
INR 500 for Loan Amount above INR 1.5 lakh
|Foreclosure Charges||2% of the Outstanding Loan Amount + GST if closed before 3 months|
Nil charges if closed after 3 months
|Documentation Charges||INR 199|
|Renewal Processing Fees||INR 350 + GST Charges|
|Late Payment Charges||2% per annum over and above the applicable rate of interest|
Highlights of HDFC Gold Loan
Now that you know some most important details related to the HDFC Bank Gold Loan, it’s time to know about some of the amazing benefits and highlights of this loan scheme. A lot of people trust this gold loan scheme provided by HDFC Bank. You must be wondering about what are those features that make it one of the best in the country?
Well, to know them, you can look at the below-mentioned highlights of the HDFC Gold Loan.
- With the gold loan facility from HDFC, you will get the fastest turnaround on your application. You can get the loan in as quickly as 45 minutes over the counter at any of the HDFC branches nearby. You just have to bring your gold there, and after the valuation & documentation process, the loan amount will be disbursed into your account. The time can vary according to the time the whole process takes.
- You don’t need to worry about the tiring documentation process as well, because HDFC Bank Gold Loan demands a very few documents authenticating your identity and residence
- You can opt for a loan amount as low as INR 10,00o with the help of an HDFC Gold Loan if you belong to a rural area and INR 25,000 if you are residing in any of urban areas. The maximum amount will depend on the overall gold value.
- When it comes to the repayment of the loan, you can choose from EMI, Bullet Repayment and Overdraft (OD) Facility according to your repayment capacity and financial needs.
- If you are worried about the tenure that you will need for the repayment, you can choose to repay the loan from a period of 3 to 24 months according to your convenience.
How to Apply for the HDFC Gold Loan?
After knowing all the important details and highlights of the HDFC Bank Gold Loan, you must be thinking about how to apply for it so that you can fulfill your needs accordingly? Well, you should stop thinking about it as we will be telling you about the process by which you can apply for it easily. There are mainly two methods by which you can apply for a gold loan from the HDFC Bank – Online and Offline Method. We are providing you details about both of them at which you must have a look.
Everything around us is digital because of the power of the internet in our life. You can utilize this power by applying for the HDFC Bank gold loan online. For this, you only need to have an internet connection and a mobile or desktop from which you can apply. The process is quite simple and can be done by anyone. So, to apply for the loan, the first thing you need to do is to go to the official website of the HDFC Bank and navigate to Gold Loan from the list of products.
After going to the Gold Loan section, you will see an ‘Apply Now’ button. As soon as you will click on that, you will be redirected to an application form where you will need to fill a few details mentioned below.
- Personal Details – Name, Date of Birth, Gender
- Contact Details – Mobile Number, Email ID, State, Residing City, Area, and Pincode
- Income Details – Employment Type and Net Monthly Salary or Annual Income
- Question about if you are an existing account holder of HDFC
As soon as you will fill all these details in the form and click on the submit button, your application will be processed. After receiving the application, representatives of the HDFC Bank will contact you with reference to your application and help you in choosing the most suitable scheme.
If due to any reason, you don’t want to opt for the Gold Loan through the online method and instead, want it through the traditional offline method. Well, you always have this option. For this, you just need to find the nearest HDFC branch. After this, just go there with your gold ornaments and a few basic documents to authenticate your identity and address proof. You will need to fill a simple application form to apply for the gold loan. The bank will perform the valuation of your gold and decide your gold loan amount accordingly. If everything goes right, you can get the loan in just 45 minutes. Just make sure that you bring all the required documents with you.
What are the Documents that You Will Need?
As we told in the application process that you will need to submit a few basic documents to apply for the HDFC Gold Loan. The documentation process is a very important aspect when you apply for any kind of loan so that the lender could authenticate your candidature. In case you forget any documents at the time of application, you may have to face the rejection.
We are mentioning all the documents that you will require. You can submit any of them. Do not forget to check them out!
- One passport size photograph
- A passport which is still valid
- Valid Driving Licence
- Voter’s ID Card
- PAN (Permanent Account Number) or Form 60
- Aadhar Card issued by UIDAI
- Agri-filled Occupation Documentation for the Agriculture customers who want to opt for Bullet Repayment Method
What is the Eligibility Criteria to get an HDFC Gold Loan?
To get any kind of loan, it is important for any individual to be eligible for that particular loan. Now you must be thinking about what is this eligibility? Well, every lender has a set of conditions that an individual has to fulfill. Failing to meet any of the conditions, he or she would not be able to get the required funds. That’s why it is important to know them beforehand so that you don’t face any problem while applying for the HDFC Bank Gold Loan. Check below the conditions that you need to fulfill.
- First of all, the minimum age of the applicant must be above 18 years.
- The HDFC gold loan can be applied by anyone from Salaried Employees, Self-employed Businessmen, Self-employed professionals, Pensioners, Students to Homemakers.
- An applicant should have a stable flow of income so that he or she makes repayments on time.
- The purity of your gold must be above 18 karats so that you can get the maximum loan amount and you must have the gold receipt against which you want the loan amount.
At the time of applying for the HDFC Gold Loan, you must keep these conditions in your mind and recheck them before the final step. It would prove very useful to you.
How can You Estimate the Maximum Loan Amount with the help of the HDFC Gold Loan Eligibility Calculator?
As you know, you can get the minimum amount of INR 25,000 with the help of HDFC Gold Loan if you are not living in a rural area. But you must be wondering about the maximum loan amount you can get with this loan facility. Well, you can easily get an estimate about it with the HDFC Gold Loan Eligibility Calculator. Through this amazing tool, you will get an approximate amount by filling out a few details. You need to remember while using this is not the final amount. Bank will evaluate your gold value at the time of application, hence it may vary then.
You can look at the steps that you need to follow while using the Gold Loan Eligibility Calculator.
- First of all, you will need to choose the repayment tenure from 6, 12, 24, 36 or 48 months according to your repayment capacity.
- After this, you will need to put the number of ornaments against which you want the funds. Suppose you have a total of 4 ornaments, you should feed 4 at the respective space. You can have a maximum of 10 gold ornaments to get the loan.
- After the previous step, you will need to put the carat of your gold ornament/s (among the options of 18,19, 20, 21, 22, and 24 carats) and the weight of your ornament/s.
- After feeding these details, you will get the maximum loan amount based on the carat and weight of your ornament/s you feed into.
After getting the maximum loan amount, you can decide if it would be sufficient for your needs. You can use this tool for as many times as you want with different values.
How to Use the HDFC Gold Loan EMI Calculator?
Repayment of any loan is a pretty crucial part of any loan facility. A lot of individuals have this confusion about their repayment amount at the end of the tenure. Well, if you are also one among them, you don’t need to worry as you can easily know your repayment amount with the help of the HDFC Gold Loan EMI Calculator.
To use this tool, you just need to know two things – required loan amount and Rate of Interest. When you decide to opt for a loan, there is a certain amount in your mind to meet your needs. As soon as you will feed these details into the calculator, you will get the monthly payable interest amount and the lump sum amount that you will have to pay at the end of tenure.
Let’s understand through this an example. Suppose you want to opt for a loan amount of INR 2 lakh at an interest rate of 15% per annum. When you feed these details into the calculator, you will get the monthly interest amount of INR 2,500.
How to Make Repayment of the HDFC Gold Loan?
To repay the HDFC Gold Loan, you can choose from the two methods of EMI and Bullet Repayment. On choosing the EMI method, you will need to pay only interest every month that you can estimate with HDFC Gold Loan EMI Calculator. If you choose the Bullet Repayment method, you could pay both principal and interest amount at the end of the first year. You can choose any of them according to your repayment capacity and requirements.
Your gold loan ornaments will only be released after the full repayment, so you need to keep this in mind while making the repayments.
How to Get in Touch with HDFC Bank Gold Loan Customer Care?
In any case of a problem regarding your gold loan facility provided by HDFC, you can always get in touch with the customer care service available from 8 am to 8 pm on all days of the year. You just need to dial 6160 – 6161 if you are living in Ahmedabad, Bangalore, Chennai, Mumbai, Pune, Delhi & NCR, Hyderabad, or Kolkata. But if you are living in Indore, Jaipur, Lucknow, Kochi, or Chandigarh, you can call on 6160 – 61. There’s only one thing to remember that you need to prefix the STD Code of the cities you’re living in.