Gold Loan Interest Rates 2020376 views
- Is ICICI Bank Gold Loan the most suitable option for you?
- This will depend on its interest rates, actual loan amount and the repayment options you’ll get from the bank
Facing some immediate financial needs that have to be fulfilled as soon as possible but unable to get the funds? Have you thought of using your gold lying unused in your home locker to get the funds you require currently? Well, if yes, you can opt for an ICICI Bank Gold Loan at interest rates that could come to your budget. When you look at the leading lenders of our country, the name of ICICI bank will certainly be on the top of the list due to its amazing banking products and customer services.
For getting a gold loan for your various fund needs, you just need to submit your gold ornaments to the ICICI Bank. This gold will act as the collateral and security against the fund you will get from the lender. As an ICICI Bank is a secured loan, so the credit risk is quite low as compared to an unsecured loan. This lets the lender give you a lower interest rate on the Gold Loan which helps you in a smooth repayment also. So, if you are looking for a suitable gold loan, you can read this page telling everything related to it from features to the application. So, keep reading!
Table of Contents
- 1 What is the Interest Rate of ICICI Bank Gold Loan?
- 2 Highlights of the ICICI Bank Gold Loan
- 3 How to Apply for ICICI Bank Gold Loan?
- 4 What is the Eligibility Criteria to get an ICICI Bank Gold Loan?
- 5 How to Repay the ICICI Gold Loan?
What is the Interest Rate of ICICI Bank Gold Loan?
The first thing in any kind of loan facility that you must know is the rate of interest offered by the lender. If you are thinking about the reason behind this then let us tell you that the interest rate directly affects the repayment of your gold loan. If you get a higher interest rate, your repayment amount will be automatically higher.
The best thing about the ICICI Bank Gold Loan is the wide range of schemes from which you can choose according to your requirements and repayment capacity. Also, your interest rate will depend on the loan amount and for how many months you are opting for. A small tenure will attract higher interest rates as compared to a longer repayment period. ICICI Bank Gold Loan Interest rate ranges from 10% per annum to 19.76% per annum which is quite affordable given the current financial times.
We have provided you some of the important details related to ICICI Gold Loan in the table below.
ICICI Gold Loan Interest Rate & Other Information
|Minimum Loan Amount||INR 10,000|
|Maximum Loan Amount||INR 15 lakh|
|Interest Rate||10.00% - 19.76%|
|Minimum Tenure||3 months|
|Maximum Tenure||12 months|
|Processing Fee||1% of the total loan amount|
|Overdue/Penal Interest||6% per annum|
|Foreclosure Charges||For Twelve months Product - Nil, if the account is closed after 11 months|
For Six months Product - Nil, if the account is closed after 5 months
|Documentation Charges||INR 199|
|Renewal Fees||Upto loan of 50 thousand - INR 300|
More than 50 thousand and upto 1 lakh - INR 350
More than 1 lakh and upto 3 lakh - INR 500
More than 3 lakh - INR 1,000
Highlights of the ICICI Bank Gold Loan
Now that you know some important details about the ICICI Bank Gold Loan, we will tell you about some of its amazing features and benefits that make it one of the best gold loans in India. The low interest rate is the most crucial factor of ICICI Loan which helps most of the individuals. Below are some others. Do check them!
- With the ICICI Bank Gold Loan, you have the option of not paying any kind of EMI for your loan. You can pay both principal and interest amount at the end of your tenure. So, suppose that you have chosen a tenure of 6 months, you can repay it after the completion of these 6 months only.
- There is no limitation on the end-use of the loan amount you get from the lender. You can renovate your house from these funds or you can pay your medical bills or you can pay the down payment for your vehicle or anything else. You are free to use the loan amount according to your requirements.
- The overall ICICI Bank Gold Loan procedure is quite transparent and instant. Just bring your gold ornaments to any of the ICICI branches, and after the due process, the loan amount will be in your account in a hassle-free manner.
- During the process, you don’t have to worry about the tiring and long documentation process as ICICI Bank Gold Loan requires minimal and easy documentation.
- If you are worried about the safety of your gold jewels, you don’t need to as your gold will be kept in the vault safe in the strong rooms of ICICI Bank. You will be present during the process where your gold will be kept safe in that vault. You will get your gold exactly as it was whenever you will want.
- The maximum loan amount that you could get is the INR 15 lakh
How to Apply for ICICI Bank Gold Loan?
Now you have enough information about the ICICI Bank Gold Loan, you most certainly would want to know about the process by which you can apply for it. And as we told you about how easy it is to apply for it, we would tell you about the process in detail. There are mainly three ways by which you can apply for an ICICI Bank Gold Loan. You can have a look at all of them below.
The first method is to apply through the online method. As you can see in the current times, everything can be done online now. So, you can apply for ICICI Gold Loan online using the internet connection of your mobile or desktop from either your office or residence. Just visit the official website of ICICI Bank, and there you will see the Gold Loan section. Once you reach there, you will see the Apply Now button which you will need to click on.
After clicking on that button, you will see a form where you will need to fill a few details such as your name, mobile number, email id, PIN code, residing city and the branch name. Your application will be on its way as soon as you will fill all these details into it. The representatives from the ICICI Bank will call you regarding this very soon.
Missed Call Method
Other than the online method, if you don’t have an internet connection, you can apply for the ICICI Bank Gold Loan through a basic phone too. For this, you just need to make a missed call on 84448 84448.
If you don’t want the methods mentioned above and instead want to opt for a more traditional method, you can do this as well. For this, you just need to go to any of the nearest ICICI Branches with your gold ornaments and other jewellery. The representatives will tell you about the scheme in detail after which you can apply for the loan according to your requirements. You can get the gold loan amount ranging from INR 10,000 to INR 15 lakhs as fast as in 60 minutes if all the details and documents submitted by you are verified successfully by the bank.
What is the Eligibility Criteria to get an ICICI Bank Gold Loan?
Now after knowing about the various application processes of ICICI Bank Gold Loan, there is one important thing that you must know about – Eligibility Criteria. This is nothing but a set of conditions that need to be fulfilled by an individual who wants to apply for a gold loan. Before applying for this gold loan, you should know about them so that you don’t face any difficulty in availing of a gold loan. Check out the eligibility criteria as mentioned below.
- The applicant must be above 18 years of age.
- You must remember that the purity of your jewellery must be above 18 karats of gold as your loan amount will also depend on it.
- You don’t need to submit any income proof to get a gold loan from ICICI Bank, but you should have a stable flow of income to ensure a smooth repayment.
- The individual must have the receipt of gold against which he or she wants to opt for a gold loan.
So, these are the conditions you must keep in mind to save your application from being rejected. Check them carefully before applying for an ICICI Bank Gold Loan.
How to use ICICI Bank Gold Loan Calculator to know the Maximum Eligible Loan Amount?
The maximum loan amount available is INR 15 lakh. But how much will get disbursed to YOUR account? To know the same, you can simply use the ICICI Bank Gold Loan Calculator. This is an amazing tool with which you can know the maximum loan amount you would get. Anybody can use it with a few simple steps that we will tell you about. So below are the steps that you need to perform to get the maximum loan amount.
- First, you will need to choose the tenure for which you want to get the gold loan between 6 and 12 months.
- After this, you will need to choose the number of gold ornaments against which you want the gold loan. This number can be as high as 6, which means you can have a maximum of 6 gold ornaments.
- After filling the number of ornaments, you will need to fill the carat of your gold ornament/s and the weight of it. The carat of your gold ornaments can be 18,19,20,21,22, and 24.
- As soon as you feed it into the calculator, it will give you the maximum loan amount you can get against your gold ornament/s. You will also see two buttons – ‘Apply Now’ and ‘Find a Branch’ below the loan amount so that you can go to the application process directly from there.
You must remember that this is not the final value, but only the approximate value of your gold. The final amount will be decided by the valuation at the branch.
What are the Documents that you will Require?
You will need to submit a few documents to get your candidature authenticated. And as we mentioned that unlike other loan facilities, you don’t have to face a tiring documentation process to get an ICICI Bank Gold Loan. It is quite minimal, but you should know enough about it so that you can carry them with you at the time of application.
Below are the documents that you will need. Have a look!
- Two Passport-sized Photographs
- Identity Proof – Aadhar Card/ PAN Card/ Passport/ Driving Licence/ Voter’s ID Card/Ration Card
- Address Proof – Voter’s ID Card/ Aadhar Card/ Passport Copy/ Registered Lease Agreement with the electricity bill in the name of owner which is not more than 3-months old
- Proof of landholding in case you’re opting for an agricultural loan of more than INR 1 lakh
How to Repay the ICICI Gold Loan?
Well, this is a pretty crucial part of the ICICI Gold Loan – repayment of your gold loan. As we told you before that you don’t need to repay the loan through the traditional EMI method. Instead, you can pay the total principal and interest amount at the end of your tenure.
For the gold loan repayment, you can choose from any of the four methods available – Cash, DD, Cheque, or through Funds Transfer. As soon as you repay the total loan amount, your gold ornaments will be released by the bank. In case you want to make a part-prepayment, you can do it too, but you need to remember that your gold ornaments will only be released upon the payment of the total outstanding amount.
How to Contact ICICI Bank Gold Loan Customer Care?
At any point during your gold loan tenure, you want to know anything about your loan facility like the outstanding amount, your loan statement or any other thing, you can get in touch with the ICICI Bank Customer Care. You will just need to dial 1860-120-7777 to get all your queries resolved. The representatives will hear your problems patiently and solve it as soon as possible.