ICICI Gold Loan
What is Gold Loan?
Gold Loan is a kind of secured loan where a customer pledges his gold as a security to the bank and get the required amount of loan. Gold loan is also known as a loan against gold. In this service, you have to give some amount of interest to the bank along with the principal amount. Furthermore, The moment you return your loan you will get your pledged gold back. The bank is entirely responsible for the security of the gold.
Know More - What happens when you don’t pay a Gold Loan?
Why Should You Get ICICI Bank Gold Loan?
Features of ICICI Gold Loan
What is ICICI Bank Gold Loan Eligibility?
There are some eligibility criteria to get an ICICI bank Gold Loan.
1. The age of the applicant should be more than 18 years.
2. The applicant should be a citizen or permanent resident of India.
Which Documents are Required for ICICI Bank Gold Loan?
1. Identity Proof:Driving license’s copy/Form 60 or Form 61/Election ID card/PAN card/Aadhaar card/Passport’s copy/Ration card. While applying for a gold loan, you can show any of these documents. These documents should contain the personal details of an applicant.
2. Address proof: Driving license’s copy/Aadhaar card/Ration card/ If you’re residing in a rental property the rental lease agreement is must including a bill which holds landlord’s name (bill shouldn’t be three months old). Address proof helps in verification.
3. In case of the agricultural loan up to Rs. 1 lac land holding evidence is a must
4.Two photographs (passport sized)
What Purity of Gold is Required for ICICI Bank Gold Loan?
1. First of all, ICICI bank accepts only gold of 18 carats to 22 carats.
2. Secondly, the Bank accepts gold jewelry and gold cons weigh less than 50 grams.
3. Also, Besides that minted coins are not accepted.
4. Besides, the Applicant should have a minimum of 10 grams of gold to get a gold loan.
Highlights of Gold Loan
What are the Charges and Fees of ICICI Gold Loan?
Loans & Advances - Indicative Lending Rates
updated : November 2019
|Type of Credit Facility||Interest Rate||Processing Fee*|
|Loan Against Gold Ornaments & Gold Coins||11%||12%||12.5%||1% of the sanctioned amount|
Those who are not- eligible:
How is a Gold Loan Different from the Personal Loan?
Role of CIBIL Score
ICICI Gold Loan Calculator
Gold Loan Procedure
Can a person have a gold loan if he/she already has some other loan?
ICICI Gold Loan Repayment Method
1. How does Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
2. Is Gold Loan secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
3.What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
4.Do I need a co-applicant to get a gold loan?
No, to avail Gold loan you don’t need any co-applicant
5.Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
6.What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
7.Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
8.Is gold loan a good option?
A gold loan is an excellent choice because:
Disbursal in 30 minutes
Flexible Loan Tenure
Wide-ranging Repayment Options
Negligible Processing Fees
9.How can I avail a gold loan?
You can avail the service of a gold loan in a few clicks.
Fill in your expected details in the web-form on Dialabank.
Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
We will suggest you the loan which meets your requirements, in your specific region.
Submit the required documents with our representative, who will be in touch with you.
Accept the loan amount in just 30 minutes.
10.Is Gold Loan better than a personal loan?
Yes, a gold loan is far better than a personal loan. Reasons being:
A gold loan does not require a CIBIL score or any proof of your income.
Gold loans are less time-consuming and hustle free in comparison with Personal Loans.
A gold loan is a secured loan and therefore, is the most opted loan nation-wide.Gold Loan Interest Rate of Different Banks - Updated on 2019
11.What is the benefit of gold loan?
Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:
Proof of your income is not needed Loan
Disbursal in just 30 minutes
CIBIL score is not required
It is a Secure Loan
Gold Loan Bank Interest Rate
|Bank||Interest Rates||Processing Fee||Loan Tenure||Loan Amount|
|HDFC Bank Gold Loan||10.00% - 14.50%||1.50%||3 - 24 months||Rs.25k- Rs.50 Lakh|
|ICICI Gold Loan||10.00% - 16.10%||1.80%||6 - 36months||Rs.10k- Rs.15 Lakh|
|Muthoot Finance Gold Loan||12.00% - 24.00%||1.85%||3 - 24 months||Rs.15k-Rs.1Cr|
|Axis Bank Gold Loan||14.50% - 17.00%||2%||3 - 24 months||Rs 18k-Rs.50Lakh|
|Manappuram Gold Loan||19.00% - 26.00%||1.60%||1 - 24 months||Rs.10k-Rs.1 Cr|
|Yes Bank Gold Loan||10.00% - 15.99%||1.60%||6 - 36 months||Rs.18k-Rs.50 Lakh|
|Bank of India Gold Loan||19.00% - 26.00%||1.80%||3 - 24 months||Rs.10k- Rs.15 Lakh|
|Federal Bank Gold Loan||11.75% - 13.50%||2%||6 - 36 months||Rs.18k- Rs.50 lakh|
|IIFL Gold Loan||12.00% - 12.00%||1.90%||3 -24 months||Rs.10k-Rs. 15 Lakh|
|Central Bank of India Gold Loan||12. 90% - 14.65%||1.85%||3 - 24 months||Rs.10k- Rs.20Lakh|
|Canara Bank Gold Loan||12.65% - 12.65%||2%||6 -24 months||Rs.15k-Rs.1Cr|
|Andhra Bank Gold Loan||11.70% - 10.45%||1.99%||6 - 36 months||Rs.10k- Rs.1Cr|
|Induslnd Bank Gold Loan||11.15% - 15.75%||1.85%||3 -24 months||Rs.15k- Rs.1Cr|
|PNB Gold Loan||10.75% - 11.75%||1.95%||3 - 24 months||Rs.10k-Rs.1Cr|
|Bajaj Finance Gold Loan||14% - 26%||1.90%||6 - 36 months||Rs.15k-Rs.15Lakh|
|Bandhan Bank Gold Loan||11.5% - 14.5%||2.08%||3 - 24 months||Rs.10k-Rs.1Cr|
|DCB Bank Gold Loan||14% - 16%||2%||3 - 24 months||Rs.10k-Rs. 15Lakh|
|SBI Gold Loan||11.05%-15%||0.50%||3 - 36 months||Rs.20k-Rs.20Lakh|
|Indian Bank Gold Loan||10.00% - 15.99%||1.66%||6 - 36 months||Rs.18k-Rs.50 Lakh|
|UCO Bank Gold Loan||19.00% - 26.00%||1.82%||3 - 24 months||Rs.10k- Rs.15 Lakh|
|Kotak Mahindra Bank Gold Loan||11.75% - 13.50%||2%||6 - 36 months||Rs.18k- Rs.50 lakh|
|Syndicate Bank Gold Loan||12.00% - 12.00%||1.90%||3 -24 months||Rs.10k-Rs. 15 Lakh|
Other Related Articles
- 4 Best NBFCs for a Gold Loan
- 4 Must factor to keep in mind before availing a Gold Loan
- 6 Reasons why Gold Loan is the best borrowing option?
- Advantages of Gold Loan
- Banks still preserve their edge over NBFCs in Gold Loan Race
- Best Rate on Gold Loan
- Documents Required for Gold Loan
- Features of Gold Loan