ICICI Gold Loan

As we know, a bank comprehends the value of client’s satisfaction, need and assets and subsequently gives the genuine worth of it at the critical moment through its Gold Loan Facility. ICICI Gold Loan is one of the easy and speedier loans with a reasonable interest rate. It's a hassle-free loan facility with no Equated Monthly Installment stresses and quick approval. Gold Loans give funds for expenses such as education, holiday, agricultural requirement or other little essentials. With a specific end goal to grab ICICI Gold Loan, you need to apply here.
 
ICICI Bank is one of the best banks in India. It set up in 1994. Loans, insurance, finance, banking and wealth management are some financial products of ICICI bank. Gold loan is one of the most provided financial products of the ICICI bank. There are so many banks and non-banking financial companies that offer gold loans nowadays, but ICICI bank is the best. The bank has a vast area of the network, and it has been serving customers with excellent and reliable financial services. Furthermore, the bank is providing its services for the last 24 years, so there is no risk of fraud too. Let us understand what a gold loan is?

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?

You can use this amount of Gold Loan to fulfill your personal needs. An individual need can be anything, whether related to a wedding or education. It can be linked to your business or agricultural activities. Bank doesn’t put any restriction on the use of the loan amount.
 
Besides that instead of keeping your gold jewelry in your home locker, you can put it in o the bank’s locker under security and can get loan benefits. Bank won’t charge any money for the safety of your gold. And furthermore, you can make use of this amount of gold loan to get a financial boost.

Features of ICICI Gold Loan

1. Instant Gold Loan: To begin withLoan on gold the bank sanctions Gold Loan quickly. The sum of the loan ranges from Rs. Ten thousand to Rs. 15 Lacs. The amount of quantity can be availed over the counter rapidly.
 
2. Gold Coins: Secondly, The loan can also be avail against the security of 24-Karat gold coins which holds complete purity issues by banks operating in India. However, the weight of gold cannot exceed more than fifty grams per customer.  The rules are laid down by RBI and are subject to change.
 
3. Loan Tenure: Also, When it comes to avail a gold loan then it holds minimum duration of a half year to a most of extreme of a year.
 
4. Attractive interest rates: the Fascinating rate of interest: On per gram of gold, the borrower can get the fascinating interest rate. Take a glimpse at the gold’s recent running interest rate.
 
5. Value for Gold: The professional will figure out the valuation of borrower’s gold.
 
6. Safety and security: After figuring out the valuation of gold, the professional puts the gold in a sealed pouch, packs it and safely places it in the vault of the bank. The procedure takes place in the presence of the client. This makes sure that borrower’s gold is entirely safe and secured in the bank’s property.
 
7. Approval duration: Within 30 minutes, you can get the loan.
 
8. Bank provides special offers to the previous account holders.
 
9. Maximum LTV ratio is 75%, and it is fixed by RBI (Reserve Bank of India).
 
10. Some banks offer higher rates of interest for shorter tenure and lower rates of interest for a longer tenure, but ICICI bank doesn’t do so. The tenure for the gold loan is fixed for all customers. It is 6 to 12 months.
 
11. The bank provides gold loan for agricultural activities at lower rates of interest.

What is ICICI Bank Gold Loan Eligibility?

1. There are some eligibility criteria to get an ICICI bank Gold Loan.

2. The age of the applicant should be more than 18 years.

3. The applicant should be a citizen 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/Aadhar 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/Aadhar 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. Secondlythe Bank accepts gold jewelry and gold cons weigh less than 50 grams.

3. Also, Besides that minted coins are not accepted.

4. Besidesthe Applicant should have a minimum of 10 grams of gold to get a gold loan.

Highlights of Gold Loan

1. Get instant Cash on your Gold Ornaments and Jewellery
2. Get higher loan amounts (depending on the purity of gold and net weight of the gold)
3. Get your loan approved in just five minutes
4. Minimum Requirements: One recent ID (Voter ID/ Ration Card/ Driving License/ Passport)
5. No processing fee
6. Interest Rates

What are the Charges and Fees of ICICI Gold Loan?

1. Processing Fee: First and foremost, The bank’s processing fee is minimal. The charge required at the loan application’s processing, these charges remain at 1.0 percent of the loan sum for both a half product and a year product.
2. Pre-payment fee: This is a facility that the bank offers to the customer in which a person can return the whole sum of the loan before completion of the fixed repay duration. In any case, certain things are to note before deciding on this option. Pre-payment expense for a half year will be charged if there should arise an occurrence of the conclusion of the account inside five months and a pre-payment fee/expense for a year will be charged in the event of the outcome of report inside 11 months.
 
3. Documentation Charges: The bank demands Rs.199 if the loan is connected for a time of a year and no charge if the loan is grabbed for a time of a half year.
 
4. Renewal Fees: The bank charges certain renewal fees on the off chance that the candidate needs to renew his/her current loan with the bank. Be that as it may, the charges differ contingent on the measure of the loan. For loan sum, i.e. more than 1 lac, the bank charges Rs. 250 whereas Rs. Three hundred fifty for a loan that resides between Rs. 1 lac to Rs.2 lac. If the loan is more than Rs. 2 lac then Rs, five hundred will be charged.
 
5. Stamp duty and statutory charges are also a part of the bank. Service tax and other fees are likewise pertinent.
 
6. The fee as mentioned above and rates are not pertinent for agrarian agricultural loans more than Rs.25000 per client.
 
Loans & Advances - Indicative Lending Rates
updated on July 2018
Retail Loans
Type of Credit Facility Interest Rate Processing Fee*
Agriculture Allied Agricultural Non-Agriculture
Loan Against Gold Ornaments & Gold Coins 11% 12% 12.5% 1% of the sanctioned amount

 

Those who are not- eligible:

1. Pawn-Brokers
2. Bullion items like gold bars and biscuits, etc.
3. HUF, sole-proprietorship concerns, partnership firms, corporate and co-operatives
There are many features and advantages of gold loans. A lot of banks provide gold loans with various features and benefits that it becomes confusing to choose the right product. Online comparison of these products is the best way of finding the product that suits them. One can also apply online for a gold loan on our website or the web portals of the providers.
 

Why Dialabank.com?

If you are going to apply for an ICICI gold loan online, then you are advised to get to apply on the website of dialabank.com. There are some benefits.
1. Your loan will be approved very easily and disbursed very quickly.
2. You will get proper guidance from the experts.
3. Furthermore, you will get a document pickup facility from your doorstep.
4. For more information, you can call on 60011600.
5. Secured or Unsecured
 
Gold loan is categorized in the category of secured loans because while getting a gold loan we pledge our gold to the bank as a security, and if we don’t repay our loan on time, the bank is liable to sell the gold and recover the old loan amount.
 

How is a Gold Loan Different from the Personal Loan?

The Gold Loan is different from the personal loan because the gold loan is a secured loan and offers low rates of interest to the customer, however in case of a personal loan the scenario is quite the opposite. The personal loan is unsecured, and so the rates of interest are quite high.

 

Role of CIBIL Score

CIBIL Score plays a vital role in a gold loan. A CIBIL score tells about the behavior of the customer’s banking. But if your CIBIL score is less than 550, then you won’t be able to get a gold loan because it shows that you are not serious with your financial life or you have made something very wrong in your banking.
 

ICICI Gold Loan Calculator

With the help of the ICICI gold loan calculator, the customer can quickly check the interest rate on the required amount for the given tenure. With the help of this feature, the customer can have an idea about the total interest rate, the amount of loan that heshe have to pay eventually and other calculation. This helps him to decide the amount of loan and the tenure of the loan. The applicant is always advised to use this feature before applying for an ICICI gold loan.
 

Gold Loan Procedure

The procedure is quite simple and easy. It includes very few steps.
1. First of all the customer has to apply online on www.dialabank.com with all the required information.
2. After that, the bank checks the eligibility of the applicant, if the bank finds you eligible then you have to go to the bank with your gold and some essential documents. 
3. After that the valuation of your gold, the bank provides you the gold loan according to the quality and the quantity of your gold.
 

Can a person have a gold loan if he/she already has some other loan?

Yes, if the CIBIL score of the customer is good and he/she is managing those loans properly, then he/she can have the gold loan sidewise easily.
 

ICICI Gold Loan Repayment Method

A customer can repay the amount of Gold Loan in any of the following ways:
1. By cheque
2. By Cash
3. By DD (Demand Draft)
4. By funds transfer
 
Should residence proof be recent?
 
Yes, the address proof is required to be recent while applying for the gold loan. It should be the place where you are recently residing, whether it is your own house or rent.
 
FAQ

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:
Minimal Documentation

Disbursal in 30 minutes

Flexible Loan Tenure

Wide-ranging Repayment Options

Pre-payment option

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

Less Documentation 

Maximum Funding

It is a Secure Loan

Instant  Approval

 

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

 

 Gold Loan Provider 
HDFC Bank Gold Loan Axis Bank Gold Loan Yes Bank Gold Loan
Canara Bank Gold Loan PNB Gold Loan Syndicate Bank Gold Loan
SBI Gold Loan UCO Bank Gold Loan Muthoot Finance Gold Loan
Manappuram Gold Loan Kotak Mahindra Bank Gold Loan IIFL Gold Loan
Federal Bank Gold Loan  Andhra Bank Gold Loan Induslnd Bank Gold Loan
Bandhan Bank Gold Loan Bajaj Finance Gold Loan Bank of India Gold Loan
Central Bank of India Gold Loan DCB Bank Gold Loan Indian Bank Gold Loan

 

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