All About HDFC Gold Loan
Life is full of uncertainties. Thus you may need money to cope up with financial hurdles in your life. In this case, you can get a Gold Loan to fight with the financial crisis.
Gold loan is a secured loan. Therefore the people with low CIBIL score can also easily avail this service. HDFC Gold Loan is one of the best gold loans in India. HDFC Bank was set up in 1994.
Gold Loan in HDFC Bank comes with a lot of benefits and special features. Thus, make use of your gold in your bad time, and overcome the financial problems.
Though, There are a lot of financial banking and non-banking companies that provide you with a gold loan, but HDFC Gold Loan is considered the best. HDFC Bank is one of the most reputed and reliable banks in India. Also, It is known for its brilliant financial services.
Know More – What happens when you don’t pay a Gold Loan?
What is Gold Loan?
Gold loan is also known as a loan against gold. In this loan, you pledge your gold to the bank as security and bank provide you loan amount according to the quantity and the quality of your gold.
Furthermore, The pledged gold will be kept in the bank lockers, and the bank is liable for the security of your gold. Finally, The moment you return your loan amount with interest rate you will get back your gold as it is.
Read More – About Gold Loan
HDFC Gold Loan Interest Rate : Updated Jan 2020
- HDFC Gold Loan Interest Rate is 10.70% per annum
- Moreover, HDFC Bank offers a low processing that is 0.85%.
- Further, pre-closer charges range from 0 – 2 %.
HDFC Gold Loan Eligibility
The loan seeker can avail a Gold Loan only if the eligibility criteria are fulfilled:
- Firstly, The applicant should lie in the age group 18-70 years. Hence, Any applicant who is either above 70 years or less than 18 years will not be considered for loan approval.
- Most importantly, you should be a citizen of India. That is, the nationality of a person should be Indian.
- Next, employment status is not considered. Therefore, both salaried and self-employed can apply. The bank is not bothered about your employment status.
- Furthermore, The weight and quality of gold are equally important. As a result, the gold should weight at least 10 grams, and purity should lie between 18 carats to 22 carats.
- Finally, Maximum funding that can be availed is up to 1Crore.
Know More – Gold Loan: Factors to Remember
Why HDFC Bank for Gold Loans?
The Gold Loan is always considered as a better option to borrow money from the bank. The reason behind this, the HDFC Gold Loan Interest Rate is low as compared to other services like a personal loan.
So if you have a choice between a gold loan or a personal loan, then you are always advised to go for a gold loan. Because, of unsecured service, the personal loan has higher rates of interest.
Besides this, your gold assets would be in tight security if you get a gold loan free of cost. On the other hand, if you want to put your jewelry in a bank, they will charge you for the locker.
So, if you are getting a gold loan, you are killing two birds with one stone. That is, You are getting funds and security of your gold simultaneously. Finally, You don’t have to pay charges for the safety of the gold.
Know More – Gold Loan From Top banks And NBFCs in India
Features of HDFC Gold Loan
- Fast Process: First of all, HDFC Gold Loan is approved and disbursed very quickly and easily. The loan gets passed in an hour.
- Fewer Documents: Next, the documentation process is straightforward and less, very basic documents are required for HDFC gold loan.
- Transparent System: Furthermore, the bank provides full transparency to the customer; that is, there are no hidden charges.
- Amount of Loan: Moreover, The minimum amount of loan that HDFC provides to the customer is Rs. 50000. Also, It can be less than Rs — 50000 in rural areas.
- Safety of Jewelry: One important thing to note is that the bank is liable entirely for the security of your gold. Thus, the gold is kept in fireproof protection.
- Loan Tenure: Also, The tenure of the loan can be from 1 year to 4 years. Hence, You can choose according to your comforts.
- Benefits for Farmers: HDFC bank provides some special offers for agricultural purposes. That is, the bank offers a slight low Gold loan interest rate for a Gold loan for agricultural use.
- No Debt Burden: Importantly, There can be situations in which an applicant is not able to repay the loan amount in such a case the applicant will not be under debts as the bank will only confiscate the ornaments.
- No Income bounds: There are no restrictions on the salary or income of the applicant; hence, anyone with any income rage can avail a gold loan
HDFC Gold Loan Amount Per Gram
HDFC bank provides Gold Loan starting from Rs. 50000 and can be up to Rs. 10 Lakhs. The amount of loan depends upon the purity and the quantity of Gold. The loan amount per 10 grams and Gold Loan per Gram are discussed below:
How much gold loan can I get per gram in HDFC?
For 18 Carat Gold (10 grams):
- Amount of Loan Disbursed- Rupees 16,000.
- Loan Amount of Gold Per Gram- Rupees 1,600.
For 19 Carat Gold (10 grams):
- Amount of Loan Disbursed- Rupees 17,000.
- Loan Amount of Gold Per Gram- Rupees 1,700.
For 20 Carat Gold (10 grams):
- Amount of Loan Disbursed – Rupees 18,000.
- Loan Amount of Gold Per Gram- Rupees 1,800.
For 21 Carat Gold (10 grams):
- Amount of Loan Disbursed- Rupees 19,000.
- Loan Amount of Gold Per Gram- Rupees 1,900.
For 22 Carat Gold (10 grams):
- Amount of Loan Disbursed- Rupees 20,800.
- Loan Amount of Gold Per Gram- Rupees 2,800.
Note: 24 Carat gold is not accepted for availing a Gold Loan.
HDFC Gold Loan Charges
What is the processing Fee on HDFC Gold Loan – HDFC bank charges a minimal loan application charges starting from 0% to 0.5% of the Loan Amount.
Prepayment Charges – The facility of closing your gold loan before the tenure of the loan is known as a pre-payment facility. Some banks don’t provide this facility, but HDFC bank does. There are some prepayment charges, but these are very minimal. It is 0 to 1% of the loan principal prepaid.
Valuation Fees – Also, There is a valuation fee of Rs. 250 for a loan amount less than Rs. 1.5 lakhs. It is Rs. 500 for the loan amount more than Rs. 1.5 lakhs.
Late Payment Charges – Furthermore, 2% of the principal amount is charged as late payment charges.
HDFC Gold Loan Documentation
The documentation process is not that complex in HDFC Gold Loan. Following are the basic documents that are required in HDFC gold loan. These are listed below :
- Identity Proof: First of all, proof of identity is required for the Gold Loan. Thus, An identity proof can be your Aadhaar card, PAN card, Driving license, voter ID card or your passport
- Residence proof: Next, An address proof is also needed in HDFC Gold Loan. Therefore, Your Aadhaar card, PAN card, Ration card, voter ID card, driving license, or passport can be considered as the proof of residence. In case you are living on rent then the rent agreement or water/electricity bills for the last three months can be considered.
- Besides this, Two passport size photos are required. (Applicant should not be wearing glasses in the photograph, the photograph should be colored)
HDFC Gold Loan Schemes
The HDFC Bank provides the gold loan under three schemes
- Term Loan
- Over Draft
Each scheme has its own perks. Thus, A customer is free to choose a Gold Loan according to his/her own convenience.
Does CIBIL score matter in a HDFC Gold Loan?
No, CIBIL Score does not matter in a Gold Loan. This being a secured service, the banks hardly check your CIBIL score while providing you the loan. Gold Loan helps to increase the CIBIL score of a person.
Know More – What is CIBIL Score?
How to Apply for HDFC Gold Loan?
Online Process to Apply for HDFC Gold Loan
You can apply for the HDFC Bank Gold Loan at Dialabank. The process is very easy and simple. To begin, You have to fill a simple form online.
After that, you will get a call back from our side. Furthermore, you will get a document pickup facility from your doorstep. For more information, you can call on 9592046860.
Dialabank is considered as the best platform to apply for a gold loan online. There are so many reasons behind this.
- First of all, Dialabank is India’s first financial helpline; it provides the best financial services to customers all over the country.
- Besides that, the bank has a good reputation among the customers because of its best services.
- Another reason, if you apply for a gold loan on Dialabank, then you will get a low HDFC Gold Loan Interest Rate.
- Also, Dialabank provides document pickup facility from the doorstep of the customer.
- One more important thing is that the Dialabank guides the customers free of cost. That is, there are no additional charges of applying for a gold loan online on the website of Dialabank.
- Also, while applying for a gold loan through Dialabank, very less paperwork is required.
- One more thing is that you will get high LTV of your gold.
- Finally, the Relationship managers are trained enough to guide you in the entire process of Gold Loan.
Offline Process to Apply for HDFC Gold Loan
Or You Can Search Following on Google
- HDFC Gold Loan Branches
- HDFC Gold Loan Near Me
- HDFC Gold Loan App
- HDFC Gold Loan Customer Care Number
Know More – Gold Loan and Loan Against Property
Advantages of a Gold Loan over a Personal Loan
- First and the significant advantage of a gold loan over a personal loan is that the HDFC Gold loan interest rate is quite low as compared to a personal loan.
- After that, the documentation process is very less in case of the gold loan as compared to a personal loan.
- Lastly, In a personal loan, your CIBIL score is required to be above 700 at least.
Difference Between a Personal Loan and a Gold Loan
A personal loan comes into the category of unsecured loans however a gold loan is a secured loan. The consequence of this is the rates of interest of a personal loan are quite high because of high risk.
- Firstly, HDFC bank provides a gold loan at very low rates of interest. HDFC gold loan Interest rate is 10.70% per annum and onwards.
- Next, Loan processing charges are 1 percent plus GST.
- Also, Valuation Fee will be Rs. 250 for a loan up to Rs 1.5 lacs and Rs. 500 for a loan which is above and up to Rs. 1.5 lacs.
- Furthermore, Foreclosure charges: If closed within three months then it will be 2 percent with GST foreclosure charges and if closed within six months later it will be 1 percent plus GST foreclosure charges.
- Moreover, Charges you pay for late loan payment, are 2 percent per annum as penal interest over and up to interest rate.
- Besides, Renewal processing fees will more than Rs. 350 including tax.
- Finally, Prepayment or part payment charges will be more than 2 percent including GST (within three months).
FAQs About HDFC Gold Loan
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. Which bank is best for gold loan?
HDFC bank is chosen to be the best bank when it comes to avail the service of a gold loan. This bank offers you maximum funding of your gold and a set of attractive interest rates with various repayment options to choose from.
11. 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 hassle free in comparison to the 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 2020
12. 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 in Gold Loan
- Disbursal in just 30 minutesCIBIL score is not requiredLess Documentation Maximum Funding. It is a Secure Loan that comes with Instant Approval
13. How much Gold Loan can I get per gram in HDFC?
The per gram Gold Loan amount depends on the purity of your gold. HDFC accepts gold of purity between 18K to 22K to provide a Gold Loan. The loan amount per gram in HDFC ranges between ₹1880 and ₹2685.
14. What is HDFC Bank Gold Loan?
HDFC Bank Gold Loan is a loan scheme that you can avail for urgent monetary help by keeping your gold as a collateral security with the bank. HDFC Bank Gold Loan comes with attractive interest rates on Term Loan, Overdraft, and EMI based loan. Average Gold Loan disbursal time at HDFC is just 45 minutes.
15. What is the Gold Loan interest rate in HDFC bank?
Gold Loan interest rates in HDFC start at 10.00% per annum. The rate of interest depends upon a number of factors, namely : loan amount, loan tenure, purity of gold, and relationship with HDFC bank. The average rate of interest in HDFC is 10.75% per annum
16. How to pay HDFC Gold Loan online?
You can pay HDFC Gold Loan online through net banking on the official HDFC loan repayment web page or alternatively, you can also repay your HDFC Gold Loan on Paytm using your preferred payment method.
17. How to apply Gold Loan in HDFC bank?
HDFC Bank provides attractive Gold Loan offers and deals with quick disbursement. You can apply for Gold Loan in HDFC bank by simply walking into the nearest Gold Loan offering bank branch with your gold ornaments and documents. You can also apply for HDFC Bank Gold Loan online at Dialabank’s digital platform for better convenience, lowest rates, and personalized assistance.
18. How to renew HDFC Gold Loan online?
To renew your HDFC Gold Loan you will need to visit the Gold Loan branch with all the documents of your present loan. The Gold submitted earlier will be taken out and revalued on the basis of current gold rates in the market. Once everything is done a small renewal fee will be charged and your loan will be renewed for a new tenure period.
19. How to take Gold Loan from HDFC bank?
Gold Loan is one of the prominent loan product of HDFC Bank. The Gold Loan process in HDFC is very simple with minimal paperwork and quick disbursement. You can simply visit the nearest bank branch that has Gold Loan service or you can apply online at HDFC Bank’s official website. Alternatively, you can apply with Dialabank and get lowest rates, better deals, and personalized assistance.
20. What is Gold Loan in HDFC?
Gold Loan or Loan Against Gold in HDFC is a lending scheme through which you can get a loan by pledging your gold ornaments. The loan amount and interest rates are dependent on the purity of your gold and vary accordingly. HDFC Gold Loan is a very popular option for anyone who is in need of urgent money, the average disbursement time is 45 minutes.
21. How to get HDFC Gold Loan?
HDFC is one the leading banks in India that provides Gold Loan service. The Gold Loan scheme is loaded with attractive features. You can get HDFC Gold Loan by visiting any of the gold loan offering branch of HDFC or you can apply online with Dialabank from the comfort of your home and get best deals and offers.
22. How to check HDFC Gold Loan status?
In order to check your HDFC Gold Loan status all you need to do is visit the HDFC Bank Loan Status Tracker web page and fill in your details in the form given. You can easily track the status of your loan from anywhere and stay updated.
23. How to close HDFC Gold Loan?
You can easily close your gold loan by visiting your HDFC Gold Loan branch along with all your documents. You will be required to clear all the pending dues and any foreclosure charges if applicable. Once the documentation process is completed your deposited gold will be returned back to you.
24. How to renew HDFC Gold Loan?
If you wish to continue your Gold Loan with HDFC even after the end of your loan tenure you can easily apply for a Gold Loan renewal. The renewal process of HDFC is very simple, when the loan tenure is about to end, you need to visit your Gold Loan branch along with all the documents and the agreement of your present loan. The banker will then take the gold from the locker and a revaluation of the gold is done on the basis of current market rates. You will then be required to fill a simple renewal form and pay a minimal renewal fee of 0.25%. Your Gold Loan will then be renewed.
25. What happens if someone defaults Gold Loan HDFC bank?
When you default on your HDFC Bank Gold Loan, the bank will at first remind you of your pending dues. If the payment requests go unheard an official legal notice is sent demanding the repayment and closure of the loan. Defaulting on your Gold Loan results in a decrease of your credit score and also makes you liable to face legal actions by the bank including confiscation and auction of your gold.
26. How many branches of HDFC Gold Loan?
HDFC Bank is one of the best banks in India to avail a Gold Loan from. It has a network of more than 650 branches all over in India that provide Gold Loan services. The popularity of HDFC Bank’s Gold Loan can be attributed to a number of attractive features they provide including quick disbursal, competitive interest rates, and locker facility for the safety of your gold.
Table of Contents
- 1 All About HDFC Gold Loan
- 2 What is Gold Loan?
- 3 HDFC Gold Loan Interest Rate : Updated Jan 2020
- 4 HDFC Gold Loan Eligibility
- 5 Why HDFC Bank for Gold Loans?
- 6 Features of HDFC Gold Loan
- 7 HDFC Gold Loan Amount Per Gram
- 8 HDFC Gold Loan Charges
- 9 HDFC Gold Loan Documentation
- 10 HDFC Gold Loan Schemes
- 11 How to Apply for HDFC Gold Loan?
- 12 FAQs About HDFC Gold Loan
- 12.1 1. How does Gold Loan work?
- 12.2 2. Is Gold Loan secured?
- 12.3 3. What happens when you don’t repay a Gold Loan?
- 12.4 4. Do I need a co-applicant to get a gold loan?
- 12.5 5. Is Gold loan better than a Personal loan?
- 12.6 6. What is the best online platform to avail gold loan?
- 12.7 7. Is there any fee payable for the Gold Loan?
- 12.8 8. Is gold loan a good option?
- 12.9 9. How can I avail a gold loan?
- 12.10 10. Which bank is best for gold loan?
- 12.11 11. Is Gold Loan better than a personal loan?
- 12.12 12. What is the benefit of gold loan?
- 12.13 13. How much Gold Loan can I get per gram in HDFC?
- 12.14 14. What is HDFC Bank Gold Loan?
- 12.15 15. What is the Gold Loan interest rate in HDFC bank?
- 12.16 16. How to pay HDFC Gold Loan online?
- 12.17 17. How to apply Gold Loan in HDFC bank?
- 12.18 18. How to renew HDFC Gold Loan online?
- 12.19 19. How to take Gold Loan from HDFC bank?
- 13 20. What is Gold Loan in HDFC?