About ICICI Gold Loan
As we know, a bank comprehends the value of a client’s satisfaction, needs 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 natural and quick 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 economic outcomes 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.
- Interest Rate Starts at 10.70%
- Loan Per Gram From Rs. 2,472 to Rs. 3,023
- Tenure Up to 36 months
- Processing Fee Up to 1% + GST
Why choose ICICI Bank Gold Loan?
You can use this amount of Gold Loan to fulfil 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 jewellery 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. Furthermore, you can make use of this amount of gold loan to get a financial boost.
Advantages of ICICI Gold Loan
- Instant Gold Loan: Loan 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.
- Gold Coins: The weight of Gold cannot exceed more than fifty grams per customer. The rules are laid down by RBI and are subject to change.
- Loan Tenure: When it comes to avail a gold loan, then it holds a minimum duration of a half year to a most of extreme of 3 years.
- 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.
- Value for Gold: The professionals will figure out the valuation of borrower’s Gold.
- Safety and security: After figuring out the valuation of Gold, the professionals put 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 possession.
- Approval duration: Within 30 minutes, you can get the Loan.
- Bank provides special offers to the previous account holders.
- Maximum LTV ratio is 75%, and it is fixed by RBI (Reserve Bank of India).
- Some banks offer higher rates of interest for a 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 36 months.
- The bank provides gold Loan for agricultural activities at lower rates of interest.
ICICI Gold Loan Eligibility
Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail commercial service provided by banks at low rates of interest and also requires minimal documentation for the same. ICICI gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Primary Eligibility criteria for availing the ICICI Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be guaranteed is 10 grams, and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of Gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, etc. are not recognised as valid forms of Gold to be kept as security for the Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
ICICI Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by ICICI wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Gold Loan process is hassle-free and easy to get with minimal documentation. ICICI ensures high protection of your gold ornaments till the Loan is closed.
Documents required for Applying for Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Necessary KYC documents:
Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, etc.
Residence Proof (Only one is needed): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant have required in the case the applicant wants the Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
What are the Interest Rate, Fees and Charges of ICICI Gold Loan?
- Interest Rate: The rate of interest charged by the bank on Gold Loan starts at 10.70% and is charged on an average at 11% per annum.
- Processing Fee: The bank’s processing fee is minimal. The charges at the loan application’s processing, remain at 1.0 per cent of the loan sum for both a half product and a yearly product.
- 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 the report inside 11 months.
- Documentation Charges: The bank demands Rs.199 if the Loan is connected for a time of a year or more and no charge if the Loan is grabbed for a time of a half year.
- Renewal Fees: The bank charges specific 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.
- Stamp duty and statutory charges are also a part of the bank. Service tax and other fees are likewise pertinent.
- The fee, as mentioned above and rates are not relevant for agrarian agricultural loans more than Rs.25000 per client.
ICICI Gold Loan Rate Per Gram
The amount of Gold Loan that you get per gram of your Gold is directly dependent on the purity of your Gold and the current prevailing rates of that purity of Gold in the market. The price of gold changes daily in the market and therefore, ICICI Gold Loan Rate per Gram also varies every day. ICICI gives funding of up to 70% of the total market price of your Gold, keeping the remaining 30% as a security margin.
You will get ₹1928 to ₹2755 for a gram of Gold depending on its purity and the market price for your ICICI Gold Loan.
**Keep in mind that only the weight of Gold is considered and not the weight of stones on your jewellery**
ICICI Gold Loan Apply Online
Applying for the Gold Loan service is a hassle-free and straightforward process which can be done from the comfort of your home. You can do it online by visiting the Bank’s official website and submitting a form with necessary information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your Gold.
You can also apply with Dialabank by following the below-mentioned steps to get an HDFC Bank Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have just to fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service, giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank, you can compare the different offers and schemes from various banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
How to Pay Your ICICI Bank Gold Loan EMI?
Your HDFC Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with ICICI, Standing Instruction is the best method of r repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the ICICI account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-ICICI Finance account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-ICICI account at your closest Bajaj Finance Loan Center. A new arrangement of PDCs should be presented on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments accepted by ICICI Gold Loan
- ICICI bank accepts only Gold of 18 carats to 22 carats.
- The Bank accepts gold jewellery and gold coins weigh less than 50 grams.
- Minted coins are not accepted.
- Applicant should have a minimum of 10 grams of Gold to get a gold loan.
ICICI 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 with the gold loan according to the quality and the quantity of your Gold.
Those who are not eligible:
- Bullion items like gold bars and biscuits, etc.
- 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 a product that suits them. One can also apply online for a gold loan on our website or the web portals of the providers.
Uses of ICICI Gold Loan
The funds acquired by availing the ICICI Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, etc.
- You can also avail a Gold Loan for agricultural purposes. The Bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQ About ICICI Gold Loan
Gold Loan or Loan Against Gold is a straightforward product to understand. The Bank / NBFC provides you with funds against your gold jewellery. The amount depends upon the weight and purity of the Gold that you pledge.
Yes, Gold Loan comes under the category of Secured Loans. Because in a gold loan the customers deposit their gold ornaments in the Bank’s locker as security.
In case the borrower is unable to repay the outstanding against a Gold Loan, the lender has the right to sell the deposited Gold and make a recovery.
You do not need a co-applicant for availing a Gold Loan.
Yes, a Gold loan is better than a personal Loan because in Gold Loan the lender takes the Gold Jewellery as collateral and in case of Personal Loan it is un-secured and therefore the rate of interest on a Personal Loan is much higher.
Dialabank is India’s leading platform for getting a Gold Loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
A gold loan is an excellent choice because:
- It involves Minimal Documentation.
- You can get the Loan disbursed in 30 minutes.
- Flexible Loan Tenure
- Wide-ranging Repayment Options
- Pre-payment option
- Negligible Processing Fees
- You can avail the service of a gold loan in a few clicks.
- Fill in your necessary details in the web-form on Dialabank.
- Our trained relationship manager will get back to you within 30 minutes.
- We will suggest you the Loan which meets your requirements, in your specific region.
- Visit the nearest assigned branch.
- Get the loan amount in just 30 minutes.
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 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 Secured Loan
- Instant Approval
ICICI Bank offers Gold Loan on gold ornaments with a purity between 18K and 24K. The loan amount varies accordingly depending on the purity and weight of your Gold. The per gram gold loan amount in ICICI starts from ₹1928 for 18K to ₹2755 for 24K of Gold.
As their tagline goes, ‘Jiyo Khul Ke with ICICI Bank Gold Loan’, it is an all in one solution for your financial needs. You can avail ICICI Gold Loan for all your personal, business, and agricultural requirements. With ICICI, you get instant loan disbursement, attractive interest rates, less paperwork, and complete safety of your pledged Gold.
The Gold Loan interest rates in ICICI start at 10.00% per annum. This rate varies depending on several factors such as loan amount, customer relationship, etc. The average price of interest for Gold Loan in ICICI is 11% per annum.
ICICI Bank provides convenient online payment options for your Gold Loan. You can simply visit their online portal and make your loan payments through net banking, debit cards, or through the i-mobile app.
ICICI Gold Loan is loaded with prominent features and attractive offers. You can apply for an ICICI Gold Loan by visiting the nearest Gold Loan branch of ICICI along with your Gold and some basic documents. For better convenience, excellent offers, and the lowest rate of interest you can apply at Dialabank’s digital platform from the comfort of your home.
ICICI provides online Gold Loan renewal facility for its existing savings account customers. You can simply log into your i-mobile app account and renew your gold loan under the Gold Loan section by entering your loan account details.
The procedure to take a Gold Loan from ICICI is very simple and straight forward. You just need to bring your Gold and some necessary documents to the nearest ICICI Gold Loan branch. You can avail gold loan of any value between ₹10000 and ₹1 Crore instantly.
Gold Loan in ICICI is a loan product that allows you to get a loan by submitting your Gold as collateral security. The loan amount and interest rates depend on the purity of your Gold. ICICI Gold Loan can be availed instantly and is your best option if you are in urgent need of money.
ICICI is one the leading private sector bank in India that provides Gold Loan services. Their Gold Loan scheme is full of amazing features such as instant loan disbursement, locker facility, accessible documentation, and attractive interest rates. You can get an ICICI Gold Loan by walking into the nearest gold loan offering branch of ICICI. You can also apply online with Dialabank and avail personalised assistance with amazing deals and offers.
You can check your ICICI Gold Loan status online by visiting the Bank’s online portal and filling in the form your Gold Loan application details.
To close your ICICI Gold Loan visit your loan branch along with all the loan documents. You will be required to clear all the pending dues and any applicable foreclosure charges. Once all the documentation formalities are done, your Gold will be returned to you.
If you wish to continue your Gold Loan with ICICI after the end of your loan tenure, you can visit the ICICI Gold Loan branch with your loan documents and a filled-in renewal form. The banker after initial verification will take your Gold from the locker and revalue it based on current market rates. After paying a minimal renewal fee, your Gold Loan will be renewed.
When you default on your Gold Loan, ICICI charges you a penal interest. If there are continuous defaults, the Bank will at first remind you of your pending dues or send a legal notice if repayment requests go unheard. Defaulting on your Gold Loan not only results in a decrease of your credit score but also makes you liable to face legal actions by the Bank, including confiscation and auction of your Gold.
ICICI Bank has a network of more than 5000 branches across India that provide instant Gold Loan. You can simply walk into any nearest ICICI branch and avail their Gold Loan services. You can also avail the Loan by applying online with Dialabank and get access to the best offers and the details of the nearest branch offering Gold Loan.
Table of Contents
- 1 About ICICI Gold Loan
- 2 Why choose ICICI Bank Gold Loan?
- 3 Advantages of ICICI Gold Loan
- 4 ICICI Gold Loan Eligibility
- 5 ICICI Gold Loan Documents Required
- 6 What are the Interest Rate, Fees and Charges of ICICI Gold Loan?
- 7 ICICI Gold Loan Rate Per Gram
- 8 ICICI Gold Loan Apply Online
- 9 How to Pay Your ICICI Bank Gold Loan EMI?
- 10 Gold Ornaments accepted by ICICI Gold Loan
- 11 ICICI Gold Loan Procedure
- 12 Those who are not eligible:
- 13 Uses of ICICI Gold Loan
- 14 FAQ About ICICI Gold Loan