ICICI Gold Loan Key Features
|ICICI Gold Loan Interest Rate||7.0% per annum|
|ICICI Gold Loan Per Gram||Rate Per Gram Today ₹ 5,121|
|Age Criteria||18 to 65 years|
|Maximum Loan Amount||Up to 1 crore|
|Maximum Loan to Gold Value Ratio||Up to 75%|
|The Purity of Eligible gold||18 to 22-carat gold|
|Maximum Loan Tenure||10 yrs (After 1-year renewal is required)|
|Min ROI Per Lakh||Rs. 833|
Advantages of ICICI Gold Loan
- Instant Gold Loan: The sum of the Loan in ICICI Bank ranges from Rs. 10,000 to Rs. 1 crore.
- Gold Ornament: The loan can only be availed on loan ornaments.
- Loan Tenure: When it comes to avail a gold loan, then it holds a maximum duration of 10 years.
- Value for Gold: A professional Appraiser will be made available by the bank for evaluating the purity of your gold.
- Safety and security: After figuring out the valuation of Gold, the professionals put the Gold in a sealed pouch, packs it, and safely place it in the vault of the bank. The procedure takes place in the presence of the client. This makes sure that the 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 existing account holders.
- The maximum LTV ratio is 75%, and it is fixed by RBI (Reserve Bank of India).
- Many banks grant higher interest rates for a shorter tenure and lower rates of interest for a higher tenure, but ICICI bank doesn’t do so. The mandate for the gold loan is fixed for all customers. It is up to 10 years.
- The bank provides Gold Loan for agricultural activities at lower rates of interest.
How Much loan Can I Get through ICICI Bank Gold Loan?
ICICI Gold Loan Rate Per Gram is Rs. 5,121. 22-carat jewelry is calculated at a maximum LTV of 75%. Loan per gram keeps on changing every day as per the price of the gold.
ICICI Gold Loan Per Gram – Update September 2020
|Updated - Gold Loan Per Gram Rate|
|Gold Weight||Gold Purity
About ICICI Bank 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 most reliable banks in India. It was established in 1994. Loans, insurance, finance, banking, and wealth administration are some commercial outcomes of ICICI bank. Gold loan is one of the most rendered financial results of the ICICI bank.
There are so many banks and non-banking business organizations that grant gold loans now, but ICICI bank is the most trustworthy. The bank has a vast area of the interface, and it has been assisting consumers with high-quality and most secured commercial assistance.
- ICICI Gold Loan Interest Rate is 7.0% per annum.
- ICICI Gold Loan Rate Per Gram is Rs. 5,121.
- ICICI Gold Loan Tenure is up to 10 years. (after 1-year renewal)
- ICICI Gold Loan processing fee is 1% + GST.
ICICI Gold Loan Eligibility
The ICICI Gold loan eligibility requirements are as follows:
|Requirements||Gold ornaments (18-22 carats)|
|CIBIL score||Above 500|
ICICI Gold Loan Documents Required
Availing an ICICI Gold loan requires the following documents:
|Identity Proof||Aadhar Card/Pan Card/ Passport/ Voter ID|
|Residence Proof||Aadhar Card /Pan Card/ Ration Card/ Utility Bills on the name of the applicant/ Rental Agreement of applicant/ Voter ID card.|
|Agriculture Proof ( only if applicable)||Agriculture Land Ownership Proof|
|Photographs||2 Passport sized colored|
ICICI Gold Loan Interest Rate, Fees and Charges
|ICICI Gold Loan Interest Rate||7.0% per annum|
|Processing Fee||1% of the loan amount|
|Renewal Fees||Rs 250- Rs 500 (depending on the loan amount)|
|Loan Amount||₹ 10,000 to ₹ 1 crore|
|Prepayment Charges||1% of the outstanding principal amount|
|Document Charges||Rs 199 (for loans up to 1-year tenure)|
Types of ICICI Bank Gold Loan
- Bullet Repayment: This is the most often used means for short duration loans when it comes to repayment of Loan Against Gold. In this arrangement, the borrower has to pay the ICICI Gold Loan Interest Rate throughout the tenure of the loan. This means that the principal value has to be settled at the finish of the loan tenure.
- Overdraft Facility: Most popularly used by the self-employed people because of the fluctuating money requirements of such business people. Through this service, one can withdraw money according to his own needs.
- EMI Facility: This is another scheme that customers can choose for the repayment mode of the Loan Against Gold. In this, a fixed amount is calculated that the applicant has to pay monthly in the form of monthly installments. This value includes a part of the principal amount and the ICICI Gold Loan Interest Rate.
ICICI Gold Loan Apply Online
The process to apply online for an ICICI Gold Loan is as follows:
- Visit the digital platform of DialaBank.
- Fill a form for a gold loan, with the details like location and amount of gold.
- Our relationship manager will get in touch with you over your provided number.
- Choose the best loan for yourself and avail it instantly with DialaBank.
ICICI Bank Gold Loan EMI Calculator
|Rate||6 months||1 Yr||2 Yrs||3 Yrs|
How to Pay Your ICICI Bank Gold Loan EMI?
Your ICICI Bank gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): for current holders of ICICI Bank account.
- Electronic Clearing Service (ECS): for borrowers of non-ICICI bank.
- Post-Dated Checks (PDC): Post-dated cheques can be posted from a non – ICICI account nearby.
ICICI Gold Loan Contact Number
For any sort of assistance regarding the ICICI gold loan, you can contact us on the number 98789811466.
Gold Ornaments accepted by ICICI Gold Loan
- ICICI bank admits only Gold of 18 carats and 22 carats.
- The Bank accepts only gold jewelry as security.
- Minted coins are not granted.
Use of ICICI Gold loan
- Faster processing – Gold loans are regarded as secured loans. Therefore, they do not require any problematic acceptability guidelines terms, and documentation, which presents it as one of the most rapid processing loans.
- Lower interest rate – In comparison with unsecured loans such as personal loans, gold loans are secured loans, need a more reasonable price of interest on the loan amount.
- Multipurpose – The loan value can be used for numerous objectives like financing a holiday, comprising wedding investments, clearing off pharmaceutical bills, etc.
- Business Purpose- You can apply for the ICICI Bank gold loan for all your shopping needs, such as buying raw material, generating sales, etc.
- Agricultural Purpose- Get a special rate of interest on the gold loans for cultivation persistence.
FAQs About ICICI Gold Loan
ICICI Gold Loan is a borrowing option available to all individuals who own any form of gold jewelry and are in urgent need of cash. The ICICI Gold loan is a multi-purpose loan and can be used for any sort of financial constraints like medical expenses, weddings, etc.
You can get a gold loan from ICICI Bank in the following few clicks:
- Fill in your necessary details in the form available 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.
ICICI Gold Loan Rate Per Gram is Rs.5,121. It varies according to the quality of your gold.
The ICICI Gold loan works as a simple borrowing service available for any individual who is in need of urgent cash and has gold ornaments available for collateral security. On pledging the gold with the bank, the borrower can avail up to 75% of the LTV of the gold which can be repaid later in the form of EMIs.
The ICICI Gold Loan Interest Rate is 7.0% per annum.
To check your Gold Loan status in ICICI Bank online, just visit the Bank’s online portal and fill up a simple form with your Gold Loan application details.
To calculate the gold loan interest in ICICI Bank just subtract the principal amount from the total loan amount to be paid by the borrower.
The maximum gold loan amount that can be availed on a gold loan from ICICI Bank is up to 75% of the gold jewelry’s value kept as collateral.
The loan tenure of ICICI Bank gold loan is up to 10 years. But you will be required to renew your loan after 1 year.
A processing fee of up to 1% + GST is applicable on ICICI Bank gold loan.
The charges for renewal in ICICI Bank gold loan ranges from Rs 250 – Rs 500.
The charges for prepayment of ICICI gold loan is up to 1% of the outstanding loan amount.
To renew your ICICI Gold loan online simply log in into your i-mobile app account and renew your gold loan under the Gold Loan section by entering the loan account details.
You can pay the ICICI Gold loan interest online using online payment options available or can simply visit their online portal and make your loan payments through net banking, debit cards, or through the i-mobile app.
If you can’t pay the interest on ICICI Gold loan for 3 months, ICICI will charge you with 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.
You can ask for an EMI Moratorium on ICICI Gold loan online by logging in with your credentials or can also go to the bank individually. You require to present the moratorium offers at least five functioning days ere your EMI return’s scheduled date.
You will not be able to pay ICICI Gold loan through credit cards as per RBI Guidelines. You can use various other modes like mobile banking, debits cards, cheques, demand drafts for loan repayment.