ICICI Gold Loan

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Rates as low as 1% p.m.
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Loan Amount Up to 1 Crore
Loan Tenure Up to 48 Months
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About ICICI Gold Loan

As we know, a bank comprehends the value of 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 easy 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 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.

ICICI Gold Loan at a Glance
Interest RateStarts at 10.00%
Average – 11%
Gold Loan Per Gram₹1928 to ₹2755 depending on the purity of gold
Tenure3 to 12 months
Processing Fee1% of Loan Amount

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?

icici gold loanYou 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 with, 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.
  2. Gold Coins: Secondly, 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 3 years.
  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 professionals will figure out the valuation of borrower’s gold.
  6. 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 posession.
  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 36 months.
  11. The bank provides gold loan for agricultural activities at lower rates of interest.

What is ICICI 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 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 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 ICICI 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/Aadhaar Card)
  5. No processing fee
  6. Low Interest Rates

What are the Charges and Fees of ICICI Gold Loan?

  1. Processing Fee: The bank’s processing fee is minimal. The charges  at the loan application’s processing, remain at 1.0 percent of the loan sum for both a half product and a yearly 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 or more 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 : September 2019
Retail Loans
Type of Credit FacilityInterest RateProcessing Fee*
AgricultureAllied AgriculturalNon-Agriculture
Loan Against Gold Ornaments & Gold Coins11%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 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.
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 he/she has to pay eventually and other calculations. 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.

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 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 About ICICI Gold Loan

1. How does Gold Loan work?

Gold Loan or Loan Against Gold is very simple product to understand. The Bank / NBFC provides you with funds against your gold jewellery. The amount depends upon the weigh and purity of the gold that you pledge.

2. Is Gold Loan secured?

Yes, Gold Loan comes under the category of Secured Loans. Because in a gold loan the customers deposits their gold ornaments in the bank’s locker as securit.

3. What happens when you don’t repay a Gold Loan?

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 recovery.

4. Do I need a co-applicant to get a gold loan?

You do not need a co-applicant for availaing a Gold Loan.

5. Is Gold loan better than a Personal loan?

Yes, a Gold loan is better than a personal Loan because in Gold Loan the lender takes the Gold Jewellery as a collateral and in case of Personal loan it is un-secured and therefore the rate of interest on a Personal Loan is much higher.

6. What is the best online platform to avail gold loan?

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.

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:

  • 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

9. How can I avail a gold loan?

  • You can avail the service of a gold loan in a few clicks.
  • Fill in your basic 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.

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.

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

12. How much Gold Loan can I get per gram in ICICI?

ICICI Bank offers Gold Loan on gold ornaments with 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.

13. What is ICICI Bank Gold Loan?

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.

14. What is the Gold Loan interest rate in ICICI bank?

The Gold Loan interest rates in ICICI start at 10.00% per annum. This rate varies depending on a number of factors such as loan amount, customer relationship, and etc. The average rate of interest for Gold Loan in ICICI is 11% per annum.

15. How to pay ICICI Gold Loan online?

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 i-mobile app.

16. How to apply for Gold Loan in ICICI bank?

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, great offers, and the lowest rate of interest you can apply at Dialabank’s digital platform from the comfort of your home.

17. How to renew ICICI Gold Loan online?

ICICI provides onilne 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.

18. How to take Gold Loan from ICICI bank?

The procedure to take a Gold Loan from ICICI is very simple and straight forward. You just need to bring your gold and some basic documents to the nearest ICICI Gold Loan branch. You can avail gold loan of any value between ₹10000 and ₹1 Crore instantly.

19. What is Gold Loan in ICICI?

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.

20. How to get ICICI Gold Loan?

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, easy 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 personalized assistance with amazing deals and offers.

21. How to check ICICI Gold Loan status?

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.

22. How to close ICICI Gold Loan?

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 foreclosure charges that are applicable. Once all the documentation formalities are done your gold will be returned back to you.

23. How to renew ICICI Gold Loan?

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 on the basis of current market rates. After paying a minimal renewal fee your Gold Loan will be renewed.

24. What happens if someone defaults ICICI Bank Gold Loan?

When you default on your Gold Loan, ICICI charges you a penal interest. If there are continous 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.

25. How many branches of ICICI Gold Loan?

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.

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