ICICI Gold Loan
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?
Features of ICICI Gold Loan
- 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.
- 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.
- 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.
- 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 posession.
- 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 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.
What is ICICI Gold Loan Eligibility?
There are some eligibility criteria to get an ICICI bank Gold Loan.
- The age of the applicant should be more than 18 years.
- The applicant should be a citizen or permanent resident of India.
Which Documents are Required for ICICI Gold Loan?
- 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.
- 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.
- In case of the agricultural loan up to Rs. 1 lac land holding evidence is a must
- Two photographs (passport sized)
What Purity of Gold is Required for ICICI Gold Loan?
- First of all, ICICI bank accepts only gold of 18 carats to 22 carats.
- Secondly, the Bank accepts gold jewelry and gold cons weigh less than 50 grams.
- Also, Besides that minted coins are not accepted.
- Besides, the Applicant should have a minimum of 10 grams of gold to get a gold loan.
Highlights of ICICI Gold Loan
- Get instant Cash on your Gold Ornaments and Jewellery
- Get higher loan amounts (depending on the purity of gold and net weight of the gold)
- Get your loan approved in just five minutes
- Minimum Requirements: One recent ID (Voter ID/ Ration Card/ Driving License/ Passport/Aadhaar Card)
- No processing fee
- Low Interest Rates
What are the Charges and Fees of ICICI Gold Loan?
- Processing Fee: First and foremost, 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.
- 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.
- 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 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.
- 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 pertinent for agrarian agricultural loans more than Rs.25000 per client.
|Loans & Advances – Indicative Lending Rates|
updated : September 2019
|Type of Credit Facility||Interest Rate||Processing Fee*|
|Loan Against Gold Ornaments & Gold Coins||11%||12%||12.5%||1% of the sanctioned amount|
Those who are not- eligible:
How is a Gold Loan Different from the Personal Loan?
Role of CIBIL Score
ICICI Gold Loan Calculator
ICICI Gold Loan Procedure
Can a person have a gold loan if he/she already has some other loan?
ICICI Gold Loan Repayment Method
FAQ About ICICI 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. 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 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.
Other Related Articles
- 4 Best NBFCs for a Gold Loan
- 4 Must factor to keep in mind before availing a Gold Loan
- 6 Reasons why Gold Loan is the best borrowing option?
- Advantages of Gold Loan
- Banks still preserve their edge over NBFCs in Gold Loan Race
- Best Rate on Gold Loan
- Documents Required for Gold Loan
- Features of Gold Loan
Table of Contents
- 0.1 ICICI Gold Loan
- 0.2 What is Gold Loan?
- 0.3 Why Should You Get ICICI Bank Gold Loan?
- 0.4 Features of ICICI Gold Loan
- 0.5 What is ICICI Gold Loan Eligibility?
- 0.6 Which Documents are Required for ICICI Gold Loan?
- 0.7 What Purity of Gold is Required for ICICI Gold Loan?
- 0.8 Highlights of ICICI Gold Loan
- 0.9 What are the Charges and Fees of ICICI Gold Loan?
- 0.10 Those who are not- eligible:
- 0.11 Why Dialabank.com?
- 0.12 How is a Gold Loan Different from the Personal Loan?
- 0.13 Role of CIBIL Score
- 0.14 ICICI Gold Loan Calculator
- 0.15 ICICI Gold Loan Procedure
- 0.16 Can a person have a gold loan if he/she already has some other loan?
- 0.17 ICICI Gold Loan Repayment Method
- 1 FAQ About ICICI Gold Loan
- 1.1 1. How does Gold Loan work?
- 1.2 2. Is Gold Loan secured?
- 1.3 3. What happens when you don’t repay a Gold Loan?
- 1.4 4. Do I need a co-applicant to get a gold loan?
- 1.5 5. Is Gold loan better than a Personal loan?
- 1.6 6. What is the best online platform to avail gold loan?
- 1.7 7. Is there any fee payable for the Gold Loan?
- 1.8 8. Is gold loan a good option?
- 1.9 9. How can I avail a gold loan?
- 1.10 10. Is Gold Loan better than a personal loan?
- 1.11 11. What is the benefit of gold loan?
- 1.12 12. How much Gold Loan can I get per gram in ICICI?
- 1.13 13. What is ICICI Bank Gold Loan?
- 1.14 14. What is the Gold Loan interest rate in ICICI bank
- 1.15 15. How to pay ICICI Gold Loan online
- 1.16 16. How to apply Gold Loan in ICICI bank
- 1.17 17. How to renew ICICI Gold Loan online
- 1.18 18. How to take Gold Loan from ICICI bank
- 1.19 19. What is Gold Loan in ICICI
- 1.20 20. How to get ICICI Gold Loan
- 1.21 21. How to check ICICI Gold Loan status
- 1.22 22. How to close ICICI Gold Loan
- 1.23 23. How to renew ICICI Gold Loan
- 1.24 24. What happens if someone defaults ICICI Bank Gold Loan
- 1.25 25. How many branches of ICICI Gold Loan
- 1.26 Other Related Articles