Who can avail gold loan

Gold Loans are loans that you can get by pledging your gold jewellery to a bank. With limited paperwork, ICICI Bank provides a loan against gold or gold jewellery or ornaments at an interest rate of 11% per annum or higher. The ICICI gold loan can be used to start a company, pay for your children's education, cover a medical emergency, put a down payment on a home, or car, and more.

The maximum repayment period available is one year, with a processing fee of 1% of the loan amount. Customers with jewel loans may prepay in part or have their loans foreclosed on by the bank. The bank also provides low-interest loans against gold for agricultural purposes.

Features

1. You can get a gold loan instantly for sums ranging from Rs 10,000 to Rs 15 lakhs.

2. To get a Gold Loan, simply bring your jewelry to any ICICI Bank branch that offers the service.

3. The documentation process is straightforward, and you will benefit from the most affordable per-gram rate available.

4. The interest rate on the gold loan ranges between 10 percent and 19.76 percent per annum.

5. ICICI goes to great lengths to ensure that your gold is safe. The procedure is entirely clear and secure.

6. First, the bank's specialist evaluates the gold jewelry in front of the client, seals it in a tamper proof bag, and deposits it in the bank's safe vault.

Documents Required

1. Photographs in passport size (two).

2. PAN Card, Driver's License, Form 60/61, Ration Card, Voter ID Card, Passport Copy, or Aadhaar Card are all acceptable options for identification.

3. Any type of ID, such as a voter ID card, a driver's licence, a ration card, a passport copy, an Aadhaar card or a registered lease agreement can be submitted for address verification. The borrower must also send utility bills in the name of the landlord that are no more than three months old.

4. Customers who take out an agriculture loan of more than Rs. 1 lakh will be required to provide evidence of land ownership.

Fees and Charges

1. Foreclosure Charges.
   1%, if the account is closed within 11 months.
   No charge if the account is closed after 11 months.

2. Valuation Charges.
   For loans up to Rs.1 lakh - Rs.100.
   For loans more than Rs.1 Lakh up to Rs.2 lakhs - Rs.200.
   For loans more than Rs.2 lakhs up to Rs.3 lakhs - Rs.300.
   For loans more than Rs.3 lakhs up to Rs.4 lakhs - Rs.400.
   For loans more than Rs.4 lakhs - Rs.500.

3. Documentation Charges is Rs.199.

4. Renewal Fees.
   For loans up to Rs.50,000 is Rs.300.
   For loans greater than Rs.50,000 & up to Rs.1 lakh is Rs.350.
   For loans greater than Rs.1 lakh & up to Rs.2 lakh is Rs.500.
   For loans greater than Rs.2 lakh is Rs.1,000.

Conclusion

ICICI Bank offers gold loans of up to ten lakh rupees. ICICI Bank provides a gold loan for agriculture at an interest rate that is 1% to 2% lower than gold loan rates. You can take a loan for as low as Rs. 10,000 and as much as Rs. 15 lakhs. You can pay in instalments, but the gold jewellery will not be issued until the whole balance is paid. If you pay your interest rate, you will be fined a penalty interest rate of 6% per year, in addition to the regular rate of interest. You can pay back the loan with cash, a check, a bank draft, or a bank transfer. Interest is calculated as simple interest which is a fixed rate of interest that is determined on a declining balance base. As per the gold rate today, ICICI bank provides a gold loan per gram from Rs.2500 to Rs.3055.