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Gold Loan

HDFC Bank offers gold loan under its Sampoorna Bharosa Gold Loan which is available instantly from any of the HDFC’s Bank branch. The loan promises cash against gold which is easy to avail and also easy to pay. The bank charges easy and affordable EMIs, affordable interest rates and the opportunity to liquidate the gold loan at any time.


So now no one needs to worry about cash shortages as the gold assets possessed by anyone can be pledged to take a loan. The bank will give you cash against the gold assets pledged by you. The cash received can be used for any sort of business purpose like purchase of an asset or paying off a liability or for working capital requirements. The loan amount can also be used for personal expenses like marriage, education of child, building a property, going on a leisurely vacation, etc. However, the loan amount cannot be used to buy gold coins or jewelry or for any other speculative purposes as it is prohibited by the bank issuing the loan.


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Moreover, the Sampoorna Bharosa Gold Loan issued by the bank is completely at the sole discretion of the bank which reserves the power to even deny the granting or disbursal of the loan if it feels that the application is not sound enough. The applicant will have no power to question the decision of the bank because the bank’s decision to grant or not grant the loan is absolute and binding.

Features of HDFC Gold Loan

The loan offered by the bank has the following features:
 

  • The loan sanction and disbursal process is fast and simple. The documents required are simple in nature and after submitting the necessary documents, the loan is issued instantly. The documents required to avail the loan are easily available documents like a Passport, Driving License, Voter’s ID Card, Aadhar Card and PAN Card. These documents are found with most of the individuals which causes no worries at the time of submission.
  • Complete transparency in granting the loan. It means that there are zero hidden charges, reasonable processing fees and complete clarity on the loan process with up-to-date information about loan application status at each stage. So when you avail a loan, you can rest assured that there are no hidden charges which may burn a hole in your pocket and which are not informed to the customer at the time of loan application. The processing fees is not proportionately high but corresponds to the amount of loan availed.
  • Loans are issued for a minimum amount of Rs.50, 000 and thereafter for higher amounts. However, in keeping with the requirements of the rural market, loans of values lower than Rs.50, 000 are also offered to rural customers.
  • The loan promises easy liquidity which means that the customer can repay the entire loan anytime without worrying about the foreclosure charges. Thus, the foreclosure charges are nil and your gold can be availed any time by repaying the loan.
  • The approval of the Gold Loan is made within 1 hour of application both through the online feature and also for walk-in customers. Walk-in customers are those who choose to visit the nearest branch of the bank and complete the loan application process. On the contrary, online customers are those who choose to apply for the loan from the comfort of their homes without having to undertake the responsibility of visiting the branch and getting the loan. Loan is granted instantly with minimal documentation and easy application process
  • The gold deposited with the bank is kept with utmost security with no fear of theft or damage. There is a unique triple layered protection for your gold assets like jewelry and gold coins.
  • Interest rates are competitive with special offers and rates for existing accountholders of the bank. The interest rate that the bank charges is in tandem with that charged by other banks and is completely competitive so that customers may prefer HDFC Bank rather than other banks. Individuals who already have a Savings or Current Account with the bank are offered differentiated rates and also given the privilege of availing special offers if they choose to avail a Gold Loan form the bank itself. Moreover, Preferred, Imperia, Classic and Women customers are also given special and preferential interest rates.
  • The loan is granted for agricultural or business or personal purposes. The customer cannot avail the loan amount to buy gold coins, gold jewels or for other speculative purposes
  • The loan is issued for tenure of 6 months up to 4 years. Thus the individual who avails the loan needs to make sure that the EMI payments will start after 6 months of availing the loan and has to be completed within 4 years. The individual may choose a lower tenure of repayment like 2 or 3 years but the period or repayment cannot exceed 4years and the loan has to be repaid within 48 months or 4 years.
  • The bank gives special interest rates and priority processing for the agricultural or the priority sector. It means that the priority sector or the agricultural sector customers are serviced with a  faster processing time and the rate of interest charges from them is also lower compared to that charged form other customers.

HDFC Gold Loan Interest Rate

Interest Rate

11.00% onwards

Repayment Period

6 months to 4 years

Min./Max. Loan Quantum

Rs. 0.5 lakhs/Rs.10 lakhs

Gold Loan Processing Fees

Ranges from Zero to 0.5% of loan sanctioned

Prepayment Charges

Ranges from Nil to 1 % of loan principal prepaid

Penal Charges

2% over original loan interest rate on overdue amount

HDFC Gold Loan has the added advantage that only the servicing of interest is required to continue the loan. This can result in a monthly outflow of a minimal amount of Rs.1000 per lakh calculated at a basic indicative rate of 11.84% per annum.

Documentation Required

To avail a gold loan, the customer needs to submit the following documents.

  • A valid Passport - by a valid passport one means the passport which is not yet expires and is valid. The passport is an important document because it contains the name, age, address and photograph of the customer.
  • A valid Driving License – a valid Driving License is one which has not been expired and is still valid. The Driving License also contains a host of details of the customer like the photograph, name, address, date of birth, etc.
  • Voter’s ID Card – a voter’s ID card issued by the Election Commission of India is also required which serves as a valid Identity proof of the customer.
  • Aadhar Card issued by the UIDAI which contains all the relevant details of the customer including biometrics like name, age, address, date of birth, details about the parents, etc.
  • PAN Card – a Permanent Account Number Card is a very important document in the Know Your Customer (KYC) formality because it contains a PAN number which goes in preventing money-related frauds.

Fees and Charges for HDFC Bank Gold Loan

Here is the list of the fees and charges levied upon availing the Sampoorna Bharosa Gold Loan from HDFC Bank:

Fees

Amount to be paid

Loan Processing Charges

Up to 0.5%

Option of nil processing fee also available

Valuation Fees

Rs.250 for loan amounts up to 1.5 lakhs and Rs.500 for loan amounts over and above Rs.1.5 lakhs

Foreclosure Charges

Up to 1%

Option available for nil foreclosure charges

Foreclosure charges are to be paid when a loan is closed before the tenure is completed or a minimum of 1 year tenure. The bank will levy a certain percentage on outstanding loan amount as a penalty for foreclosing the loans.

Charges for late payment of Loan amount

2% per annum as penal interest over and above the applicable rate of interest

Stamp Duty & other Statutory Charges

As per applicable laws of the state

Renewal Processing Fees

Up to Rs.250

Pre -payment or Part-payment charges

Up to 1%

Service Tax and other Government taxes or levies etc. as applicable as per the prevailing rate will be charged extra over and above the charges and fess mentioned above.

HDFC Bank Gold Loan
(4/5 ) 3 Reviews
Gold LoanGold Loan
4/5

Good interest rate

The interest rate offered by this bank was the lowest. I saw gold loan schemes from other banks also but they had lot of processing fees and additional charges.. This site helped me select my scheme very quickly.

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Posted on: Jan 30 , 2017
Gold LoanGold Loan
4/5

Easy process

HDFC is a very good bank. This is my first preference for any account or card. And this site has made it very easy to apply for anything online. They have very nice services. I have requested to process my loan soon as I need it urgently. I hope I ge..Read more...

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Posted on: Dec 29 , 2016
Gold LoanGold Loan
4/5

Very Good

The interest rate by HDFC is very low. I am already holding a savings account in this bank so I took a loan from here only. Their bank very good and has many products also. Great thing guys!

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Posted on: Dec 29 , 2016
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