ICICI Bank offers loans against gold jewellery with a simple and easy documentation process. In return, the customer is required to pay interest on the loan amount. The Gold loan you avail can be used to fund your business, for down payment for purchase of property or automobile, education of your children, medical emergency, holiday, agriculture needs, etc. Here is more information about ICICI Gold loan interest rate, minimum requirement and tenure.
Features of ICICI Bank Gold Loan
- Loan sanction and disbursal process is fast and simple
- Penal interest is not applicable for agriculture loans up to Rs.25,000 per customer
- Repayment of loan is required at the end of the loan tenure and not through EMIs
ICICI Gold Loan Interest Rate & Eligibility Criteria (as on 26.03.2020)
Here are the prerequisites one should know before availing ICICI gold loan:
- Anyone within the age group of 18 to 70 years can avail an ICICI Bank gold loan.
- The purity of gold jewellery should be above 18K to be eligible for gold loan.
- Apart from gold jewellery, one can also avail gold loan by pledging gold coins. However, the coins should be of purity of 24 carat issued by banks operating in India with 99.99% purity. As per the RBI policy, the weight of the gold coins cannot exceed 50 grams per customer.
|Loan Amount||Rs.10,000-Rs.15 lakh|
|Loan Tenure||3 months-12 months|
|Processing Fees||1% of loan amount|
Note: The information given above may change from time to time.
How much loan I can get against my Gold Jewellery?
Below table will give you an indicative value about how much gold loan you can get against your gold ornaments:
|Grams of Gold (QTY||Tenure|
|15 gms||6 months||Rs.28,920||Rs.32,130||Rs.35,355||Rs.38,565|
|20 gms||6 months||Rs.38,560||Rs.42,840||Rs.47,140||Rs.51,420|
|25 gms||6 months||Rs.48,200||Rs.53,500||Rs.58,925||Rs.64,275|
|30 gms||12 months||Rs.61,980||Rs.68,850||Rs.75,750||Rs.82,650|
Note: This is the approximate value. The final value will depend upon the gold valuation done by their executive in the branch.
Listed below are the documents one needs to submit while applying for the ICICI Bank Gold Loan:
- Driving License
- Pan Card
- Form 60/61
- Passport Copy
- Voter ID Card
- Aadhaar Card
- Ration Card
- 2 Passport-size photographs
- Registered lease agreement with not older than 3 months as a Address proof
- Proof of land holding in case of agriculture loan of more than 1 lakh
How to Apply for ICICI Gold Loan?
One can either avail ICICI Gold loan by visiting the nearest branch office or through online.
- Visit the official website of ICICI Bank. Click ‘Apply Online’.
- On the next page, under the Loan header, Click ‘Gold loan’.
- Next, Click on ‘Apply now’. Clicking this link will take you to the main form page.
- Fill up the form with your details and click Submit
- In 2-3 working days, representative from ICICI bank will call you regarding the gold loan
Visit the nearest branch office of ICICI bank (http://maps.icicibank.com/mobile/) and take the gold you are ready to pledge with you. Bank account in ICICI bank is not a prerequisite to apply for a gold loan in this bank. The counter staff over there will guide you through the application process and sanction loan, if documents are in order.
Alternatively, you can give missed call on 8444884448 and their executive will call you with all the necessary details required to process your gold loan application.
ICICI Bank Customer Care
If you have any query related to ICICI bank gold loan, you can request a call back from them through the following steps:
- Visit the official website of ICICI bank and select ‘Gold loan’ from the ‘Products’ header
- Scroll down a page, in the right hand side corner, Fill up ‘Request a Call back’ form with your details. Click Submit
- You will get the reference number for your request. Their executive will call you back in 2-3 working days.
How to Foreclose my ICICI Gold Loan account?
One can close their account by paying the full amount and interest accrued to the branch office. After making the whole payment, your loan account will be closed and the branch head will hand over your ornaments. One also has the option to foreclose their account, i.e closing their account before the end of the tenure. Below are the foreclosure charges one should know:
|6 month tenure||1% if account is closed within 5 months and no charges needs to be paid if closed after 5 months|
|12 month tenure||1% if account is closed within 11 and no charges needs to be paid if closed after 11 months|
The borrower should keep the following aspects in mind while availing gold loan from ICICI bank:
- Approval of loan amount will be done after the verification of the gold and other documents that you submit
- Eligibility of your loan amount depends on the purity, net weight of the gold and tenure you select
How long does it take to complete a gold loan approval process?
It is usually disbursed in an hour. However, it is subject to the verification of the gold and other documents that you submit.
When will I get my jewellery back?
The jewellery will be released once you repay your gold loan to the bank. The repayment can be done via cash, cheque, and DD.
Can I partially repay my gold loan amount?
Yes, you can make part-payment with ICICI bank but your gold jewellery will only be released after the entire outstanding amount is repaid.
Do I need to pay other charges if I miss my due day to pay interest?
Yes, you will be charged a penal interest at the rate of 6% per annum, over and above the normal rate of interest.
Is my gold safe with ICICI bank?
Yes, the gold pledged by you will be kept in the vault safe of ICICI bank. After repaying the gold loan amount and other outstanding charges, the gold will be given back to you in the same state as you submitted in the first place.