HDFC Bank Gold Loan Highlights |
|
|---|---|
| Collateral | Pledge your gold ornaments and jewelry as collateral. |
| Processing Fees | 1% of disbursal amount |
| Pre-closure Charges | 1% on the outstanding principal |
| Valuation Charges | Up to Rs 575 |
| Gold Loan Processing Time | within 45 minutes of application. |
| Gold Loan Repayment Facility | Term Loan, Overdraft and Bullet repayment facility |
| Loan Tenure | From 6 months to 42 months |
| Loan Amount | Rs.25,000 onwards (Rs.10,000 onwards in case of rural markets) |
HDFC Bank Gold Loan Interest Rate
HDFC's Gold Loan interest rates vary based on factors such as loan tenure, amount, borrower, and quality of gold. Present rates range between 8.50% to 15.97% per annum.
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
Features of HDFC Bank Gold Loan
Loan amount
HDFC Bank provides loans starting at Rs 25,000, with a minimum loan amount of Rs 10,000 available specifically in rural markets.
Processing Time
HDFC Bank claims to disburse gold loans within 45 minutes of the loan application being made.
Tenure
HDFC Gold Loans are available for flexible tenures ranging from 6 months to 42 months.
Repayment
HDFC Bank provides term loan, overdraft, and bullet repayment facilities for its gold loan. Customers can choose to repay EMIs every month or only pay interest every month. With the bullet repayment option, borrowers can repay both the principal amount and interest after 1 year of availing the loan.
Also read: Best Gold Loan EMI Calculator
HDFC Bank Gold Loan Processing Fees, Foreclosure Fees & Other Charges
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 1% of the loan amount; (NIL for Micro & Small Enterprises for loan amounts up to Rs 5 lakhs, subject to the submission of Udyam Registration Certificate before the loan disbursal) |
| Renewal Charges | Rs 350 |
| CIBIL Charges | Rs 500 |
| Payment Return Charges | Rs 200 |
| Valuation Charges |
|
| Delayed instalment payment charge | 18% p.a. on the overdue instalment amount |
| Legal & Incidental Charges | As per actuals |
| Stamp Duty & other statutory charges | As per actuals |
| Auction Charges | As per actuals |
| TOD charges against Overdraft account | 18% p.a. |
| Premature closure charges (Full/Part payment) | 1% on the outstanding principal; NIL for Micro & Small Enterprises for loan amounts up to Rs 5 lakhs provided the repayment has been done from own sources |
Eligibility Criteria for availing HDFC Gold Loan
HDFC Bank offers gold loans to Indian residents aged between 18 and 75 years. Farmers, salaried employees, traders, businessmen, and self-employed individuals are eligible to apply for HDFC Bank Gold Loan.
Also read: Best Gold Loan Eligibility
Documents Required for HDFC Gold Loan Application
The detailed list of documents required for availing HDFC Bank Gold Loan is as follows:
- One Passport Size Photograph
- Voters’ ID Card
- Passport (Not expired)
- Aadhaar Card issued by UIDAI
- Driving license (Not expired)
- PAN Card (along with any of the above-mentioned documents) or Form 60
- Agri Allied Occupation Documentation (in the case of bullet repayment option for agriculture customers)
Also Read : Best Gold Loan Documents Required
Features of HDFC Gold Loan
Some of the features of HDFC Gold Loan are highlighted below:
- Low processing fee: Borrowers are charged a minimal processing fee, keeping general trends and competition in mind.
- Flexible repayment: The loan can be repaid through flexible EMIs, with borrowers having the option to choose a tenure that suits their repayment needs.
- Quick approval: Minimal documentation results in quick approval, minus any hassles and delays.
- Loan amount: Individuals can avail loan amounts that suit their needs, with HDFC Bank open to considering loan amounts on a case-by-case basis.
- Prepayment: Borrowers can prepay the loan without worrying about excessive prepayment charges.
- Competitive interest rates: Interest charged by HDFC Bank on this gold loan scheme is highly competitive, with special rates offered under certain circumstances.
- Transparent: There are no hidden charges, with transparency maintained at all stages.
- Safety: The collateral pledged by individuals is kept safe, with a 3-tier sealing system in place.
FAQs on HDFC Gold Loan
1. What is the minimum loan amount offered under this scheme?
The minimum loan amount is set at Rs 25,000 for urban markets, while rural borrowers can avail loans starting from Rs 10,000.
2. How long does it take to get a loan application approved?
HDFC's Gold Loan is designed as an over-the-counter loan, allowing applicants to avail a loan in under an hour, provided they meet certain basic eligibility criteria.
3. What is the repayment tenure for this loan?
This loan offers flexible repayment tenures, ranging between 6 months and 4 years.
4. Is it possible to get a lower interest rate on this loan?
Yes, existing customers can negotiate interest rates with the bank, giving them an opportunity to lower their rates.
5. Are there any purposes for which this loan cannot be used?
Yes, this loan can only be used for personal or business purposes, as HDFC prohibits the use of the loan for purchasing gold, land, or engaging in market speculations.
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