ICICI Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate | 10% p.a. |
| Processing Fees | 1% of the loan amount |
| Valuation Charges | Up to Rs 1,250 |
| Foreclosure Charges | Up to 1% of the outstanding principal |
| Loan Tenure | 6 months and 1 year |
| Loan Amount | Up to Rs 1 crore |
| Gold Loan Repayment Facility | At the end of your loan period or when you make partial payments. |
| Collateral | You can use your gold jewelry or 24-carat gold coins from different Indian banks as collateral. |
ICICI Bank Gold Loan Interest Rate
ICICI Bank charges a 10% annual interest rate for gold loans. The interest rate may vary based on factors such as the applicant's credit profile, loan tenure, quality of the gold jewelry used as collateral, and the type of gold loan facility chosen.
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 |
Types of ICICI Bank Gold Loan
Gold Loan
ICICI Bank provides gold loans using gold jewelry or 24-carat gold coins issued by any bank in India as collateral. The gold coins must have a purity of 99.99%, and each coin's weight should not exceed 50 grams per applicant, as per RBI policy. Additionally, the bank offers an instant gold loan facility for quicker processing.
Repayment Facility
Applicants can repay their ICICI gold loans either at the end of the loan tenure or through partial payments. However, there is no provision for monthly installment payments.
Loan amount
Applicants can instantly avail ICICI gold loans ranging from Rs 50,000 to Rs 1 crore.
Tenure
ICICI Bank offers gold loans for tenures of 6 months and 1 year.
ICICI Gold Loan Top-Up
ICICI Bank offers a Gold Loan Top-up facility to its existing gold loan customers, allowing them to access additional funds without needing to provide additional collateral or security. Additionally, the bank provides pre-approved top-up options to select existing customers. Eligibility for this pre-approved top-up can be checked through ICICI Bank's iMobile App, Internet Banking, by contacting Customer Care, or by visiting ICICI Bank branches.
Also read: Best Gold Loan EMI Calculator
ICICI Bank Gold Loan Processing Fees, Foreclosure Fees & Other Charges
Processing Fees & Other Charges
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 1% of the loan amount |
| Documentation Charges | Rs 199 |
| Top Up Charges | 1% of top up amount, subject to a minimum of Rs 250 |
| Renewal Charges |
For loans:
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| Valuation Charges |
For loans:
|
Loan Related Recovery Charges
| Particulars | Charges |
|---|---|
| Overdue Handling Charges |
|
| Paper advertisement charges | At actuals |
| Auction charges for re-possessed asset | At actuals |
| Charges incurred in filing a legal suit | At actuals |
Foreclosure Charges
| Particulars | Charges |
|---|---|
| 12 months product |
1% of the outstanding principal if the loan is foreclosed within 11 months of disbursal. No foreclosure charges if the loan is foreclosed after 11 months of loan disbursal. |
| 6 months product |
1% of the outstanding principal is charged if the loan is foreclosed within 5 months of disbursal. No foreclosure charges are applicable if the loan is closed after 5 months of disbursal. |
Eligibility Criteria for availing ICICI Gold Loan
ICICI Bank provides gold loans to individuals aged between 18 and 70 years old.
Also read: Best Gold Loan Eligibility
Documents Required for ICICI Gold Loan Application
Here's what you need to apply for an ICICI Bank Gold Loan:
- 2 passport size photographs
- Proof of land holding if applying for an agricultural loan of more than Rs 1 lakh
- Supporting documents for an Allied Agri Activity Loan of more than Rs 5 lakh
- Any one of the following ID proofs: Passport Copy, Voter ID Card, Driving License, Aadhaar Card, or Ration Card
- Address Proof: You can submit a copy of your Driving License, Passport, Job Card issued by NREGA, Voter ID Card, or Aadhaar Card
Also Read : Best Gold Loan Documents Required
Features of ICICI Bank Gold Loan
- Documentation: The paperwork is easy, and you'll benefit from competitive rates per gram.
- Interest rate: The interest rate for the gold loan varies between 10% p.a. to 19.76% p.a.
- Get a loan instantly: You can quickly get a gold loan ranging from Rs. 10,000 to Rs. 15 Lakhs. Just visit any ICICI Bank branch offering Gold Loan with your jewelry to get started.
- Safety: Your precious jewelry's safety is a top priority at ICICI. Experts at the bank assess the value of your gold in front of you, seal it in a secure pouch, and store it in the bank's vault. This process is transparent and secure, ensuring your peace of mind when leaving your gold with ICICI.
ICICI Bank Gold Loan FAQs
1. What are the minimum and maximum loan amounts that I can avail with this loan?
You can borrow a minimum of Rs. 10,000 and a maximum of Rs. 15 Lakhs as a gold loan.
2. In case my address changes (due to for example, a change in job location), will I need to contact the bank and let them know?
Yes, if you change your residential or business address, you must notify ICICI Bank within 7 working days. You can provide the updated details in writing to the bank.
3. How is the interest on my account calculated?
Interest on ICICI Bank gold loans is calculated as simple interest, which remains fixed and is calculated on a reducing balance basis.
4. How can I repay the loan amount?
You can repay the loan by using methods such as cheque, cash, demand draft (DD), or through funds transfer. Once the bank receives the borrowed amount, your jewelry will be released.