Wednesday, 16 September 2015

Gold Loan: Get Loan Against Your Gold Ornaments Within 30 Minutes From ICICI Bank | ICICI Gold Loan


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Nowadays, many private and government owned banks are giving loan against gold. Customers may use their gold ornaments or gold coins to take loan from a bank. If someone is in financial need then he/she can use his/her gold to get insist loan. Usually, Gold loan takes less time than personal loan approval and it requires less documentation. Although, it is rather easy to get loan against gold from a jeweller but they charge huge interest rates and they would not give more than 55 percent of the gold value as loan. On the flip side, banks offer more loan amount on your gold with reasonable interest rates. It is always advisable to compare interest rates of all banks before getting loan against gold. While comparing interest rates don’t forget to check other charges like; processing fees, prepayment fees, documentation charges, renewal charges etc.



In this post, I will be discussing on ICICI Bank Instant Gold Loan facility. To compete with other banks and to lure customers ICICI bank has introduced an instant gold loan facility. An individual belongs to 18 to 70 age group can avail this gold loan facility. Bank gives 10,000 to 15 lacs loan amount against gold for a period of 6 months to 12 months. Interest on your gold loan will be simple interest and it will be calculated on reducing balance basis. With ICICI gold loan facility you can fulfill following needs;
  • Financial Need
  • Business Need: To establish a new business or to expand your business
  • Medical Emergency
  • To purchase property or vehicle. etc

 Documents required for ICICI Gold Loan
 

  • Two passport size photographs
  • ID proof
  • Address proof
  • Proof of holding land: For agriculture loan of more than 1 lakh

Interest Rates and Tenure


You can get gold loan for a period of 6 months or 12 months and interest rates are varies from 10 to 16.5 percent per annum.

Other charges:


Type of  Charge
For 6 Months Period
For 12 Months Period
Processing Fees
1 percent of loan Amount
1 percent of loan Amount
Prepayment Fees
1 percent of principle outstanding
1 percent of principle outstanding
Documentation Charges
NA
RS 199
Renewal Fees
  • Upto 1 Lacs-  250
  • 1lacs -2lacs- 350
  • More than 2 lacs- 500
Stamp Duty Charges
As per applicable laws of the state

Payment Methods


You can pay your loan amount by cheque, cash, DD and funds transfer. You can also pay your loan amount in installments but your gold ornaments or coins will be released after full payment of loan amount.                                                                                      

How to Apply For ICICI Gold Loan


You can visit your nearest ICICI bank branch to get gold loan on your gold ornaments or gold coins. You can also fill ‘Call Me’ form on ICICI website.


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