Interest Rate & Loan Details
- Interest Rate: Starting from 9.25% per annum (subject to change as per ICICI Bank policy)
- Loan Amount:
- Minimum: ₹50,000
- Maximum: ₹2 crore
- Loan Tenure: Flexible tenure options up to 12 months
- Processing Fee: Up to 2% of the loan amount
- Foreclosure Charges:
- Nil if the loan is pre-closed after 180 days
- 0.50% if pre-closed within 180 days
- 1% if pre-closed within 90 days
- 2% if pre-closed within 30 days
Purpose of Gold Loan
ICICI Bank provides Gold Loans to meet various financial needs, including:
- Personal expenses
- Education fees
- Medical emergencies
- Business expansion
- Agricultural investments
Eligibility Criteria
To be eligible for an ICICI Bank Gold Loan, you must meet the following conditions:
- Age: Minimum 18 years
- Ownership: You must own gold jewelry or coins that can be pledged as collateral (gold coins sold by banks are accepted)
- Nationality: Indian citizens are eligible to apply
Documents Required
Applicants must provide the following documents when applying for an ICICI Bank Gold Loan:
- Application Form: Duly filled and signed
- Photographs: Two recent passport-size photos
- Identity Proof (Any one):
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Driving License
- Address Proof (Any one):
- Aadhaar Card
- Utility Bills (Electricity, Water, Telephone)
- Ration Card
- Lease Agreement
Loan Amount & Security
- Minimum Loan Amount: ₹50,000
- Maximum Loan Amount: ₹2 crore
- Loan Security: Pledge of gold ornaments or gold coins sold by banks, duly verified for quality and quantity
Repayment Options
ICICI Bank offers flexible repayment options for Gold Loans:
- EMI-Based Repayment: Fixed monthly installments over the loan tenure
- Bullet Repayment: Principal and interest are repaid at the end of the loan tenure
Charges & Fees
- Processing Fee: Up to 2% of the loan amount
- Gold Valuation Charges: Applicable as per bank’s policy
- Foreclosure Charges: Vary based on the timing of pre-closure, ranging from nil to 2%
Key Considerations Before Applying
- Gold Quality: Only gold ornaments and coins sold by banks are accepted as collateral.
- Loan Terms: Review the loan agreement carefully before signing to understand all terms and conditions.
- Gold Security: Failure to repay the loan may result in the forfeiture of your pledged gold.
Benefits of ICICI Bank Gold Loan
- Quick Loan Approval: Fast disbursal, often within a few hours
- Attractive Interest Rates: Starting from 9.25% per annum
- High Loan Value: Loan up to ₹2 crore based on the pledged gold’s market value
- Flexible Repayment: Choose between EMI and bullet repayment options
- No Guarantor Required: The pledged gold itself serves as collateral
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