ICICI Bank Gold Loan | MyFinmates
The best thing about the ICICI Bank Gold Loan is the variety of schemes from which to choose based on your needs and repayment capacity. In addition, your interest rate will be determined by the loan amount and the number of months you choose. A shorter repayment period will result in higher interest rates than a longer repayment period. The interest rate on an ICICI gold loan ranges from 10% to 19.76% per annum, which is quite affordable given the current economic situation.
ICICI Bank offers gold loans with simple documentation, quick processing, and no hidden costs. ICICI Bank has a specific agricultural gold loan programme for people who work in agriculture and require money to cover their expenses. The interest rate for ICICI Bank’s agricultural gold Loan is lower than the ordinary ICICI Bank gold loan interest rate
ICICI Bank Gold Loan Interest Rates 2022
ICICI gold Loan comes to the applicants at attractive interest rates based on the prevalent market situation. ICICI Gold Loan Interest Rates start from as low as 10%. As interest rates are very low people tend to prefer ICICI Bank for their gold loan requirements.
Particulars
1. Interest rates- The financing fee applied to the loan amount provided to the applicant is referred to as the interest rate. The interest rate for gold loans is usually fixed for the whole period of the loan.
2. Loan amount- The loan amount is the amount of money requested from a bank or financial institution in exchange for an interest rate and a promise to repay the loan in the future.
1. Processing Fees- The fees paid by the applicant to the agency as a commission are known as Processing fees.
1. Loan Tenure- The length of time it will take the borrower to repay the loan is referred to as loan tenure.
2. Prepayment Charges- Certain lenders charge a prepayment penalty if a part of or the whole loan is paid off early.
Details
Interest Rate
10% – 19.76% p.a.
Processing Fees
Up to 1% of the loan amount, minimum Rs. 750
Loan Tenure 3 months to 12 months
Loan Amount ₹10,000 to 1 crore ₹
Foreclosure Charges
Up to 1% of the outstanding amount
Repayment Options Y
Lowest EMI Per Lakh ₹8,792 per lakh
ICICI Bank Gold Loan Eligibility Criteria
When applying for any kind of loan, the applicant needs to take care of the eligibility criteria and check if he/she fulfils all the requirements or not. Every bank has different standards and criteria, the ICICI Bank Gold Loan eligibility criteria are as follows:
Particulars
Details
Minimum and 18 Yrs – 75 Yrs
Maximum Age
Loan Amount Up to 1 Cr. ₹
Employment Type
Those who are working and those who are self-employed are both eligible.To meet their working cash needs, more and more businessmen are turning to gold loans.In fact, housewives and older folks who are unable to obtain other loans due to a lack of proof of income can readily obtain gold loans.
Quality of Gold
CIBIL Score
The carat weight of gold jewellery should be between 18 and 24 carats.
When it comes to gold loans, most banks do not look at your CIBIL score.
Gold Ornaments Used Coins and gold barsGold with a fineness of 18-24 carats
Employment Track Record and Income Proofs
Banks do not examine your job or business stability before approving a gold loan. Gold loans are given out without the need for proof of income. To get this loan, you only need to submit your standard KYC documents, such as residence evidence, identity proof, and an Aadhaar card.