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ICICI Gold Loan Per Gram

ICICI Gold Loan Calculator

Last Updated 17th Sep 2020
Eligibility Criteria ICICI Gold Loan
Gold Loan per gram ₹ 2,744 to ₹ 3,354 depending on the purity of gold
Age of Borrower 18 - 70 years
Maximum Loan Amount ₹ 15 Lakh
Maximum Loan to Gold Value Ratio Up to 75%
Purity of Eligible gold 18 carat to 22 carat gold
Maximum Loan Tenure 12 months
Lowest EMI Per Lakh ₹ 8,792

ICICI Gold Loan Per Gram

ICICI Bank gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, ICICI Bank offers a gold loan per gram of ₹ 2,744 to ₹ 3,354. Highest ICICI Bank gold loan rate per gram today is ₹ 3,354 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2020 is ₹ 4,969 of 22 carat

Gold Loan Calculator ICICI

MyLoanCare’ s ICICI Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

  • Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. ICICI Bank will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
  • Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, ICICI Bank will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, ICICI Bank will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare
  • Loan to Value Ratio: Once the value of jewelry is calculated, ICICI Bank will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, ICICI Bank may offer you a lower interest rate.

ICICI Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram ICICI Bank will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity Gold rate per gram- average of past 30 days ICICI Bank best Gold Loan per gram ICICI Bank lowest Gold Loan per gram
22 carat₹ 49,688₹ 3,354₹ 2,907
20 carat₹ 45,171₹ 3,354₹ 2,643
18 carat₹ 40,654₹ 2,744₹ 2,378

The above table shows the method by which ICICI Bank will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram in ICICI Bank offer for 22 carat jewelry will be between ₹ 2,907 to ₹ 3,354
  • ICICI Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,643 to ₹ 3,354
  • Gold loan per gram offer of ICICI Bank for 18 carat jewelry will be between ₹ 2,378 ₹ 2,744

Tips to Get Best Gold Loan Amount Per Gram from ICICI

  • ICICI Bank accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
  • ICICI Bank adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
  • ICICI Bank will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. ICICI Bank will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you can are eligible to get Further, ICICI Bank will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
  • Always try to get the maximum LTV on the value of gold. ICICI Bank is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach ICICI to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold Gold Weight (in gm) Purity of Gold (in carat) Gold Loan Eligibility
Mr. A 50 22 ₹ 2.12 Lakh
Mr. B 60 20 ₹ 2.31 Lakh
Mr. C 70 18 ₹ 2.43 Lakh

As noted in the illustration above, despite having the highest weight of gold, ICICI Bank will offer the lowest gold loan rate of ₹ 2.12 Lakh due to lower purity of gold at 22 carat.

In the same illustration, ICICI Bank will offer the highest gold loan amount to Mr. A at ₹ 2.43 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from ICICI Bank by opting to pledge a high purity gold jewelry.

ICICI Gold Loan EMI Calculator

Gold Loan EMI of ICICI Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. ICICI offer EMI scheme on gold loan. The following table is illustrative and is applicable only if the bank offers EMI scheme on gold loan. Lowest EMI offered by ICICI Bank is ₹ 8,792 per lakh loan amount at lowest gold loan interest rate of 10.00%. Gold loan EMI of ICICI Bank depends upon:

  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from ICICI Bank at interest rate of 10.00% per annum, EMI will be ₹ 8,792 per ₹ 1 Lakh loan amount. At interest rate of 19.76% for the same loan, the EMI will be ₹ 9,252
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 10.00% per annum, the EMI would range from ₹ 17,156 to ₹ 8,792 for loan tenure ranging from 6 months to 12 months

Use EMI Calculator to calculate your interest on gold loan at different tenure

Gold Loan EMI for ₹ 1 Lakh loan amount at lowest 10.00% interest rate offered by ICICI Bank for different tenures

6 months 12 months
ICICI Bank EMI for a loan amount Rs. 1 lakh at 10.00% 17,156 8,792
Total amount you pay back to the bank including principal and interest 1.03 Lakh 1.06 Lakh
Interest you have to pay over loan tenure 2,936 5,504

As you can see in the above table that longer the loan tenure, lower is the EMI you pay on gold loan. However, your total interest outgo is significantly higher in case of long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 12 months, the lowest EMI you will pay of ₹ 8,792. However, you pay an interest of ₹ 5,504 on a ₹ 1 Lakh loan.

In comparison, if you take a ₹ 1 Lakh loan from ICICI Bank at the lowest interest rate for a period of 6 months, your monthly EMI will be as high as ₹ 17,156 and pay an interest of only ₹ 2,936 which is less than what you paid in a 12 months loan. Hence, you must choose your loan tenure wisely as longer tenure leads to high interest cost.


What is the age limit required for gold loan from ICICI?

The minimum age should be 18 years and maximum age should be up to 70 years.

What is the maximum loan amount that I can avail on gold loan from ICICI Bank?

The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of ICICI Bank gold loan?

ICICI Bank gives gold loan to the applicants for a maximum tenure of 12 months. So, the borrower should be sure about the repayment capacity of the loan.

What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by ICICI Bank. ICICI does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in ICICI Bank gold loan?

ICICI Bank charges a processing fee of 1% of the loan amount on gold loan.

ICICI Gold Loan News - Sep 2020
  • 2020-07-09 : Banks exceed digital transaction target set for 2019-20
    The government notified that 17 banks received an overall good rating for their performance on digital transactions in 2019-20, with ICICI Bank topping the list of 56 banks and closed wallets. The result is the indication of ameliorating banking services like providing retail and business loans digitally with ease.
  • 2020-06-01 : ICICI Bank extends moratorium on EMIs, credit cards
    Following RBI guidelines, the ICICI Bank has extended the moratorium on retail loans like personal, home, gold, car, two-wheeler and credit cards till August 31, 2020. The moratorium will be applicable for the principal and interest falling due between June 1 to August 31, 2020. Individuals need to apply to avail the benefits of the moratorium. If they fail to apply, loan instalments will continue to be debited every month as per the existing process.
  • 2019-12-24 : ICICI plans to invest in technology to boost retail lending.
    As per the ICICI Executive Director, they foresee the retail lending market to double in the next five years. Now, along with public and private sector banks, many NBFCs who were active in corporate lending are also entering the retail lending space. Growth in the personal loan, gold loan, consumer durable loans are the focus areas of growth.
  • 2019-12-20 : ICICI Bank to organise ‘Maha Loan Dhamaka’ camp in Bhubaneswar
    ICICI Bank has decided to organise a Maha Loan Dhamaka camp in Bhubaneswar on 20th and 21st December 2019. It is a part of the Bank’s initiative to organize 2000 ‘Maha Loan’ camps this financial year. The Bank will approve a variety of loans on the spot to individuals, including non-customers. There will be exciting offers and special packages on two and four-wheelers, trucks, farming equipment and tractors, gold loan and Kisan Credit Card.
  • 2017-12-05 : ICICI Gold Loan rates
    ICICI is currently offering gold loans in the range of 10.00 per cent to 16.50 per cent. The processing fees is 1% of the loan amount and tenure that goes up to 12 months.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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