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HDFC Gold Loan Interest Rate

HDFC Bank Gold Loan Interest Rates Apr 2021

Last Updated 14th Apr 2021

HDFC Bank Gold Loan Interest rate starts at 9.50% with a loan tenure of 3 months to 24 months. HDFC jewel loans offer low interest with multiple repayment options including gold loan overdraft, EMI and bullet repayment. HDFC also offers agriculture gold loan with interest rates lower than the rates for regular customers. Check Best Offers.

Gold Loan in HDFC
HDFC Gold Loan Rate 9.50% onwards
Processing Fee 1.50% of the loan amount
Loan Tenure 3 months to 24 months
Loan Amount ₹ 25,000 to ₹ 50 Lakh
Prepayment Charges Nil after 3 months
Gold Loan SchemeBullet Repayment Scheme, Overdraft Scheme

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HDFC Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. HDFC gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from HDFC has the following benefits:

  • No foreclosure charges after 6 months
  • Only KYC based approval
  • Lower Interest Rates for Preferred, Imperia & Classic and Women customers

HDFC Bank Gold Loan Details

If you are planning to take a Loan against Gold from HDFC Bank, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: HDFC offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • HDFC Bank Gold Loan Interest Rate starts from 9.50% to 17.10%
    • HDFC Bank charges a processing fees of 1.50% of the loan amount
    • Loan Tenure of Gold Loan ranges from 3 months to 24 months
    • Lowest EMI per lakh on Gold Loan from HDFC Bank is ₹ 4,591 offered at the lowest gold loan interest rate of 9.50% at the longest loan tenure of 24 months
    • HDFC allows prepayment of jewel loans with Nil after 3 months charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of HDFC
    • Bullet Repayment Scheme
    • Overdraft Scheme

Comparison of HDFC Bank Gold Loan with other Banks

HDFC Bank offers gold loan at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars HDFC Bank SBI Manappuram
Interest Rate 9.50% - 17.10% 7.50% - 7.50% 12.00% - 29.00%
Processing Fees 1.50% of the loan amount 0.50% of the loan amount, minimum-₹ 500 ₹ 10 (to be paid at time of settlement)
Loan Tenure 3 months to 24 months 3 months to 36 months 1 day to 12 months
Loan Amount ₹ 25,000 to ₹ 50 Lakh ₹ 20,000 to ₹ 20 Lakh ₹ 1,000 to ₹ 1 Cr
Foreclosure Charges Nil after 3 months Nil Nil
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 4,591 per lakh ₹ 3,111 per lakh ₹ 8,885 per lakh

How can I get a Gold Loan from HDFC ?

You can apply for a gold loan with HDFC Bank directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which HDFC Bank will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

HDFC Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in HDFC Bank is 9.50%.The factors that are used by HDFC Bank to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. HDFC Bank’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. HDFC Bank offers loan between ₹ 25,000 and ₹ 50 Lakh amount.
  • Relationship with the Bank: HDFC Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from HDFC Bank.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. HDFC Bank offers gold loan with a tenure of 3 months to 24 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, HDFC Bank also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by HDFC Bank is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including HDFC Bank also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. HDFC's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Other Charges of Gold Loan HDFC Bank

In addition to interest rates, HDFC Bank also carry some other charges while offering gold loan which include:

  • Processing fees – HDFC Bank charges minimum processing fees ₹ 10 (to be paid at time of settlement). To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil after 3 months.

Gold Loan Schemes of HDFC

HDFC Bank offers several gold loan products to meet your various product requirements. These include loans with different repayment options

  • Gold Loan with EMI option

    This scheme offers the option of paying gold loans in the form of EMIs. Each month you pay an EMI to the bank, which contains a component of interest as well as principal repaid. The component of interest is higher in the initial EMIs and reduces with each EMI.

    • Offered for loans with a tenure of more than 3 months
    • Offered only in case of preapproved offers of gold loans for existing bank account customers
    • Offer on floating rate of interest
    • Maximum LTV of 75 percent allowed
  • Gold Loan with Bullet repayment option

    It offers a bullet repayment option in which customers can pay the entire principal amount of the loan at the end of the tenure.

    • This repayment option is more prevalent for short tenure gold loans (less than 6 months)
    • This is a fixed rate loan scheme
    • Interest is charged monthly and can be paid with principal at the date of maturity. Bank may also ask you to pay EMI for monthly interest
    • No lock in period. However, bank charges a penalty of 2 percent for preclosure before 3 months.
    • Upfront deduction of six months interest is charged if a customer does not have a HDFC account or if the loan amount is less than Rs 50,000
    • Lower LTV of 65 percent compared to EMI option
  • Gold Loan with Overdraft facility

    Overdraft facility is a facility given against gold to allow the borrowers in which borrower is allowed to withdraw funds or deposit surplus amount in the account during the loan tenure. The borrower is required to pay an interest only on credit utilised. This loan is especially useful for self employed borrowers or salaried borrowers who earn annual bonuses.

    • Rate of interest are floating and interest to be paid over the utilized amount.
    • No lock in period and no prepayment penalty charged
    • Comes with an option of renewing the OD by paying the applicable processing fees
  • Gold Loan for Agriculture

    • HDFC Bank offers this scheme for farmers wherein, loan is offered to them against gold ornaments in order to meet farming expenses.
    • Presenting a proof of farming activity and ownership of an agriculture land is mandatory.
    • The end use of the gold loan must be mentioned by the borrower.

Documents Required for HDFC Bank Gold Loan

The documentation process of HDFC Bank is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

FAQs

How much gold loan can I avail from HDFC Bank?

You can get upto ₹ 50 Lakh as gold loan from HDFC Bank.

How can I check my HDFC Bank gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan HDFC Bank available online? Is there a HDFC Bank gold loan online payment facility?

Yes, you can apply gold loan online in HDFC Bank to get a quick loan. Yes, HDFC Bank offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

Yes, you can prepay your jewel loan. Applicable prepayment charges - Nil after 3 months.

Does HDFC Bank offer Agricultural Gold Loan?

Yes, HDFC Bank offers gold loan for agriculture at 1- 2% lower interest rate than gold loan rates.


HDFC Bank Gold Loan Reviews 4.7/5  by 261 customers
MyLoanCare Service
4.7/5.0
Banks Service
4.6/5.0
APARNA, Kanchipuram
Reviewed on 09th Apr 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Apr 2021

Great experience with MyLoanCare. Just at the click of the button, I was able to do all process and Read more...

Avijeet, Hyderabad
Reviewed on 09th Apr 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Apr 2021

Very efficient and effective service, will share the details with near and dear ones.Read more...

Pushpendra, Jaipur
Reviewed on 08th Apr 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Apr 2021

Good and helping staff. Appreciable bank service.Read more...

Sakthi, Vellore
Reviewed on 07th Apr 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Apr 2021

Very easy to get loan. Nice experience. Read more...

Kashyap, Mehsana
Reviewed on 15th Mar 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Mar 2021

Superb and fast service.Read more...

Uma, Jaipur
Reviewed on 14th Mar 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Mar 2021

Excellent loan service provided by Ms Nisha and her supporting staff of the bank in the loan processRead more...

Sagar, Pune
Reviewed on 11th Mar 2021
5 / 5 stars
HDFC Bank Gold Loan Availed in Mar 2021

Good service, information and bank. Everything is good.Read more...

Raghavendra, Bangalore
Reviewed on 05th Mar 2021
4.5 / 5 stars
HDFC Bank Gold Loan Availed in Mar 2021

Excellent process. Happy with the service. Good for instant loans with hassle free documents. Read more...

HDFC Bank Gold Loan News - Apr 2021
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
  • 2021-01-08 : HDFC Bank posted a double-digit increase in deposits and advances
    HDFC Bank reported a double-digit increase in deposits and advances in the third quarter of the fiscal year. The bank advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans hiked by 16% to Rs 10.82-lakh crore as on December 31, 2020. Further, the bank’s deposits rose by 19% in the third quarter of the fiscal to Rs 12.71-lakh crore. The CASA ratio is reported at around 43% as of December 31, 2020.
  • 2020-11-12 : HDFC Bank launched SmartHub Merchant Solutions 3.0
    HDFC Bank has launched a comprehensive banking and payment solution for merchants, SmartHub Merchant Solutions 3.0. The product offers the facility of instant account opening and merchant setup, applying for a loan like home, personal, car, two-wheeler, and gold loan along with business and mudra loans. In addition to this, it also offers credit cards.
  • 2020-10-12 : HDFC Bank introduced festive offers for rural India
    HDFC Bank is offering special festive offers for its rural and semi-urban markets. Customers will get special deals on all banking products from loans to bank accounts. This includes home loans, 2-wheeler loans, car loans, tractor loans, gold loans or business growth loans. Customers can avail of flat 5% to 15% off in various categories of products.
  • 2020-10-07 : HDFC Bank net profit jumps 18.4% to ₹7,513 crores
    HDFC Bank reported an 18.4% increase in its net profit to ₹7,513 crores for the quarter ended in September 2020. The profit in the year-ago period was at ₹6,345 crores. The bank’s total advances were at ₹10.38 lakh crore in Q2 of FY21, an increase of 15.8% over the same period last year. The domestic retail loans which include retail loans like home, personal, car, two-wheeler, gold and education loan grew by 5.3% and domestic wholesale loans including the business and mudra loan grew by 26.5%. Further, total deposits which include FD and RD reported an increase of 20.3% (YoY) to ₹1,325,072 crore. HDFC bank CASA ratio stood at around 42% as of September 202O.
*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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