HDFC Gold Loan Interest Rate
HDFC Bank Gold Loan Interest Rates Jun 2017
|Interest Rate||11.00% - 13.00% Check Best Offers|
|Repayment Options||EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme|
|Loan Tenure||6 months to 48 months|
|Loan Amount||Rs. 50,000 and Rs. 5,000,000|
|Prepayment Charges||Option from Nil to upto 1%|
|Penal Charges||2.00% per month|
HDFC Gold Loan
HDFC Bank Gold Loan Interest rate calculator works on various inputs like:
- Loan Amount - Generally banks offer lower interest rates for higher amount. However, HDFC Bank offers loan between Rs. 50,000 and Rs. 5,000,000 amount.
- Relationship with the Bank – HDFC Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low HDFC Bank gold loan interest rate.
- Repayment Capacity - Before giving loan to the borrower, HDFC Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Eligibility of gold loan in HDFC Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
- Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing jewellery loan.
- Gold loan rate per gram: HDFC Bank will value the jewelry based on price of 22 carat gold adjusted for purity. HDFC Bank use thirty days average rates of 22 carat gold prices. You can also check today gold rate at MyLoanCare.
- Form of gold pledged: You can get loan from HDFC Bank against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
- Purpose for which loan is used: You can use the gold loan from HDFC Bank for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Gold Loan EMI of HDFC Bank is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by HDFC Bank is Rs. 2,585 per lakh loan amount at lowest gold loan interest rate of 11.00%. Gold loan EMI of HDFC Bank depends upon:
- Rate of interest: Higher the interest rate, higher will be the EMI. For a 48 months gold loan from HDFC Bank at interest rate of 11.00% per annum, EMI will be Rs. 2,585 per Rs. one lakh loan amount. At interest rate of 13.00% for the same loan, the EMI will be Rs. 2,683
- Loan tenure Longer the loan tenure, lesser your monthly EMI. At 11.00% per annum, the EMI would range from Rs. 17,205 to Rs. 2,585 for loan tenure ranging from 6 months to 48 months
Documents Required for HDFC Gold Loan
The documentation process of HDFC Bank is smooth. Here is a list of documents which are required to apply for home loan from HDFC Bank:
- Identity proof: PAN Card, Driving License, Passport, Driving License, Voter’s ID Card, Aadhar Card
- Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Registry Copy
Compare Gold Loan Interest Rates of HDFC with other banks
Frequently Asked Questions on HDFC Bank Gold Loan
HDFC Bank gold loan interest rates today are 11.00% to 13.00%.What is the lowest EMI per lakh on HDFC gold loan?
If you apply for loan against gold from HDFC Bank, your lowest EMI per lakh will be Rs. 2,585.What is the minimum and maximum tenure of HDFC Bank jewel loan?
You can repay your jewel loan from HDFC in a flexible period of minimum 6 months to maximum 48 months.How much gold loan amount I can borrow from HDFC Bank?
HDFC Bank offers you loan against gold if you need a minimum amount of Rs. 50,000 to a maximum amount of Rs. 5,000,000.How much processing fee is charged by HDFC Bank on jewel loan?
HDFC Bank charges a processing fee on gold loan- Nil.Are there any prepayment charges on gold loan?
Yes, you can prepay your jewel loan. Applicable prepayment charges - Option from Nil to upto 1%.If I fail to repay the loan amount on time, what are the late payment charges on HDFC Bank gold loan?
If you fail to repay the loan amount on due date, then you need to pay penal charges at 2.00% per month over and above contract rate of interest. In case the loan is still not paid back, HDFC Bank may dispose off the gold and recover its dues including principal, interest and penal charges.