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HDFC Gold Loan Interest Rate

HDFC Bank Gold Loan Interest Rates Oct 2020

Last Updated 23rd Oct 2020

HDFC Bank offers one of lowest gold loan rate of 9.50% , both for its existing bank customers as well as new borrowers. HDFC jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. 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 17.55%
    • 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

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 90% 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 90% 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 1.50% of the loan amount. 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

Compare Gold Loan Interest Rates of HDFC with other banks

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 201 customers
MyLoanCare Service
4.7/5.0
Banks Service
4.6/5.0
Sankalp, Lucknow
Reviewed on 26th Oct 2020
5 / 5 stars
HDFC Bank Gold Loan Availed in Oct 2020

Good service but it took five hours. The staff was good and responsive.Read more...

BIRAL, Anand
Reviewed on 22nd Oct 2020
4.5 / 5 stars
HDFC Bank Gold Loan Availed in Sep 2020

Very nice service. Time saving and fastest service. I really appreciate.Read more...

Deepak, Chapra
Reviewed on 21st Oct 2020
4.5 / 5 stars
HDFC Bank Gold Loan Availed in Oct 2020

HDFC Bank and MyLoanCare service are so good.Read more...

Mahesh, Bangalore
Reviewed on 09th Oct 2020
4 / 5 stars
HDFC Bank Gold Loan Availed in Oct 2020

Good job by the team and bank authorities. Thank you for all the help.Read more...

NITESHKUMAR, Bharuch
Reviewed on 08th Oct 2020
5 / 5 stars
HDFC Bank Gold Loan Availed in Sep 2020

Nice and excellent service and instant reply. Thanks to MyLoanCare.Read more...

Prasath, Salem
Reviewed on 06th Oct 2020
4 / 5 stars
HDFC Bank Gold Loan Availed in Sep 2020

Got good support from the relationship executive and sufficient information is available on the websRead more...

Puneet, Bijapur
Reviewed on 01st Oct 2020
5 / 5 stars
HDFC Bank Gold Loan Availed in Oct 2020

Good service by the team. They were very prompt and supportive. Read more...

,
Reviewed on 29th Sep 2020
5 / 5 stars
HDFC Bank Gold Loan Availed in Sep 2020

Loan process was easy and rate of interest offered was good. The loan disbursement was also fast andRead more...

HDFC Bank Gold Loan News - Oct 2020
  • 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.
  • 2020-10-03 : HDFC Bank is offering 2-year loan restructuring.
    HDFC started to provide customers with a two-year moratorium. Borrowers may not have to pay EMIs on loan during the moratorium period. Users facing a decrease in the daily cash flow following the outbreak of coronavirus can apply for a loan restructuring scheme. The credit card dues and EMIs also offer the option to refurbish credit cards.
  • 2020-10-01 : HDFC Bank is offering 2-year loan restructuring.
    HDFC started to provide customers with a two-year moratorium. Borrowers may not have to pay EMIs on loan during the moratorium period. Users facing a decrease in the daily cash flow following the outbreak of coronavirus can apply for a loan restructuring scheme. The credit card dues and EMIs also offer the option to refurbish credit cards.
  • 2020-09-23 : HDFC  Bank  introduced  norms for the restructuring of loans
    HDFC Bank Ltd announced that retail customers seeking to restructure debt should have a minimum outstanding balance of ₹25,000 in their loan accounts. Further, It offered an extension of loan tenures by up to two years to provide relief to its retail and corporate customers hit by the covid-19 and economic slowdown. The bank will charge a processing fee to restructure the loan.
  • 2020-07-15 : HDFC Bank lends Rs 10,800 crore in June quarter
    HDFC Bank has lent Rs 10,800 crore in the quarter ended June 2020, a period marked by lockdown and partial easing. It had offered Rs 10,100 crore loan in April-June 2019 (Q1FY20). The bank’s advances backed by the home, personal, business, car, two-wheeler, gold and mudra loan expanded by 21% on year to Rs 1,004,500 crore, as of June 30.
*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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