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ICICI Gold Loan Interest Rate

ICICI Bank Gold Loan: Details 2022

Last Updated 10th May 2022

ICICI Bank Gold Loan Interest rate starts at 10.00% with a loan tenure of 6 months to 12 months. ICICI Bank jewel loans offer low interest with multiple repayment options including EMI Scheme. ICICI also offers agriculture gold loans with interest rates lower than the rates for regular customers Check Best Offers.

ICICI Gold Loan Rate 10.00% onwards
Processing Fee 1% of the loan amount
Loan Tenure 6 months to 12 months
Loan Amount ₹ 10,000 to ₹ 10 Lakh
Prepayment Charges 1% of loan outstanding
Gold Loan SchemeEMI Scheme

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ICICI Gold Loan

You can avail ICICI gold loan by pledging your gold ornaments for meeting urgent personal expenses like children's education, marriage and other financial emergencies in family or business. The gold mortgaged acts as a security to the loan. You can avail following benefits by availing gold loan in ICICI bank:

  • ICICI offers loan against gold with simple documentation and quick processing.
  • The bank gives a part prepayment and foreclosure facility to its jewel loan customers.
  • The bank also offers loan against gold for agricultural purposes at low interest rates.

Current ICICI Gold Loan Interest Rate

ICICI gold loan interest rate currently starts at 10.00% from the previous rate of 11.00%. The lowest gold loan rate of interest in ICICI was decreased by 1% on 27 Apr, 2022. You can avail jewellery loans for any purpose for a maximum tenure of 12 months. ICICI offers a gold loan at the cheapest rates as it is a secured loan and has multiple repayment options like the gold loan EMI Scheme.

ICICI Bank Gold Loan Details

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewellery
  • Type of Gold Accepted: Gold jewellery of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: ICICI offers jewel loans to all individuals above 18 years of age, including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • ICICI gold loan interest rates starts from 10.00% to 19.80%
    • ICICI Bank charges a processing fee of 1% of the loan amount
    • Loan Tenure of Gold Loan ranges from 6 months to 12 months
    • The lowest EMI per lakh on Gold Loan from ICICI Bank is offered at the lowest gold loan interest rate and at the longest loan tenure.
    • ICICI allows prepayment of jewel loans with 1% of loan outstanding charges

Documents Required for ICICI Bank Gold Loan

The documentation process of ICICI Bank is smooth. You need to submit one proof of identity and address to get an ICICI Bank 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

Comparison of ICICI Bank Gold Loan Interest Rates and Other Charges with Top Banks

Gold loan interest rates in ICICI Bank are very affordable. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars ICICI Bank SBI HDFC Bank
Current Interest Rate 10.00% - 19.80% 7.40% - 7.40% 9.00% - 15.00%
Previous Lowest Interest Rate 9.00% 9.00% 10.00%
Lowest Rate Difference 1% -1.6% -1%
Processing Fees 1% of the loan amount 0.25% of the loan amount, minimum-₹ 500 0.50% of the loan amount
Loan Tenure 6 months to 12 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 10,000 to ₹ 10 Lakh ₹ 20,000 to ₹ 50 Lakh ₹ 25,000 to ₹ 10 Lakh
Foreclosure Charges 1% of loan outstanding Nil Zero prepayment charges post 6 months
Repayment Options N Y Y
Lowest EMI Per Lakh ₹ 8,792 per lakh ₹ 3,106 per lakh ₹ 4,568 per lakh

How Can I Get a Gold Loan from ICICI at the Best Interest Rates?

You can apply for a gold loan with ICICI Bank directly through branch walk-in or by filling an online application form.

  • 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 loans.
  • Customer representatives of the bank will instantly contact you to fix up an appointment for a branch visit.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

You can get a gold loan in a single branch visit, during which ICICI Bank will do an appraisal of your jewellery in terms of its purity and weight. If the jewellery meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewellery.

ICICI Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in ICICI Bank is 10.00%. The factors that affect the ICICI Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of the value of gold jewellery. ICICI Bank’s existing account holders get a gold loan at the best rates compared to other customers. You can use the ICICI Bank gold loan interest rate calculator to calculate EMI on gold loans at the lowest rates.

  • Loan Amount: The amount of gold loan you avail from ICICI Bank depends on the weight of jewellery you can pledge with the bank. ICICI Bank offers a loan per gram of gold which differs by the purity of gold and loan to value ratio offered. The Bank offers loans between ₹ 10,000 and ₹ 10 Lakh. The gold loan interest rate ICICI Bank is lower for higher loan amounts.
  • Relationship with the Bank: ICICI 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 benefit from a low gold loan interest rate from ICICI Bank.
  • Loan tenure: ICICI Bank offers gold loans for a tenure of 6 months to 12 months. The interest rate is higher for short tenure gold loans.
  • Loan to Value ratio: Maximum gold loan to value ratio on gold jewellery has been fixed at 75% by RBI. However, ICICI Bank also offers loans at lower LTVs. The interest rate on loans with lower LTV will be lower compared to loans with higher LTV. The maximum LTV offered by ICICI Bank is 75% calculated on the net weight of gold in your jewellery.
  • Purpose of Loan: All banks, including ICICI Bank, also offer gold loans for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. ICICI's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

ICICI Bank Gold Loan Charges

In addition to interest rates, ICICI Bank also carries some other charges while offering gold loans which includes:

  • Processing fees – ICICI Bank charges minimum processing fees of 1% of the loan amount. To get the lowest fee, gold loan interest rates comparison, offers and Voucher apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loans and typically levy prepayment or foreclosure charges i.e. 1% of loan outstanding.
  • Stamping charges - Stamping charges are charged for the transference of ownership of tangible assets. The charges are as per the respective State's Stamp Act.

FAQs

Has ICICI Bank reduced the interest rate on the gold loan?

Yes, ICICI Bank has reduced the lowest interest on gold loans as effective from 27 Apr, 2022. Presently, ICICI Bank offers gold loans starting at 10.00%, which is a decrease of 1% from the previous rates of 11.00%.

How much gold loan can I avail from ICICI Bank?

You can get upto ₹ 10 Lakh as a gold loan from ICICI Bank. However, the maximum loan amount depends on the value of the gold you pledge. ICICI Bank funds upto 75% of the gold value as a loan.

How can I check my ICICI Bank gold loan status?

You can check the loan status of the ICICI Bank gold loan by visiting the website and logging in to the ICICI Bank net banking. Once logged in, go to the track loan application in the loans section. If you have applied for a gold loan through the MyLoanCare website, log in to your MyLoanCare account, and the status of your loan will be shown on the homepage of your account. However, if you are concerned about the loan approval status, then in the case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan ICICI Bank available online? Is there an ICICI Bank gold loan online payment facility?

Yes, you can apply for a gold loan online in ICICI Bank to get a quick loan. ICICI Bank offers a gold loan online payment facility. For online payments, you can use the netbanking facility. Apart you can also prompt automated payments of EMI from your regular savings or current account.

Are there any prepayment charges on ICICI Bank gold loan?

Yes, you can prepay your jewel loan after paying prepayment charges. The applicable prepayment charges to foreclose the loan from ICICI Bank are 1% of loan outstanding. Before enclosing your gold loan in advance, ensure that foreclosure the of ICICI Bank gold is beneficial in managing the financial burden and does not hamper your debt to income ratio.

Does ICICI Bank offer Agricultural Gold Loan?

Yes, ICICI Bank offers gold loans for agriculture at 1- 2% lower interest rates than gold loan rates. You can apply for a loan by visiting a bank branch or online by logging in to the website or with us at MyLoanCare. Agriculture gold loans can be used by agriculturists to fulfil irrigational or cultivation expenses.

Does ICICI Bank offer an additional discount on gold loan interest rates for women?

No, ICICI Bank offers the same gold loan interest rate to all the borrowers, they do not offer lower interest to women borrowers. However, the interest rate is lower for people who take loans for agricultural purposes.

Can the ICICI Bank gold loan interest rate be negotiated?

Yes, the gold loan rate of ICICI Bank can be negotiated. There are chances that banks will lower the interest rate if you already have an account with the bank or you have a stable source of income. Further, a larger loan amount can help you grab a gold loan at lower interest rates. You can check Gold loan per gram in SBI bank before you avail of loan.

How long does it take to process ICICI Bank Gold Loan?

The gold loan can be disbursed quickly within a few hours. It takes around 90 to 120 minutes to process a loan. Further, the time to process a gold loan may also depend upon your eligibility and the quality of the pledged gold.

What are the benefits for ICICI Bank account holders while getting a Gold loan?

ICICI Bank account holders can avail a gold loan for a maximum of 75% of the value of the gold at the lowest rate starting at 10.00%. The bank also provides gold without any income proof and CIBIL requirements.

What happens if the ICICI Bank Bank gold loan is not paid?

If you do not repay your ICICI Bank Bank gold loan, you will have to pay a late payment penalty. Further, you may lose all your pledged gold if you skip your loan payment entirely. In addition, failure to repay your gold loan will also impact your credit score negatively.

Will ICICI Bank gold loan affect CIBIL score?

Yes, if you default on repaying your ICICI Bank gold loan EMI, it will affect your CIBIL negatively and similarly, paying the dues on time will improve your CIBIL.


ICICI Bank Gold Loan Reviews 5/5  by 1 customers
MyLoanCare Service
5/5.0
Banks Service
5/5.0
Santosh Behera, Bhubaneswar Cuttack
Reviewed on 10th Feb 2017
5 / 5 stars
ICICI Bank Gold Loan Availed in Dec-17

VERY GOOD INTEREST RATES,VERY GOOD REPAYMENT TERMS AND ALSO VERY GOOD SUPPORTS FROM THEMRead more...

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ICICI Gold Loan News - May 2022
  • 2022-03-10 : ICICI Bank Increases Gold Loan Interest Rates
    ICICI Bank has revised interest rates on Gold Loans, and as a result, the lowest Gold Loan Interest Rate starts at 11%.
  • 2022-01-19 : ICICI Bank Revises Gold Loan Interest Rates
    ICICI Bank has slashed the gold loan interest rates by 1 per cent. The new rates after the change are starting at 10%.
  • 2021-12-15 : ICICI Bank Revises Gold Loan Rates
    ICICI Bank has increased the gold loan rates from 9% to 10%. As a result, the ICICI Gold Loan Rates are in the range of 10%-19.76%.
  • 2021-07-09 : ICICI Bank Q1 Net Profit seen up 59.1% YoY to Rs. 4,136.5 crores
    Motilal Oswal has come out with its first-quarter earnings estimates for the Banks and Insurance sector. The brokerage house expects ICICI Bank to report a net profit of Rs. 4,136.5 crore up 59.1% year-on-year on all products combined including Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, and Car Loan. Net Interest Income (NII) is expected to increase by 15.6% Y-o-Y to Rs. 10,731.6 crore.
  • 2021-04-27 : ICICI Bank reported a massive hike of 261% in its Q4 profits
    ICICI Bank reported a 260% jump in its net profit at Rs 4,403 crore for the quarter ended March 31, 2021. The profit was boosted by retail loans like home, LAP, personal, two-wheeler, car, education and doctor loan along with business and mudra loan. Further, the bank reported a total income of Rs 23,953 crore in January-March from Rs 23,443.66 crore in the year-ago quarter.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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