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ICICI Gold Loan Interest Rate

ICICI Bank Gold Loan Interest Rates Sep 2020

Last Updated 21st Sep 2020

ICICI Bank offers one of lowest gold loan rate of 10.00% , both for its existing bank customers as well as new borrowers. ICICI jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

Gold Loan in ICICI
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 ₹ 15 Lakh
Prepayment Charges 1% of loan outstanding
Gold Loan SchemeEMI Scheme

Instant loan approval

ICICI Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. ICICI 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 ICICI has the following benefits:

  • 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.

ICICI Bank Gold Loan Details

If you are planning to take a Loan against Gold from ICICI 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: 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 Bank Gold Loan Interest Rate starts from 10.00% to 19.76%
    • ICICI Bank charges a processing fees of 1% of the loan amount
    • Loan Tenure of Gold Loan ranges from 6 months to 12 months
    • Lowest EMI per lakh on Gold Loan from ICICI Bank is ₹ 8,792 offered at the lowest gold loan interest rate of 10.00% at the longest loan tenure of 12 months
    • ICICI allows prepayment of jewel loans with 1% of loan outstanding 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 ICICI
    • EMI Scheme

How can I get a Gold Loan from ICICI ?

You can apply for a gold loan with ICICI 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 ICICI 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.

ICICI Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in ICICI Bank is 10.00%.The factors that are used by ICICI Bank to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. ICICI 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. ICICI Bank offers loan between ₹ 10,000 and ₹ 15 Lakh amount.
  • 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 get the benefit of low gold loan interest rate from ICICI 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. ICICI Bank offers gold loan with a tenure of 6 months to 12 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, ICICI 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 ICICI Bank is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including ICICI 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. ICICI'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 ICICI Bank

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

  • Processing fees – ICICI Bank charges minimum processing fees 1% 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. 1% of loan outstanding.

Documents Required for ICICI Bank Gold Loan

The documentation process of ICICI 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 ICICI with other banks

FAQs

How much gold loan can I avail from ICICI Bank?

You can get upto ₹ 15 Lakh as gold loan from ICICI Bank.

How can I check my ICICI 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 ICICI Bank available online? Is there a ICICI Bank gold loan online payment facility?

Yes, you can apply gold loan online in ICICI Bank to get a quick loan. Yes, ICICI 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 - 1% of loan outstanding.

Does ICICI Bank offer Agricultural Gold Loan?

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


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...

ICICI Bank 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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