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ICICI Gold Loan Interest Rate

ICICI Bank Gold Loan 2021

Last Updated 14th Jul 2021

ICICI Bank Gold Loan Interest rate starts at 9.00% 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 9.00% 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

ICICI gold loan can be availed by pledging your gold ornaments 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 Bank 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.

As on today, ICICI Gold loan interest rates are in the range of 9.00% to 19.76%. The lowest rate on ICICI gold loan decreased by 1% to 9.00% as on 07 Jun, 2021.

Current ICICI Gold Loan Interest Rate

ICICI gold loan interest rate currently starts at 9.00% and goes up to 19.76%.The lowest interest was decreased by 1% on 07 Jun, 2021. You can avail jewellery loan for any purpose for maximum tenure of 12 months ICICI offers a gold loan at lowest rates it is a secured loan and has multiple repayment options like 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 Rate starts from 9.00% 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 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 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.

Comparison of ICICI Bank Gold Loan with other Banks

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

Particulars ICICI Bank SBI HDFC Bank
Current Interest Rate 9.00% - 19.76% 7.30% - 7.50% 9.50% - 15.00%
Previous Lowest Interest Rate 10.00% 9.00% 9.00%
Lowest Rate Difference -1% -1.7% 0.5%
Processing Fees 1% of the loan amount 0.50% of the loan amount, minimum-₹ 500 1% 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 ₹ 50 Lakh
Foreclosure Charges 1% of loan outstanding Nil 1%
Repayment Options N Y Y
Lowest EMI Per Lakh ₹ 8,745 per lakh ₹ 3,101 per lakh ₹ 4,591 per lakh

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 the bank will get in touch with you instantly to fix up an appointment for 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. In case 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.

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 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

ICICI Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in ICICI Bank is 9.00%. The factors that affect ICICI Bank gold loan interest rate are loan amount, loan tenure and loan required as a percent of value of gold jewellery. ICICI Bank’s existing account holders get a gold loan at best rates compared to other customers.

  • 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 loan between between ₹ 10,000 and₹ 10 Lakh.The ICICI Bank gold loan interest rate 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 get the benefit of low gold loan interest rate from ICICI Bank.
  • Loan tenure: ICICI Bank offers gold loan 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. 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 jewellery.
  • 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.

ICICI Bank Gold Loan Charges

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 the lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allow prepayment of gold loan 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 loan as effective from 07 Jun, 2021. Presently, ICICI Bank offers gold loans starting at 9.00%, which is a decrease of 1% from the previous rates of 10.00%.

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 loan.

How can I check my ICICI Bank gold loan status?

You can check the status of ICICI Bank gold loan by visiting the website and log in to the ICICI Bank net banking. Once logged in, go to the track loan application in the loans section. In case you have applied for a gold loan through MyLoanCare website, log in to your MyLoanCare account, the status of your loan will be shown on the home page 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 a 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 loan from ICICI Bank are 1% of loan outstanding .Before enclosing your gold loan in advance, ensure that foreclosure of ICICI Bank gold is beneficial in managing financial burden and does not hamper your debt to income ratio.

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.You can apply loan by visiting a bank branch or online by logging in to the website or with us at MyLoanCare. Agriculture gold loan can be used by agriculturist to fulfil irrigational, or cultivation expenses.

What is the procedure for a gold loan in ICICI Bank ?

To apply for a gold loan in ICICI Bank visit the nearest bank branch or log in to the official website. Also, you can apply with MyLoanCare to get the best offers. Before applying ensure you meet the ICICI Bank gold loan eligibility criteria and keep your documents handy. Most importantly, be informed of the purity check of your gold.

Does ICICI Bank offer additional on gold loan interest rate for women?

No, ICICI Bank offer 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 ICICI Bank gold loan interest rate be negotiated?

Yes, ICICI Bank gold loan rate 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.

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 loan. Further, it depends 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 can avail a gold loan for a maximum of 75% of the value of the gold at the lowest rate starting at 9.00%. The bank also provides gold loan without any income proof and CIBIL requirement.

What happens if 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 of 6.00%. Further, you may loose all you pledged gold, if you skip your ICICI Bank gold loan payment entirely. Also, even when cibil score is not a criteria to avail gold loan, yet, prepaying ICICI Bank gold loan on time, can boost your credit score and vice versa.

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
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Banks Service
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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 Bank Gold Loan News - Jul 2021
  • 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.
  • 2021-03-04 : 10 lakh customers of other bank are using ICICI’s banking app, iMobile Pay
    ICICI Bank reported that 10 lakh customers of other banks have started using its app, ‘iMobile Pay’. The Bank has achieved the feat in three months after it made the app open for all to use, including those not its customers. The bank anticipates that the number is likely to double in two months.
  • 2020-12-08 : ICICI Bank launched interoperable banking app
    ICICI Bank launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The new app will allow customers to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
  • 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.
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