ICICI Gold Loan Interest Rate

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 or gold coins 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 16.20%
• 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 Rs. 8,792 offered at the lowest 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 can 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 Rs. 10,000 and Rs. 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.

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

Frequently Asked Questions on ICICI Gold Loan