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Compare Gold Loan - ICICI Bank vs HDFC Bank

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Bank
Parameters
Interest Rate
Interest Rate
9.00% - 19.76%
9.50% - 15.00%
Processing Fees
Processing Fees
1% of the loan amount
1% of the loan amount
Loan Amount
Loan Amount
₹ 10,000 to ₹ 10 Lakh
₹ 25,000 to ₹ 50 Lakh
Loan Tenure
Loan Tenure
6 months to 12 months
3 months to 24 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 8,745
₹ 4,591
Foreclosure Charges
Foreclosure Charges
1% of loan outstanding
1%
EMI Scheme
EMI Scheme
Y
N
Bullet Repayment Scheme
Bullet Repayment Scheme
N
Y
Overdraft Scheme
Overdraft Scheme
N
Y
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
5/5.0
4.7/5.0
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Compare EMI of ICICI Bank and HDFC Bank Gold Loan

Loan Amount ICICI Bank HDFC Bank
₹ 50,000 ₹ 4,373 ₹ 4,384
₹ 1 Lakh ₹ 8,745 ₹ 8,768
₹ 5 Lakh ₹ 43,726 ₹ 43,842
₹ 10 Lakh ₹ 87,451 ₹ 87,684

Which bank offers lower interest rate on Gold Loan – ICICI Bank or HDFC Bank?

As per the current rates, ICICI Bank offers a lower interest rate of 9.00% on Gold Loan when compared to HDFC Bank which offers a Gold Loan at 9.50%.

How does ICICI Bank Gold Loan compare with HDFC Bank Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing ICICI Bank and HDFC Bank for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

  • Lowest ICICI Bank Gold Loan interest rate is 9.00%, which is lower than the lowest interest rate of HDFC Bank at 9.50% and hence, ICICI Bank is offering a cheaper loan option.
  • When compared on other Gold Loan charges such as processing fees, ICICI Bank charges a processing fee of 1% of the loan amount while HDFC Bank charges a processing fee of 1% of the loan amount.
  • HDFC Bank offers Gold Loan upto an amount of ₹ 50 Lakh while ICICI Bank offer Gold Loan upto an amount of ₹ 10 Lakh. HDFC Bank can be a better option if you are looking for a high value amount.
  • ICICI Bank allows prepayment facility on gold loan to close the loan before the tenure at 1% of loan outstanding while HDFC Bank offers prepayment facility at 1% charges. You can choose the option with lower charges to close high value amount.
  • ICICI Bank has an average customer rating of 5, while HDFC Bank has an average customer rating of 4.7, based on which it is clear that ICICI Bank has a high customer service focus, an easy Gold Loan process and a quick turnaround.

You must select the bank of your choice after evaluating the advantages and disadvantages of ICICI Bank and HDFC Bank.

What are the best repayment options available on Gold Loan – ICICI Bank or HDFC Bank?

  • ICICI Bank offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
  • HDFC Bank offers bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.
  • One unique feature of HDFC Bank is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

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Gold Loan News - Jul 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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