ICICI Bank Gold Loan Interest Rates

The ICICI Bank gold loan provides consumers with a practical solution to meet all kinds of personal needs, including weddings, schooling, business expansion, etc.

• Loan Minimum: A loan must be at least 10,000 Indian rupees.
• The maximum loan amount for an ICICI Bank gold loan is INR 15 lakhs because it is a secured loan.
• Storage: After the full loan has been repaid, you can retrieve the gold jewellery you gave the bank as collateral from the bank's safe.
• ICICI gold loan rate per gram today: The gold loan amount per gram fluctuates depending on the purity of the gold and also market prices, ranging from INR 1755 to 2145.
• Gold Loan Tenure: The ICICI Bank gold loan has a payback term that ranges from six months to three years.
• Processing Fees: For an ICICI Bank gold loan, the borrower must pay a processing charge equal to 1% of the loan amount.
• Prepayment Charge: Prepayment penalties equal 1% of the loan balance.
• ICICI gold loan interest rate: The interest rate for an ICICI Bank gold loan is 11%–16%.

The gold loan is open to anybody between the ages of 18 and 70. The applicant must demonstrate to the bank that he or she has the necessary income to pay back the loan amount. The applicant shall furnish gold in the form of security.

The following documents must be submitted-

• Two photos the size of a passport.
• A driving license, PAN card, Form 60/61, passport copy, voter ID card, Aadhaar card, and ration card are examples of acceptable forms of identification (one.)
• Address proof such as a driver's license, voter identification card, ration card, Aadhaar card, passport copy, or registered lease with no more than three months' worth of utility bills in the landlord's name is required (anyone.)
• If an agriculture loan is greater than Rs. 1 lakh, you must provide proof of land ownership.

With your jewellery, you may walk into any ICICI Bank location that offers gold loans and receive an immediate gold loan for any amount between Rs. 10,000 and Rs. 1 crore.

Alternatively, you can complete the same application online by doing the following-

• Step 1: Go to the official website. Under the "Products" section, choose "Gold loan."
• Step 2: Scroll down and complete the "Request a Callback" form in the right-hand corner by entering your information, then click "Submit."
• Step 3: A reference number for your request will be provided. The executive will be in touch with you to discuss the next steps.

A gold loan process consists of the following steps.

• Step 1: The purity or the quality of the gold is examined to determine the loan amount.
• Step 2: The market price per gram of gold is examined, and the price from the previous day is taken into account.
• Step 3: At this point - the Loan to Value (LTV) is chosen. The RBI has established a maximum LTV value of 75%.
• Step 4: The lender will begin processing your application when you have agreed to the loan's terms and amount. The loan amount is reduced by processing fees and other costs.
• Step 5: The gold loan amount is disbursed to your account when you sign the final contract.

A gold loan provides rapid assistance in times of need because it enables one to obtain money within a day. Any of the following uses, as well as others, are permitted for the loan-

• One can obtain a gold loan to pay for a child's schooling.
• It may be beneficial for growing a firm or meeting working capital needs.
• to advance agriculture by investing in equipment for irrigation and other requirements
• A gold loan can come in handy in times of medical emergency.
• Obtaining urgent funding while travelling
• Evokes the idea of leveraging a personal asset to pay for requirements.