ICICI Bank Gold Loan

ICICI Bank was established in 1994, and its strong corporate relationships have helped the bank cement its position in the industry. ICICI Bank is recognized today as one of the most reputable banking institutions in the country and is renowned for its customer-centric services and policies. ICICI also boasts a country-wide presence with an extensive network of branches and ATMs.

ICICI gold loans are easy to avail, easy to afford, and available to a large pool of customers. ICICI Bank gold loans are trustworthy and are designed to cater to a variety of financial requirements, such as wedding expenses, holiday expenses, or medical emergencies. mymoneykarma gives you all the information you need on the gold loans offered by ICICI Bank.

A Loan against Gold from ICICI Bank is A very efficient way of mobilising personal assets for business requirements(working capital), social functions, education and personal emergencies.
 

Features and Benefits of ICICI Bank Gold Loans                         

Here are the most significant features of ICICI Bank gold loans.

1. The loan sanction and disbursal processes are quick and efficient.
      

2. The documentation is simple, minimal, and easy to obtain.
      

3. There is complete transparency in the loan application process. There are no hidden charges, the processing fees are normal, and there is clarity in each step of the process.
      

4. The bank issues loan amounts between a minimum of Rs 10,000 and a maximum of Rs 1 crore.
      

5. ICICI Bank provides easy liquidity on their gold loans, which are easily repayable with little-to-no foreclosure charges.
      

6. The approval of gold loans for walk-in customers is frequently completed within an hour of initiating the application process.
      

7. The pledged gold is provided with the highest level of security.
      

8. The loan amount cannot be used to buy gold coins, gold jewels, or for investment purposes.
      

9. Applicants have the flexibility of choosing their loan tenures from within the range of 6-12 months.
      

10. ICICI Bank also offers special interest rates and priority processing for applicants from the agricultural sector.

The Loan facility is made available against gold ornaments of 18-24 karat purity. As for Gold Coins, only those weighing up to 50 grams (per customer), and have been issued by banks operating in India will be accepted. Gold of below 18 carat purity is not accepted. The Gold is appraised in ICICI Bank Branch itself. The loan amount is then disbursed within a few minutes. ICICI Bank offers Gold Loan upto INR 1 Crore.

ICICI Gold Loan Highlights

• Attractive Interest rates : Lower Interest rates as compared to NBFCs and Pawn Brokers

• Quick and Easy Process : Loan Disbursal in less than 45 minutes

• Hassle Free Documentation : Only KYC required, No additional income proof documents

•  No EMI : Interest and principal repayment at the end of loan tenure

•  Short Tenures : Loan available for short tenures ( 3, 6 and 12 Months)

• Different modes for Quick Disbursal : Cash(upto 3 lac loan amount), Fund Transfer made available through a variety of modes including DD, NEFT, and RTGS. An ICICI Bank account is not needed for availing Gold Term Loan facility.

• Vast Variety of End use : Working capital for business, Medical Emergency, Marriages, Education, Equipment purchase, Agri activities etc.

ICICI Bank Gold Loan Interest Rate

ICICI Bank provides attractive interest rates to its customers. The interest rate is set between 10% and 16.7% per annum. The exact ROI will be communicated to customers by the branch based on the loan amount, tenure, and loan classification.

ICICI Bank Gold Loan Amounts

ICICI Bank maintains a margin of 25% of the total current market value of the gold articles pledged by the customer to the Bank as gold loan security. The customer gets 75% of the total current market value of the gold articles, with a limit set between Rs 10,000 and Rs 15 lakhs.

Here is a summary of all the information regarding ICICI Bank gold loans.

Interest Rate	10% - 16.7% per annum
Minimum Loan Amount	Rs 10,000
Maximum Loan Amount	Rs 1 Crore
Gold Loan Margin	25%
Maximum Repayment Tenure	12 months

ICICI Bank Gold Loan Schemes

Gold Loan - Standalone variant

Tenure: 3/6/12 months

Minimum amount: Rs. 10,000

Maximum amount: Rs. 1 Crore

Interest Servicing: at Closure or maturity

Gold Loan + Savings Account

Tenure: 6/12 months

Minimum amount: Rs. 10,000

Maximum amount: Rs. 1 Crore

Interest Servicing: at Closure or maturity

Flexi Gold Loan Scheme

The Flexi Gold Loan scheme is perhaps the most enticing that ICICI has on offer. The product boasts zero processing and foreclosure charges. Only documentation charges of Rs199 plus GST is applicable for Flexi Gold Loans.

Product Features

Tenure: 12 months

Minimum amount: Rs. 25,000

Maximum amount: Rs. 1 Crore

Interest Servicing: at Closure or maturity

Gold Loan Overdraft Scheme

Customers with individual savings/current accounts can avail overdraft (OD) limit against gold and gold ornaments. The customer’s savings/current account will be the operating account for the OD facility.

Product features

• No financials/ITR required – only KYC

• Same day limit set up

• Limit assessment based on value of gold ornaments

•  Auto sweep-in/sweep-out facility in operative account

Tenure: 12 months

Minimum amount: Rs. 3 Lakh

Maximum amount: Rs. 1 Crore

Interest Servicing: Monthly

Eligibility Criteria For ICICI Bank Gold Loan

Any applicant who fulfills the following criteria is eligible to avail an ICICI Bank gold loan.

1. Resident Individuals between 18 and 70 years of Age

2. Any individual in need of immediate financial support or fast cash

3. Any individual requiring funds for business / agricultural / personal needs etc.

4. Any individual requiring short term loan

5. Any individual with low credit Score

6. Any individual with eligibility lower than his requirement as per credit norms

It has to be noted that ICICI Gold Loans are not extended to non-individuals,  pawnbrokers, NPA customers, or customers with fraudulent profiles.    

Documentation Required For ICICI Bank Gold Loan

Applicants need to submit the documents mentioned below to avail a gold loan.

1. Copies of identity proof, such as Passport, Aadhaar, driving license, etc.
      

2. Copies of address proof, such as telephone bills, electricity bills, and property tax receipts.
      

3. Copies of income proof, such as PAN card, salary slips, and income tax returns.
      

4. Two passport size photographs.
      

Fees Associated With ICICI Bank Gold Loan

Here is a list of the fees associated with the gold loans offered by ICICI Bank.

Loan Processing Charges	1% of Loan Amount Not applicable in Flexi Gold variant
Foreclosure Charges	1% of Loan Amount NIL, if a/c closed after 11 months in 12 month tenure product NIL, if a/c closed after 5 months in 6 month tenure product Not applicable in Flexi Gold variant
Valuation Fees	nil
Prepayment or Part-payment Charges	nil
Charges for Late Payment of EMIs	6% of the outstanding amount
Documentation Charges	Rs 199
Service Taxes	As applicable by state laws
Stamp Duty & other Statutory Charges	As applicable by state laws
Overdue Handling Charges	Rs 750 - Rs 1,700
Renewal Charges	For loans: •Up to 50 thousand: ₹300 •Greater than 50 thousand up to 1 lakh: ₹350 •Greater than 1 lakh up to 2 lakh: ₹500 •Greater than 2 lakh :₹ 1000

ICICI Bank Gold Loan EMI Calculator

If the customer is to pay back the loan in regular installments, ICICI Bank also has an EMI calculator for its gold loans. Applicants can use it to check the tentative amounts that they need to pay as loan EMIs. The EMI calculator depends on the following factors.

1. Gold loan tenure
      

2. Gold loan interest rate
      

3. Loan to Value ratio
      

4. Current price of the gold
      

5. Purity and net weight of the pledged gold
      

6. Gold loan amount

EMI Calculator Example

Sreelekha needs to get her theatre workshop started, for which she needs around Rs 2.5 lakhs. She decides to take an ICICI Bank gold loan using the jewelry that her grandmother gifted her. The net cost of the jewelry is Rs 3.5 lakhs. She chooses a loan tenure of 12 months with an interest rate of 12.5%. Using the EMI calculator, the ICICI Bank officials set her EMI amount as Rs 15,270 per month, which is within her monthly budget.     

How to Apply For a Gold Loan from ICICI Bank  

Customers can easily avail ICICI Bank gold loans. There are two ways to avail the loan.

1. Walk-in: A customer can walk into the nearest ICICI Bank branch with the necessary documentation and their gold articles. They have to fill in a simple form, after which the gold is evaluated, and the loan is sanctioned within a working day.
      

2. Online registration: Applicants can also visit the ICICI Bank website and upload their documents. However, they need to visit a branch to deposit their gold.

mymoneykarma’s Process for your Gold Loan Application

Here is our streamlined process for faster loan application and disbursal for you.

1. Our callers pitch your loan interest, fix an appointment after checking the amount required, and verify the availability of gold jewelry in grams apart from gold coins and bars.
      

2. We then, with the help of ICICI Bank, give you information of the nearest local zonal group for instant action.
      

3. We validate the details and call you to take your KYC documents and gold jewelry to the nearest center.
      

4. All documents are verified, and the application form is filled up.
      

5. At the bank, jewelry is valued by the appointed valuer in your presence.
      

6. Loan agreement documents are filled and the gold is placed in the bank’s vault.
      

7. Loan is disbursed to your account or by your overdraft limit in one day.
      

8. The process takes 45 minutes on an average to complete, based on the loan amount needed.

Frequently Asked Questions

Question: I am a student. Can I avail the gold loan from ICICI Bank?

Answer: All individuals above the age of 18 years can avail the gold loan from ICICI Bank.

Question: How much can I get as the ICICI Bank gold loan amount?

Answer: Applicants can avail a minimum loan amount of Rs 10,000 and a maximum loan amount of Rs 1 Crore.

Question: What is the maximum loan tenure for ICICI Bank gold loans?

Answer: The maximum tenure for ICICI Bank gold loans is 12 months.