Gold loans are a secured loan type where the borrower pledges the gold ornaments with a lending institution (a bank or non-banking financial company). It can be taken to meet any purpose like to pay tuition fees, for marriages, medical emergencies, plan a trip abroad, etc. the gold here acts as a security to your loan.
Taking a loan from ICICI bank has the following benefits:
It offers a loan with simple documentation and is also processed quickly.
They also offer part prepayment and foreclosure facility to its jewel loan borrowers.
There is a special gold loan available for agriculture purposes.
There are some very attractive features that ICICI bank offers for their gold loan customers:
The interest rate starts from 10.00% to 19.76%.
The processing fee is just 1% of the total loan amount.
The loan tenure ranges from 6-12 months.
It allows prepayment of a gold loan with 1% of loan outstanding charges.
Only basic KYC is required. No income proof or credit history.
One can get up to a loan of Rs. 15 lacs with ICICI gold loan scheme. The lowest gold loan interest rate in ICICI bank is 10.00%. The factors that are used by ICICI bank to calculate interest on the gold loan are loan amount, tenure, and the percent of the amount required on the collateral. The existing bank holders get a gold loan at best rates than others and are also eligible to avail more benefits by the bank.
The procedure to apply for a gold loan is either walk-in directly to the branch or by filling the online application form. You can get the gold loan in a single branch visit. The bank verifies the weight and purity of the gold ornaments the borrower wants to pledge. In case, the ornaments meet the bank standards and eligibility terms, the bank sanctions the loan instantly and disburses the amount into your account within an hour.
The documentation process of ICICI bank is smooth. The borrower just needs to have an ID proof, address proof, and passport photographs.
ID proof (any one) - PAN card, driving license, voter’s ID card, aadhar card.
Address card (anyone) - voter’s ID card, aadhar card, rent agreement, bank statement, utility bills.
Conclusion:
ICICI bank offers a very simple procedure to avail of the gold loan. It is quick, convenient, and customer-friendly. Already existing account holders of then bank is highly recommended to avail the loan from the bank only as they have special offers for them.
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