ICICI Bank Gold Loan Interest Rate 2024: Processing Fee, Documents Required, Eligibility, How to Apply

ICICI Bank gold loan interest rates are quite competitive in the market, it starts from 9% p.a for a loan amount of ranging from Rs.50,000 to Rs.1 crore. So keep reading to know all the details, such as eligibility, application procedure, documents required and much more related to ICICI Gold Loan. 

ICICI Bank Gold Loan Interest Rate 2024

ICICI Bank offers a competitive interest rate on gold loans, and you must keep in mind that the interest rate can directly affect your gold loan repayment. The interest rate on your gold loan mainly depends on two factors - the amount of the loan and the tenure for which the loan was taken. ICICI Bank's gold loan interest rate in 2024 ranges from a minimum of 9% to a maximum of 18%.

ICICI Bank Gold Loan Rate per Gram

The gold loan amount offered by ICICI Bank per gram fluctuates from day to day as the rate of gold fluctuates on a daily basis depending on the purity of the gold. The amount of gold loan per gram typically ranges from Rs. 1,755 to Rs. 2,145 based on the purity of the gold.

ICICI Bank Agriculture Gold Loan Interest Rate

ICICI Bank customers can also avail of gold loans for agricultural purposes. The interest rates applicable for agricultural gold loans are typically similar to the standard rates, which range from 9% to 18%, and the mean interest rate is 14.83%. 

ICICI Bank Gold Loan Interest Rate for Farmers

The ICICI Bank gold loan interest rate for farmers or the agricultural sector ranges from 10% to 18%. 

ICICI Bank Gold Loan Procedure

Here is the process involved in obtaining a gold loan at ICICI Bank:

• Firstly, the purity of the physical gold is assessed to determine the amount of gold loan.
• Once the purity of gold is derived, the market price of the same is calculated by considering the prevalent market price of gold on the previous day.
• Next, the loan-to-value ratio (LTV) is determined. The Reserve Bank of India has prescribed a maximum loan-to-value ratio of 75%.
• The bank will proceed with processing your application once you agree to the loan terms, i.e., loan amount, interest rate, processing fees and other additional expenses.
• Then, the amount of the gold loan will be disbursed once you have signed your loan agreement.

ICICI Bank Gold Loan Eligibility Criteria

Listed below are the eligibility criteria you must keep in mind while applying for an ICICI Bank gold loan:

• Age: The applicant must be between 18 to 70 years old.
• Purity: Please note that the purity of the gold must be above 18 karats.

Note: There is no need for any proof of income to be eligible for a gold loan with the ICICI Bank. But you might have to showcase a bank account statement reflecting a stable flow of income.

Documents Required For ICICI Bank Gold Loan

Following is the list of documents required to avail of an ICICI Bank gold loan:

• Two recent passport-sized photographs.
• Proof of Identity - Aadhar card, driving licence, Voter’s ID card, PAN card, ration card or passport.
• Proof of Address – Aadhar card, driving licence, Voter’s ID card, passport or job card issued by NREGA.
• Landholding proof is required if you are availing a gold loan of more than Rs.1 lakh for direct agricultural activities or if you are availing a gold loan of more than Rs.5 lakh for allied agricultural activities.

ICICI Bank Gold Loan Processing Fee

The table below provides the processing fees and other additional charges associated with availing of an ICICI Bank gold loan:

ICICI Bank Gold Loan Appraiser Charges

Here are the appraiser charges applicable while availing of an ICICI Bank gold loan:

ICICI Bank Gold Loan Maximum Limit

ICICI Bank has set a minimum and maximum limit on the amount of loan that one can avail. The minimum amount of gold loan one can avail from the bank is Rs. 50,000, and the maximum limit is Rs. 1 crore. The minimum tenure for the loan is 6 months, and the maximum loan duration is 12 months. 

How to Apply For ICICI Bank Gold Loan?

Here is the step-by-step guide to applying for an ICICI Bank gold loan online:

• Step 1: Visit the ICICI Bank Gold Loan page and click on ‘Apply for Gold Loan’ button.
• Step 2: Fill in the basic details, such as your name, mobile number, and OTP, and click ‘Apply Now’. 
• Step 3: Within some time, you can expect a call back from the bank for verification.
• Step 4: Post verification, you will have to visit your nearest ICICI Bank branch for the purpose of valuation of the physical gold that you are pledging as collateral.
• Step 5: Once you are satisfied with the loan terms, you will have to sign your loan agreement.
• Step 6: Once all the formalities are complete, the amount will be disbursed within a day.

How to Close Gold Loan in ICICI Bank?

Closing or repaying a gold loan is also an important aspect for the borrowers. Depending on the loan amount and chosen tenure, the bank will calculate the EMI which you are supposed to pay. Ideally, one must pay EMI at regular intervals to repay the loan within the stipulated time frame to close the gold loan in ICICI Bank.

However, if you are willing to foreclose the loan, then 1% foreclosure charges will be applicable if a 12-month loan is foreclosed within 11 months.  And 1% will be levied for a six-month loan if the account is foreclosed within five months.

Once the repayment is complete, you can visit the bank, collect your pledged gold and use it at your convenience.

ICICI Bank Gold Loan Interest Rate Calculator

You can find the ICICI Bank Gold Loan Interest Rate Calculator online. The ICICI Bank gold loan interest rate calculator can help you determine the total amount of interest payable along with the net repayment amount. Here, you will simply have to enter the loan amount, loan tenure, and applicable interest rate. The online calculator automatically shows the interest component and the net amount payable.

ICICI Bank Gold Loan Customer Care

ICICI Bank has a dedicated customer service segment for handling all the queries associated with the gold loan. You can directly call their toll-free customer care number, which is: 1800 1080. Also, there is a customer care number for customers who are travelling overseas: 91-22-33667777. 

As a key player in the industry, ICICI Bank continues to offer accessible and transparent solutions for individuals seeking financial assistance against their gold assets. Ensure that you go through the terms and conditions of the gold loan for a smooth application process. Also, check penalty charges, valuation charges and interest rate before finalising your decision.

Other Banks Gold Loan Interest Rates:
1. HDFC Gold Loan Interest Rate
2. Canara Bank Gold Loan Interest Rate 
3. Bank of Baroda (BOB) Gold Loan Interest Rate
4. Canara Bank Gold Loan Interest Rate
5. SBI Gold Loan Interest Rate
6. Axis Bank Gold Loan Interest Rate
7. Central Bank Gold Loan Interest Rate
8. PNB Gold Loan Interest Rate
9. Union Bank Gold Loan Interest Rate
10. Indian Overseas Bank (IOB) Gold Loan Interest Rate
11. Gold Loan Interest Rates 

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