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ICICI Bank Gold Loan – Interest Rate, Eligibility & Features

Interest Rate & Loan Details

  • Interest Rate: 7% – 9% p.a. (may vary)
  • Loan Tenure: Up to 12 months
  • Processing Fee: 0.50% of the loan amount (or as per bank policy)
  • Pre-closure Charges: 1% of the outstanding principal (as per bank norms)

Eligibility Criteria for ICICI Bank Gold Loan

To qualify for an ICICI Gold Loan, you must meet the following criteria:

  • Age: Minimum 18 years
  • Gold Ownership: You must own gold ornaments/coins (excluding embedded gemstones)
  • Income Proof: Optional (regular income preferred)
  • Bank Account: ICICI Savings or Current account (optional)

Documents Required

Here are the key documents required to apply for an ICICI Bank Gold Loan:

  • Application Form: Duly filled and signed
  • Identity Proof (any one):
    • Aadhaar Card / PAN Card / Passport / Voter ID / Driving License
  • Address Proof (any one):
    • Bank Statement / Utility Bill / Lease Agreement / Credit Card Statement
  • Income Proof: Optional (e.g., latest salary slip, IT returns)

Loan Amount & Security

Loan Amount: You can borrow up to 75% of the gold’s current market value.

Security: Your pledged gold ornaments or coins will act as collateral.

Repayment Options

ICICI Bank offers the following repayment options:

  • EMI-Based Repayment: Pay in Equated Monthly Installments (EMI)
  • Bullet Payment: Pay interest periodically and the principal amount at the end of the loan tenure

Charges & Fees

  • Processing Fee: 0.50% of the loan amount or as applicable
  • Gold Valuation Fee: Paid to third-party valuers
  • Prepayment Penalty: 1% of the outstanding principal (if applicable)
  • Late Payment Penalty: Applicable on delayed EMI payments

Key Considerations Before Applying

Before applying for an ICICI Gold Loan, keep the following points in mind:

  • Gold Quality: Gold pledged must be 18-22 carat or above.
  • Loan Agreement: Read the loan terms and conditions carefully before signing.
  • Gold Security: Ensure you understand that pledged gold may be forfeited in case of non-repayment.

Contact ICICI Bank

If you have any questions or want to apply for a gold loan, contact ICICI Bank:

Disclaimer: The information provided above is based on publicly available data and is subject to change as per the bank’s discretion. For the most current details, please visit the official ICIC Bank website or contact the nearest ICIC branch.

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