HDFC Bank Gold Loan
About HDFC Bank
HDFC is India's leading Housing Finance Company established in the year 1977. The organization works with an aim of increasing the flow of resources to housing sector by integrating housing sector with financial markets. HDFC Ltd has three overseas offices located in Dubai, London, and Singapore providing Home Loans to NRIs and persons of Indian origin. They have an enhanced distribution network and distribution via HDFC Sales, HDFC Bank, and several channel partners.
About HDFC Bank Gold Loan
The gold in your locker account can be of important use. You can pledge it to borrow a loan and fulfil your immediate needs at competitive and attractive interest rates.
A Gold loan can be used for both personal and business needs. It could be used for several purposes including wedding, education, business expansion or any other personal purpose. HDFC Bank offers a gold loan with minimum documentation and in quick turnaround time.
HDFC Bank Gold Loan Features and Benefits
The features and benefits of the gold loan are mentioned below:
- Loan Amount: The minimum amount of loan against gold from HDFC Bank is Rs. 50,000. However, in the rural areas, the bank offers gold loan less than Rs. 50,000 as well.
- Loan Tenor: Gold Loan from HDFC Bank can be borrowed for a flexible tenor. Gold Loan is available for a minimum tenor of 6 months that can go up to 48 months.
- Turnaround Period: HDFC Bank offers Gold Loan instantly. It may take a minimum of 45 minutes to one hour for loan disbursal into your account. However, the loan processing period is subject to verification of gold and other related documents.
- Security for Loan: HDFC Bank offers gold loan against the security of your gold.
- Gold Purity: The gold used for pledging should have a purity of 18-24 carats. The bank ascertains the loan amount only after checking the gold purity.
HDFC Bank Gold Loan Eligibility
A loan is approved only after the borrower fulfils the eligibility criteria. An eligibility criterion is based on certain factors. Gold Loan eligibility for HDFC Bank is mentioned below:
- Who can apply: Gold Loan from HDFC Bank can be applied by salaried individuals, self-employed professionals, business-men, trader, and farmer.
- Age: An applicant of 18 years can apply for a gold loan. The maximum age for applying gold is 70 years.
HDFC Bank Gold Loan Documentation
The following documents are required for applying for a gold loan with HDFC Bank:
- Aadhar Card
- PAN Card
- Valid Passport
- Voter's ID card
- Valid Driving License
Note: Gold Loan cannot be availed for purchasing gold coins, jewellery, land and other speculative things. It could be used for agricultural, business and personal purposes.
HDFC Bank Gold Loan Fees and Charges
Different kinds of fees are charged by HDFC Bank that is mentioned below:
Up to 1% of loan amount
Gold Loan Foreclosure Charges
1% of the loan amount if it is closed within 6 months
Up to 1%
Other Loan Products offered By HDFC Bank
HDFC Bank offers different types of loan products including:
- Personal Loan
- Loan against Property
- Business Loan
Total Interest Payable
Total of Payments
(Principal + Interest)