The features and benefits of the gold loan are mentioned below:
Additional Reading: How to get loans for bad credit?
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:
Additional Reading: Credit rating agencies in India
The following documents are required for applying for a gold loan with HDFC Bank:
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.
Different kinds of fees are charged by HDFC Bank that is mentioned below:
|Processing Fee||Up to 1% of loan amount|
|Gold Loan Foreclosure Charges||1% of the loan amount if it is closed within 6 months|
|Pre-payment Charges||Up to 1%|
Additional Reading: Cibil score check free online by pan number
HDFC Bank offers different types of loan products including:
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 9.69% p.a. You can avail of emergency loan ranging from Rs 15000 to Rs 1.5 crore against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
You can get HDFC gold loan application approved in 45 minutes with minimal documentation and transparent charges, subject to completion and accuracy of the documents and loan application submitted by you.
Typically, in case of long-term gold loan repaid in EMIs, the repayment tenure 3 to 24 months. In case of short-term loans repaid in a lump sum, the repayment tenure is up to 6 months.
The current HDFC Gold Loan interest rates range from 7.75% to 15.95% per annum.