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Gold Loan is the best way to convert your investment in gold ornaments to quick funds. You can avail instant loans from banks and financial institutions by pledging gold ornaments and gold coins. The loan is disbursed instantly across the counter without elaborate processing. Gold Loan is a Secured Personal Loan which is provided without any restrictions on end use. The end use is specified in case of loans provided to the agricultural sector.

Unlike other loans, the credit score is not a concern while applying for the Gold Loan. However, the lending institutions will still check your credit score, although a low score will not impact their credit decision.

ICICI Bank offers various types of loans with different payment patterns by accepting gold ornaments as collateral security. The disbursement of gold is done instantly across the counter. You can pledge the gold in the bank, submit the required documents, and walk-away as funds are credited instantly to your account at the bank. It is that simple to avail a Gold Loan from ICICI Bank.

The quantum of loan is determined by the weight and purity of the gold pledged. If the gold pledged is of a higher purity level the loan amount sanctioned will be higher.

The key features of ICICI Bank Loan are:

• Purpose of the loan: This is a multi-purpose loan that can be utilised for any purpose. There is no restriction on the end use of the loan. It can be used for buying gadgets, planning a wedding, for education expenses, to meet medical emergencies, and so on. The purposes are many and the loan can be used for just about anything.

• Quantum of loan: The minimum quantum of the loan is 10,000 and the maximum quantum is 15 Lakhs.

• Interest: The rate of interest charged is between 10% to 16.70%.

• Security: The loan is provided against the security of gold jewellery. You can also avail loan against 24 carat gold coins that are issued by banks (operating in India) only with 99.99% purity. The weight of the pledged gold coin(s) cannot exceed 50 grams for each customer as per the RBI policy.

• Repayment: The minimum repayment period is 6 months and the maximum repayment period is 12 months.

• Processing charges: Processing charges at 1% of the loan amount + applicable GST

The benefits of availing ICICI Bank Gold Loan are:

• You can just walk into any of the ICICI Bank branches offering Gold Loan with your gold jewellery/coins and avail a Gold Loan for 10,000 up to 15 Lakhs instantly.
• The loan is disbursed within 60 minutes
• No elaborate documentation. It is made very simple and hassle-free.
• The interest rates are very competitive
• The processing fee is very nominal
• The pre-closure charges are also very nominal and if the loan is closed one month before the maturity period, then there is no pre-closure charge.
• The safety of the gold pledged with the bank is ensured by keeping it in a vault within a strong room.
• A loan is given against hallmarked and non-hallmarked gold

Agricultural Gold Loans:  

• This loan is given to farmers and agriculturists for expenses incurred for crop production and other agricultural allied activities. For this loan the farmer has to produce:
  • Proof of owning agricultural lands and being engaged in farming activities, by way of land records.
  • Proof for having utilised the loan for the purpose it was availed also has to be produced

Non-Agricultural Gold Loan:

• This loan can be availed by salaried persons, self-employed individuals/professionals, businessmen, students, retired persons, and other borrowers with a regular income source.
• The only requirement is that they should have gold to offer as security for the loan
• The purpose of the loan is not restricted. It can be used for any purpose except for a speculative purpose. The loan can be used for medical emergencies, wedding expenses, education expenses, to plan a holiday, for renovation repairs of the existing property.

The eligibility criteria for ICICI Bank Gold Loan are:

• Any individual within the age group of 18 years to 70 years can avail the loan
• The applicant should have a regular source of income
• If you want you can avail a loan against gold coins, you can do so only against the 24 carat gold coins issued by banks (operating in India) having 99.99% purity. The weight of the pledged gold coins cannot exceed 50 grams each customer as per RBI policy.

The documents required for ICICI Bank Gold Loan are:

• Gold Loan application
• Two recent passport-sized photographs of the applicant
• Identity proof: Driving License/ PAN Card/ Form 60 or 61/ Passport/ Voter's ID/ Aadhaar Card/ Ration Card (any one).
• Address proof: Aadhaar Card/ Voter's ID/ Driving License/ Ration Card/ Passport/ Registered Leas Agreement along with utility bills in the name of the landlord, not older than 3 months (any one).
• If the Gold Loan is required for agriculture purpose and above 1 Lakh, then proof of landholding

The rates and fees for ICICI Bank Gold Loan apart from the interest are:

*The above charges are not applicable for agricultural loans up to 25,000 per customer.

The following are the points to remember while availing ICICI Bank Gold Loan:

• The weight of the gems and stones studded in the gold ornament are excluding while arriving at the weight of the gold to assess the loan quantum eligibility. So, remember to pledge gold ornaments without any stones or gems to get the maximum benefit.

• The assessment of rate per gram of gold is based on the average of the rates quoted by Indian Bullion and Jewellers Association for the last 30 days. The components that decide the quantum of the loan are the rate per gram, the weight of the gold and the purity of the gold. The rate per gram is generally quoted for gold of 24-carat purity. If the purity is lesser the rate will be calculated proportionately.

• The credit score of an applicant is not a factor to assess the eligibility for the Gold Loan. Even an applicant with a low credit score can avail the loan.
• On availing Gold Loan at ICICI Bank, you will be eligible for different special offers in different states.

• In the states of Goa, Jammu and Kashmir, Andhra Pradesh, Jharkhand, Bihar, Telangana, Gujarat, Himachal Pradesh, Odisha, Punjab, North East, Chattisgarh, and North Bengal, you will get a Lee Cooper Bag.

• You will get a Provogue bag in the National Capital Region and West Bengal

• You will get a pair of Elfin Watches in the States of Karnataka, UP, and Uttaranchal

• You will get a Provogue Watch in Mumbai

What is the Annual Percentage Rate?

The method of calculating the credit cost for a financial year which includes interest rate and processing fee is Annual Percentage Rate (APR).

What is the advantage of ICICI Bank Gold Loan EMI Calculator?

The ICICI Bank EMI Calculator helps to calculate the EMI beforehand by providing the main components for arriving at the EMI, i.e., the loan amount, the loan tenure, and the rate of interest. Based on your affordability you can choose the EMI by trying various combinations. This will give you an idea as to what loan amount you can apply for.

Is it necessary to update the change of address in the event of relocation?

Yes, the change of address has to be notified to ICICI Bank within 7 workings days from the date of the relocation of residence or business.

How does the bank deal with the security if the loan is not repaid after maturity?

If the loan is not repaid even after the maturity period, the bank will auction the gold after intimating the customer about the auction through a registered notice and after issuing a paper notification in eligible cases. The proceeds of the auction will be adjusted towards the outstanding balance in the loan account and any balance proceeds will be credited to the savings account of the customer.

07.05.2019: The net profit of ICICI Bank for Q4 has dropped by 5% to 969 crores

The one-time gain of 3,320 crores in Q4 of FY18 is the main reason for the drop in profit level. The ICICI group recorded a profit of 1,170 crores for the latest March quarter which is marginally higher than the profit of 1,141 crores recorded a year ago.