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.