Gold Loan FAQs

Who can avail an ICICI Bank Gold Loan?


You can avail Gold Loan if you are an individual within the age group of 18 to 70 years

What are the minimum and maximum loan amounts?


You can avail gold loan for any value from `10,000 to `15 Lakhs instantly, as per your need.

What is the loan tenure option?


You can opt for a tenure of 6 months or 12 months

What is the interest rate?


ICICI Bank Gold Loans comes to you at attractive & competitive interest rates based on the prevalent market situation. Your rates will vary according to the product variants.

What are the documents that I need to submit?


  • Two passport size photographs
  • ID Proof such as Driving License or PAN Card or Form 60/61 or Passport Copy or Voter ID Card or Aadhaar Card or Ration Card. Any one document needs to be submitted
  • Address Proof such as Driving License / Voter ID Card / Ration Card / Aadhaar Card / Passport Copy / registered lease agreement with not older than 3 months utility bills in the name of landlord (any one)
  • Proof of land holding in case of agriculture loan of more than `1 Lakh

Do I need to update the bank in the event of change in address due to relocation or any other reason?


Yes. You will have to notify ICICI Bank within 7 working days of change in address in writing with the full details of all the change/s in the location/address of your residence or place of business

Can the facility be availed by pledging Gold Coins?


You can avail ICICI Bank Gold Loan against the security of 24 carat gold coins issued by banks only (operating in India) with 99.99% purity. The weight of the gold coin(s) cannot exceed 50 grams per customer as per RBI policy.

 

Disclaimer: The above details may undergo amendments as per rules and regulations of RBI from time to time.

How is the interest on my account calculated?


You will be charged simple interest, which is fixed and is calculated on reducing balance basis.

Do I have to pay any additional fee?


You will have to pay a nominal processing fee, as applicable at the time of disbursement of loan.

How much time will it take for my loan to be approved?


Normally it takes about 30 minutes to disburse the loan.

Can I partially repay the loan amount?


You can make part-payment, but the gold jewellery will be released only after the entire outstanding amount is repaid.

Can I prepay my loan?


Yes, the loan can be prepaid.

How can I repay the loan amount?


You can repay the loan by Cash, Cheque, DD or through Funds Transfer. The ornaments will be released on realisation of amount by ICICI Bank.

Are there any charges levied for late payment of interest?


You will be charged a penal interest (as the case may be) at the rate of 6% per annum, over and above the normal rate of interest.

How do I approach ICICI Bank for a loan?


You may visit any ICICI Bank branch offering Gold Loans or submit your details in the ‘Call Me’ section for our Executive to contact you.