Know 5 benefits of a Gold Loan

September 19, 2021

Know 5 benefits of a Gold Loan - ICICI Bank Blogs

Fund your personal or business requirements with the help of a Gold Loan. It is a loan against your gold jewellery or ornaments, which you can pledge with any bank or financial institution. Read on further, to know more about the benefits.

In India, there is a sentimental value attached to gold, as it symbolises wealth and prosperity. Gold ornaments and jewellery are quite popular in the country. Be it any function, such as a wedding, naming ceremony of a baby or festival like Diwali, Akshaya Tritiya, etc., gifting of gold ornaments is considered auspicious. However, many people across the world use it as an asset to apply for a loan, if they are going through tough financial times. Whether a person wants to expand his business, pay for school fees, medical emergency or agricultural needs, he/she can rely on a Gold Loan, anytime.

There is minimum documentation, plus the loan amount gets transferred, instantly.

A Gold loan or loan against gold is a secured credit facility extended by banks and financial institutions, letting you pledge your gold jewellery or ornaments in exchange for funds.

  1. Instant Loan Across the Table: You get access to funds, instantly. You can use the online Gold Loan eligibility calculator to know how much loan amount you can avail.

  2. Attractive Interest Rates: Gold Loan interest rate varies from one bank to another. ICICI Bank offers an attractive interest rate, depending on various factors, like purity of the gold ornaments etc.

  3. Simple & Easy Documentation: The documentation process to avail a Gold Loan is not as stringent as a Personal Loan. You are only required to produce the KYC documents. You do not need to provide an income proof; in case you apply with ICICI Bank. This is one of the most important advantages of applying for a Gold Loan through ICICI Bank.

  4. Repayment at the end of the Loan Tenure: The tenure of a Gold Loan is quite flexible. You can repay the loan in 6 months or 12 months, as per your convenience. ICICI Bank offers a Gold Loan without EMI facility, which means it gives you the flexibility to repay the principal and interest amount at the end of the loan term.

  5. Complete Safety: When you pledge your gold jewellery or ornaments with ICICI Bank, it is kept in a safety vault, within a secure room in the bank. Thus, giving you complete peace of mind about its safety and security.

These are some of the benefits of a Gold Loan. In case you are looking to fund any financial emergency, you can choose to apply for a Gold Loan, which is quickly available. The processing is fast, unlike other loans. It is also easy to apply from the comfort of your home by just giving a missed call on 84448 84448 or visiting the nearest ICICI Bank Branch, if you choose ICICI Bank as your preferred bank.