Nowadays, many private and government owned banks are giving loan against gold. Customers may use their gold ornaments or gold coins to take loan from a bank. If someone is in financial need then he/she can use his/her gold to get insist loan. Usually, Gold loan takes less time than personal loan approval and it requires less documentation. Although, it is rather easy to get loan against gold from a jeweller but they charge huge interest rates and they would not give more than 55 percent of the gold value as loan. On the flip side, banks offer more loan amount on your gold with reasonable interest rates. It is always advisable to compare interest rates of all banks before getting loan against gold. While comparing interest rates don’t forget to check other charges like; processing fees, prepayment fees, documentation charges, renewal charges etc.
- Financial Need
- Business Need: To establish a new business or to expand your business
- Medical Emergency
- To purchase property or vehicle. etc
Documents required for ICICI Gold Loan
- Two passport size photographs
- ID proof
- Address proof
- Proof of holding land: For agriculture loan of more than 1 lakh
Interest Rates and Tenure
Other charges:
|
Type of Charge
|
For 6 Months Period
|
For 12 Months Period
|
|
Processing Fees
|
1 percent of loan Amount
|
1 percent of loan Amount
|
|
Prepayment Fees
|
1 percent of principle outstanding
|
1 percent of principle outstanding
|
|
Documentation Charges
|
NA
|
RS 199
|
|
Renewal Fees
|
|
|
|
Stamp Duty Charges
|
As per applicable laws of the state
|
|
Leave a Reply