ICICI Bank Gold Loan
About Gold Loan
Gold Loan is a type in which the sum of the amount is borrowed from the financial institutions or bank on the subject of Gold. Gold Loan is a subject with Gold. However , the Gold Loan is a type of loan which charges interest on the amount which is flexible or fixed.
Gold Loan is a loan which is assured on the basis of Gold.Gold Loan is considered by mortgaging the Gold for any reason in which amount of money is needed. Gold Loan is designed in which individuals redeem amounts according to their weight or amount of Gold.
Reason of Gold Loan
Reason of Gold Loan are as follows :
- Easy to redeem as per our flexibility or amount needed.
- Sudden or emergency redeem option
- As the Prices of Gold increase , which gives benefit to acquire a large amount of loan.
- Easy to lend.
- Type of Overdraft
- Priority to assure cheaper Loans
- Type of credit card.
- To overcome the issues related to finance.
ICICI Bank Gold Loan
ICICI Bank offers a new type of Loan to their customers which is Gold. ICICI Bank introduces Gold Loan for their customers to provide them facility of security and other economics benefits to them. ICICI Bank Gold Loan is designed to consider the amount of money in lieu of Gold to provide security to the Bank.
ICICI Bank motives to introduce the Gold Loan to attract the population and service them for Loan matter to Gold. ICICI Bank Gold loan assures Loan first prior to the Gold and then analysis to second conditions of Pan Card , other documents.
ICICI Bank Gold Loan is designed to accommodate the People to Loan amount not interfering with the reason for the Loan such as Home Loan , Business Loan etc. ICICI Bank doesn’t recommend any details for the Loan but only Pure Gold.
ICICI Bank Gold Loan gives you an estimate that you can redeem for till that amount. ICICI Bank considers Gold Loan on the amount of Gold mortgage and current value of Gold. ICICI Bank wants to safeguard the people and themselves by lieu Gold.
ICICI Bank Gold Loan is a simple process which redeems the loan amount with quick and easy process.ICICI Bank Gold Loan is available for the people who don’t want to disclose their reason for loan or portal for the manage the amount of loan.
Calculation of Interest Charges on Gold Loan
- ICICI Bank starting Interest Charge 10% p.a.
- ICICI Bank charges Interest Rate according to the amount of loan.
- Interest charges will apply according to carat details.
- However , the Interest charges of Per day to Gold Loan of ICICI would be 0.027%.
- Maximum Gold Ratio value upto 75%, now may be more.
Eligibility for ICICI Bank Gold Loan
- Should be residential in India.
- Should be equal or above 21 years.
- Can be a salaried or self employed person.
- Particular with the necessary documents.
Documents Required for Gold Loan
Some important documents required to assure the Gold Loan , they are as follows :
- Proof of identity – aadhar card , pan card , passport.
- Copy of 6 months Bank passbook.
- Proof of address
- Job Card whether self employed or salaried.
- Income tax statement of 1 year
Benefits of ICICI Bank Gold Loan
Benefits of ICICI Bank Gold Loan are as follows :
- You may get upto loan between Rs.1 Lakh to Rs.1 crore , whether in other loans it is not possible or easy with the terms.
- Chances of High amount of Loan.
- Proper Evaluation of Loan and borrowings.
- Safety of Gold considered by the Bank as lieu against the amount of money.
- Both parties are secured whether the Loaner and Borrower.
- Type of Prepayment.
- Flexibility of repayment.
- Particular part release facility.
- Provide an easy credit facility.
- Secured Loan as , in case unable repayment Gold would be captured not reputation will be darker.
- Lower or compare to other rates Gold Loan interest is less.
- No other terms of Income tax return , balance sheet is required.
- Fast and Furious Processing and surring Gold Loan.
- No other charges such as Processing fees etc.
- Approval of Gold doesn’t forecast other credit scores.
How to Apply for ICICI Gold Loan
For Registration of ICICI Gold Loan , you have to follow these basic steps :
- Visit the official website of ICICI Bank ‘www.icicibank.com’.
- Then , a web page will appear , click on the Loans.
- Then , click on the Gold Loan.
- Then , Form will appear in which you have to fill in the basic details to ask for in a proper manner.
- Click on the Submit button.
This is a type of online first registration in which you ask ICICI Bank for the Gold Loan. ICICI Bank team will analyze your data and reward you within 24 hrs. After , in case of positive reward you have to visit an official or nearby ICICI Bank.
And Officially/manually apply for the Gold Loan with the terms and conditions of Gold Loan. With completion of formalities ICICI Bank acquires your Gold lieu amount of money as the per the calculation of Gold.
Repayment of Gold Loan
There are ways of repayment of Gold Loan to ICICI Bank , they are as follows :
- Monthly repayment of amount in form of Installment with charges of interest Rates.
- Repayment possible via online banking and offline.
- Repayment is considered with the fixed amount on a fixed date.
- In case of late payment or bouncing , their charges will be added in installment.
- If payment of a particular amount , you can free the particular part of Gold.
- Repayment will be considered in contract.
After the full repayment , you can free your gold from ICICI Bank.
For More News and details regarding the Bank Loans , you can check our official website and remain updated with us. Hope You get detailed information. Thank You! Staf safe.