HDFC Bank Gold Loan is one of the best gold loan schemes in India. Funds against gold can be taken by self-employed and salaried individuals, including farmers and others. HDFC Sampoorna Bharosa loan is a scheme designed for applicants who wish to fulfil their emergency financial needs with quick funds against gold jewellery. The bank accepts gold jewellery up to 500 grams. It even accepts bank-purchased gold coins as collateral. The gold purity must be between 18 carat and 22 carat.
You can borrow up to Rs. 50 lakhs at a rate of interest of 11% onward. Tenure of the loan is up to 24 months. You can apply for gold loan with HDFC bank at Loanbaba. On our website, you can also access HDFC bank EMI calculator and know HDFC Bank gold loan eligibility.
Our website, Loanbaba.com provides all the information about HDFC Bank Gold Loan and the facility to avail this loan online.
|HDFC Gold Loan Details Updated on|
Up to Rs. 1 Crore
9.90% to 17.90%
HDFC Bank has attractive offer on gold loans. The bank charges nominal rate of interest. The loan amount can be used for any purpose. Loan tenure is flexible and you can get maximum amount as per the gold weight and purity. The procedure for loan sanctioning is transparent and the bank has helped several customers fulfil their financial needs with loan against gold.
Below mentioned financial requirement can be fulfilled with HDFC Gold Loan.
At Loanbaba, you can compare and apply for HDFC gold loans online. You can check out several gold loan schemes by HDFC Bank and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page.
You can apply for HDFC Bank gold loan or any other bank/NBFC gold loan at Loanbaba.com.
Rates of interest charged by bank depend on loan amount, borrower and time duration. Currently the HDFC Bank interest rate is between 11% and 14.50% per year but quality of gold is also one of important factor in deciding the rate. Lowest EMI per Rs. 1 lakh is Rs. 4,661 on an interest rate of 11% and 24 months tenure. Average interest charged by bank is 12-13% which is highly competitive. There are special rates for existing customer and women of their services and products.
Below-provided are other charges by the bank:
The lowest rate of interest on HDFC loan against gold is 11%, you can know the exact rate of interest applicable based on different factors. These include term of the loan, quantum of finance, and gold content and purity in the jewellery. Old customers may receive greater benefits regards to interest rates as well. Below-mentioned are factors which HDFC gold loan interest rate calculator considers to finalize the rate of interest on jewellery loan.
Below-provided are the major benefits of jewellery loan by the bank.
Gold loan eligibility may differ from one candidate to another. You can also use free-of-cost HDFC Bank gold loan eligibility calculator at Loanbaba.com. To be eligible for the gold loan, you must be at least 18 years of age, and possess gold jewellery or coin between 18 carat and 22 carat. Maximum gold weight allowed for the fund is 500 grams, but that may differ as per the loan amount demanded, and other terms and conditions.
HDFC Bank has gold loan schemes for professionals and salaried individuals. The amount taken as loan can be used for either multiple or specific purposes.
1. Gold Loan with Bullet Repayment Option
In this scheme, you have the facility to repay the entire principal amount at end of the tenure. This scheme is offered on gold loans of shorter tenure, less than 6 months. There is a fixed rate applicable on such a scheme. The rate of interest is charged monthly, which can be paid with the borrowed principal at the tenure’s end, or as EMI with monthly interest.
2. Gold Loan with EMI option
Under this scheme, you can repay the loan in form of monthly instalments. Every month on a particular date as per the loan agreement, an EMI will be charged by the bank. The instalment amount will contain both the components of principal borrowed and the interest amount. In the initial EMIs, the component of interest amount is higher, which gradually reduces with every paid EMI.
3. Gold Loan for Agriculture
This loan against gold scheme is for farmers, who can borrow funds against their gold ornaments for agriculture and farming expenses. The end use of the funds must be mentioned and must be for farming activity only.
4. Gold Loan with Overdraft Facility
In the overdraft facility, you can borrow against gold, deposit surplus amount or withdraw funds from your account within the loan tenure. You have to pay interest only on the amount borrowed and utilized, and not on the entire amount existing in the account. This loan is useful for salaried people and self-employed individuals who earn annual bonuses.
Below provided are important questions about gold loan HDFC Bank.
In order to make the process simple bank has minimised the documentation part. Procedure can be done in single page. Below is the documents one need to submit for the loan:-
|Charge /Fee type for Loan against Gold||Charge /Fee amount|
|Processing fee*||0.50% of loan amount|
|charges of foreclosure /Prepayment|| Max – 1%
In order to waive of such charges customer can contact bank
|Valuation fee||Min – loans up to Rs 1.5 lakh - Rs 250 Max – loans over Rs 1.5 lakh- Rs 500|
|Charges of Renewal||Maximum 250 Rs.|
After the gold asset is verified by the bank and you submit the application form duly filled and signed, then signing of gold agreement takes place, which has details related to depositing of gold and its security. The gold is then submitted to the lending institution, and the loan amount disbursed.
The quantum of finance is decided based on the gold deposited. The weight and purity of gold content in the jewellery is taken into account. The maximum finance that you can get bases on loan to value ratio as well, which can be maximum 75%. Other factors such as repayment capacity of borrower, form of gold, etc are also taken into account.
The fund is disbursed only after complete verification of gold asset, and the submitted documents with the application form. If the gold item found to be stolen or fake, and the documents submitted as forged/fake or falsified information, then in such cases, your loan application can stand rejected. Otherwise, there is no other factor that may disrupt the loan approval process, since gold quality and KYC documents are the only two basic requirements for a gold loan.
You must have a CIBIL score 500+ to qualify for a gold loan. However, credit check is not the primary criterion for this loan. Your loan eligibility usually depends on the quality and weight of gold, along with current repayment capacity.
You can strengthen your credit score by making timely repayments on a loan against gold. The repayment history gets addressed to credit bureaus responsible for calculating your credit score. Thus, making timely payments will help improve your credit score, and vice-versa.