ICICI Bank Gold Loan Interest Rate – Complete Guide & Tips

Key Takeaways
 

• The ICICI Bank’s gold loan interest starts from around 8.75% and goes up to 16.75% per annum. The final ICICI Bank gold loan interest rate depends on the loan type.
   
• The loan amounts go up to ₹2,00,00,000 with pledged gold. The ICICI Bank gold loan interest rate tenure can range between 6 and 12 months.
   
• HDFC Bank gold loan interest rate is competitive but often slightly higher at entry levels.

Bonus Tip: Do you know? ICICI Bank runs digital campaigns and offers an online gold loan calculator to help you check eligibility instantly.

Rajiv, a Bengaluru-based IT professional, once calculated his ICICI Bank Gold Loan Interest Rate. He wanted to bootstrap a startup in Jayanagar and wondered, “What’s the loan pinch?” He compared HDFC Bank gold loan interest rate vs ICICI Bank gold loan interest rate. After his survey, he found the best deal for the funding of his startup.

Rajiv had 22-carat gold jewellery from his wedding. He wondered if pledging it would fund his first Bengaluru startup pitch night. He typed “ICICI gold loan rate per gram today” and saw lenders waiving mountains of paperwork.

A gold loan is money borrowed against the value of your gold. It’s like lending your bike to a friend and getting cash instantly. It is just safer and with interest. This is perfect when you’re between payrolls in an IT job and a flash idea strikes.

Rajiv said, “I pledged 10g of gold when gold prices jumped. I can obtain quick funds at an ICICI Bank Gold Loan Interest Rate starting close to 8.75% per annum, before other charges apply. I used the ICICI gold loan calculator to estimate the ICICI gold loan rate per gram today.”

Types of Gold Loans Offered by ICICI Bank

Rajiv compared ICICI schemes like he compared tech stacks in his startup, along with the ICICI Bank gold loan interest rates.
 

Regular Gold Loan is ideal for personal needs or working capital. Top-Up Gold Loan can be availed when you need to add an amount to your existing loan. Business Gold Loan helps small businesses' cash flow without long bank approvals. Agriculture gold loans can be availed by farmers to expand their farming activities.

Rajiv joked, “It’s like choosing between Angular and React for the frontend. You have to pick the one with the best support.”

ICICI Bank Gold Loan Processing Fees and Charges

Even Rajiv knows banks charge fees besides the ICICI Bank gold loan interest rate. Below are common charges for ICICI’s gold loans:
 

Always check final terms before signing. Rajiv kept these charges apart from the ICICI Bank gold loan interest rate in mind.

How to Apply for an ICICI Bank Gold Loan?

Rajiv applied for his ICICI Bank gold loan during his break from his coding sprint between commits. The step-by-step process for securing an ideal ICICI Bank gold loan interest rate is:

• Check eligibility: Must be 18-85 years old.
• Visit the ICICI Bank Branch or Apply Online: Fill out the ICICI Bank gold loan application form. Bring gold jewellery to the bank for valuation after you apply for an ICICI Bank gold loan.
• Submit the required documents: ID, address proof, two passport-size photographs, proof of landholding, and other supporting documents.
• Loan estimate and payout: ICICI Bank reviews gold purity and valuation to decide the ICICI Bank gold loan interest rate.
• Sign and get funds: Quick disbursal and minimal paperwork.

Rajiv’s mantra: “Like merging a PR on GitHub, ensure that there are no conflicts. He made sure there were no missing documents during his application!” Online apps and calculators help estimate your ICICI Bank gold loan interest rate for 1 lakh before applying.

Conclusion

Rajiv pledged his gold and hopped for his first investor meeting. The ICICI Bank Gold Loan Interest Rate helped him weigh costs. His comparison with HDFC Bank gold loan interest rate gave him confidence and clarity to make a better decision. 

You can avail of the ICICI Bank gold loan interest rate eligibility calculator to calculate the ICICI Bank gold loan interest rate per gram. Whether you’re a working professional or a businessman, a gold loan could be your bridge to getting instant funds against gold.

FAQs Related to ICICI Bank Gold Loan Interest Rates

What is the ICICI Bank gold loan interest rate?
It ranges from about 8.75% to 16.75% per annum, depending on loan type and customer profile.

How does interest compare between ICICI and HDFC?
HDFC Bank gold loan interest rate typically starts around similar levels but may vary slightly. Check updated bank pages for trends.

Does gold purity affect the ICICI Bank gold loan interest rate?
Yes, higher purity gives higher loan value per gram and may impact effective cost. Gold valuation matters.

Will my credit score matter while availing an ICICI Bank gold loan?
Most gold loans don’t focus on credit score because the loan is secured by gold. Check with your bank branch policy to confirm.

What is the ICICI Bank gold loan interest rate per gram?
While interest is % based, gold loan per gram values fluctuate with gold prices daily. Tools like the ICICI gold loan calculator help you estimate values.

Can I use credit card funds to help close my gold loan?
You can move money from your credit card into a wallet (like Amazon/Mobikwik) and then to your bank to pay a gold loan, but avoid outright cash withdrawals. Use of wallets and fees will still cost you and could impact your credit score, so plan carefully.

Can I use my gold as collateral to get a loan and reduce more expensive debt?
Yes, in India, you can pledge gold jewellery as collateral to take a gold-backed loan at typically lower interest than an unsecured personal loan, use that money to pay off high-interest debt, and potentially ease interest costs, but compare rates and terms before you commit.

Can I prepay my ICICI Bank gold loan before the end of the tenure, and will I be charged extra interest?
Yes, ICICI Bank allows you to prepay or foreclose your gold loan before the tenure ends, and you may have to pay a prepayment/foreclosure charge (often around 1% of the outstanding amount, depending on how early you close it), but there isn’t an extra “interest beyond what’s agreed” beyond normal charges in the terms. 

My gold loan was auctioned, and now the ICICI Bank loan account shows as “settled” in CIBIL. How can I pay the dues now and convert it to a “closed” account?
If your gold loan shows as “settled” on your CIBIL report, that means the lender agreed to a reduced payment and closed the account. You’d need to contact the lender to settle any outstanding balance, get a No Dues/clearance certificate, and ask them to update the status with CIBIL, or else raise a dispute with CIBIL with supporting documents to have the status corrected.