Gold Loan in Hyderabad: Know the Benefits, Eligibility & Steps to Apply.

Hyderabad, the city of pearls, is not only known for its rich cultural heritage and booming IT sector, but also for its significant contribution to the gold market. If you are planning a grand wedding, expanding your business or dealing with an emergency, accessing quick funds can be crucial. In times of financial need, a Gold Loan can be a quick and effective way to secure funds. In this blog, let us explore the essentials of Gold Loans in Hyderabad, their benefits, and how to get one.

Why opt for a Gold Loan?

A Gold Loan is a Secured Loan where you pledge your gold jewellery as collateral to avail funds. This type of Loan is advantageous due to its ease of documentation, quick disbursal, and attractive interest rates. With ICICI Bank, you can avail a Gold Loan ranging from ₹ 50,000 to ₹ 2 crore, making it a suitable option for various financial requirements.

Features and Benefits of ICICI Bank Gold Loans

ICICI Bank offers a comprehensive Gold Loan tailored to meet various financial requirements. Here’s a detailed look at the features and benefits of ICICI Bank’s Gold Loan in Hyderabad:

1. High Loan Amount:

ICICI Bank offers Gold Loans up to ₹ 2 crore, ensuring you have access to substantial funds when needed.

2. No Burden of EMIs:

Unlike other types of loans, Gold Loans can be structured to avoid the regular burden of EMIs, providing more repayment flexibility.

3. Digital Renewal:

ICICI Bank provides an option for digital renewal of Gold Loans, making the process convenient and hassle-free.

4. Extensive Branch Network:

With over 5000 Gold Loan-enabled Branches, finding one near you in Hyderabad is easy and convenient.

5. Dedicated Gold Loan Team:

A specialised team ensures that your Gold Loan process is smooth and efficient.

6. Interest Rates and Tenure:

ICICI Bank offers competitive interest rates on Gold Loans, making it a cost-effective borrowing option. You can choose a tenure of either 6 or 12 months based on your repayment capacity.

7. Flexible Repayment Options:

ICICI Bank provides flexible repayment options tailored to suit your financial situation.

Step-by-step Application Process to get a Gold Loan with ICICI Bank

Choosing ICICI Bank for your Gold Loan ensures that your valuables remain secure and that you get the best value for your assets. The process of obtaining a Gold Loan from ICICI Bank in Mumbai is simple and convenient.

Here is a step-by-step guide to help you apply for Gold loan in Mumbai online through the process:

• Step 1. Click ‘Apply For Gold Loan’ to open the application form
• Step 2. Provide your Full Name, 10-digit Mobile Number and enter the OTP
• Step 3.Check the box to agree to our terms
• Step 4.Click ‘Apply Now’

Apply For Gold Loan

After completing these steps, one of our representatives will contact you to guide you through the next steps.

OR

• Step 1: Find the nearest ICICI Gold Loan Branch to Visit with your Gold

Gold Loan Nearest Branch Gold Loan Branch Map Locator

Begin by visiting nearest ICICI Bank Branch in Mumbai with your gold ornaments. Ensure the gold is in good condition and meets the Bank's purity standards.

Begin by visiting nearest ICICI Bank Branch in Mumbai with your gold ornaments. Ensure the gold is in good condition and meets the Bank's purity standards.

• Step 2: Valuation and Quality Check

At the Branch, the gold will be assessed for its purity and weight. This valuation is crucial as it determines the amount of loan you are eligible for, based on the market value of your gold.

• Step 3: Submit KYC Documents

To complete your loan application, you must submit the required Know Your Customer (KYC) documents. Typically, these include:

A. Identity Proof: Such as Aadhaar Card, Passport, or Voter ID.

B. Address Proof: Such as utility bills or registered rental agreements.

• Step 4: Confirm the Loan Disbursal

After the valuation and verification of documents are complete, ICICI Bank will process your loan disbursal. The approved loan amount will be credited to your Bank Account, giving you immediate access to funds.

Steps to calculate your ICICI Bank Gold Loan amount

We offer a Gold Loan Calculator on our website, allowing you to estimate the eligible Loan amount based on the weight and carat of your gold. You can simply enter the tenure, gold carat and total gold weight to get an estimate of the Loan amount.

Here’s how you can use ICICI Bank’s Gold Loan Calculator

• Select the Loan Tenure: Choose between available options (e.g., 6 months, 12 months).
• Select Gold Carat: Indicate the purity of your gold (e.g., 18K, 22K, 24K).
• Enter Total Gold Weight: Input the total weight of the gold you wish to pledge.

The calculator will then display the estimated eligible Loan amount.

Example: Calculation using ICICI Bank's Gold Loan Calculator

If you have 50 grams of 22K gold and select a 12-month tenure:

• Gold Carat: 22K
• Total Gold Weight: 50 grams
• LTV Ratio: 75% 

The Calculator will provide an estimate based on current market prices and the Bank’s policies. For 22K gold, it may show a total eligible Loan amount of approximately ₹ 2,48,800 (subject to market value fluctuations and specific Bank policies).

Understanding ICICI Bank’s Gold Loan Eligibility Criteria

To be eligible for a Gold Loan in Hyderabad, applicants must fulfil the following criteria:

• Age: Applicants should be between 18 and 85 years old

• Nationality: Only Indian citizens are eligible

• Gold Purity: The gold pledged as collateral must have a purity ranging from 18 to 24 carats

• Loan Repayment Tenure: The Loan can be repaid over a period of 6 to 12 months.

• Occupation: Eligible applicants include self-employed individuals, business owners, homemakers, senior citizens and salaried individuals.

Documents required to apply for an ICICI Bank Gold Loan

Two Passport Size Photographs

Identity Proof (Any one of the following):

• Driving Licence
• Passport Copy
• Voter ID Card
• Aadhaar Card
• Ration Card

Address Proof (Any one of the following):

• Driving Licence
• Voter ID Card
• Aadhaar Card
• Passport Copy
• Job Card issued by NREGA

Additional Documents for Specific Loan Types:

• For an Agriculture Loan of more than ₹ 1 lakh: Proof of land holding
• For an Allied Agri Activity Loan of more than ₹5 lakh: Supporting documents related to the activity

Interest Rates, Fees and Tenure for an ICICI Bank Gold Loan in Hyderabad

When applying for an ICICI Bank Gold Loan in Hyderabad, take note of the interest rates, fees and tenure options:

Rate of Interest: ICICI Bank offers competitive interest rates for Gold Loans. However, it may change due to Bank policies and RBI guidelines.

Processing Fees:

• A processing fee of 1% of the Loan amount will be charged
• Applicable taxes will be added to the processing fee.

Tenure: The Loan tenure options range from 6 months to 12 months.

Wrapping up

Residents of Hyderabad can avail a dependable financial solution with an ICICI Bank Gold Loan that is supported by the thriving gold market in the city. It meets a range of financial demands, including crisis, business expansion, weddings etc., with flexible repayment options, competitive interest rates and high Loan amounts up to ₹1 crore. The smooth process ensures convenience and efficiency, bolstered by digital renewal choices and an extensive ICICI Bank Branch network. Obtaining fast cash is made easy and accessible by using gold jewellery as collateral and following a few easy steps at any ICICI Bank Branch.

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