HDFC Gold Loan

HDFC Gold Loan Details

HDFC Bank offers a specialised gold loan scheme designed to provide financial aid to individuals in lieu of their gold. Available across all HDFC branches in the country, it is an easy to avail loan which can be used to meet multiple financial requirements.

Features of HDFC Gold Loan

Some of the distinguishing features of HDFC Gold Loan are highlighted below.

• Multipurpose loan – Loan amount can be used to meet any genuine financial requirement.
• Quick approval – Minimal documentation results in quick approval, minus any hassles and delays.
• Loan amount – Individuals can avail loan amounts which suit their needs, with HDFC Bank open to consider loan amounts on a case-by-case basis.
• Prepayment – Borrowers can prepay the loan, without worrying about excessive prepayment charges.
• Competitive interest rates – Interest charged by HDFC Bank on this gold loan scheme is highly competitive, with special rates offered under certain circumstances.
• Transparent – There are no hidden charges, with transparency maintained at all stages.
• Safety – The collateral pledged by individuals is kept safe, with a 3-tier sealing system in place.
• Low processing fee - Borrowers are charged a minimal processing fee, keeping general trends and competition in mind.
• Flexible repayment – The loan can be repaid through flexible EMIs, with borrowers having an option to choose a tenure which suits their repayment needs.

HDFC Gold Loan Interest Rates

Interest rates charged by HDFC on its Gold Loan vary depending on the loan tenure, amount and borrower. Current rates range between 8.50% to 15.97% p.a., with the quality of gold also playing an important role in determining this rate.

HDFC Bank offers special rates to women and existing customers of their products and services.

Eligibility criteria to avail HDFC Gold Loan

Individuals who wish to avail this gold loan need to satisfy a few basic criteria.

• Income – Applicants should have sufficient income to repay the loan amount.
• Security – Applicants can avail this loan only on providing security in the form of gold.

Documents required for HDFC Gold Loan

HDFC has minimised the documentation process for this loan offering, with a single page procedure in place. The following documents need to be submitted in order to process an application.

• Valid ID proof – Valid government approved ID proof (PAN card, Passport, DL, etc.)
• Valid address proof – Valid government approved address proof (utility bill, passport, Aadhar card, ration card, etc.)
• Application form – Duly filled and signed application form

HDFC Bank might ask for any other documents it feels are necessary to complete application formalities.

Fees and charges associated with HDFC Gold Loan

The table below highlights the various charges associated with this gold loan.

*Note: HDFC Bank may choose to waive the processing fee, at its sole discretion, based on its relationship with a borrower.

Check Latest - Gold Prices in India

FAQs on HDFC Gold Loan

1. How long does it take to get a loan application approved?

   HDFC’s Gold Loan has been designed as an over-the-counter loan, with it possible to avail a loan in under an hour, subject to applicants meeting certain basic eligibility criteria.

2. What is the repayment tenure for this loan?

   This loan comes with flexible repayment tenures, ranging between 6 months and 4 years.

3. What is the minimum loan amount offered under this scheme?

   The minimum loan amount has been kept at Rs 25,000 for urban markets. Rural borrowers can avail loans starting from Rs.10,000.

4. Are there any purposes for which this loan cannot be used?

   Yes, this loan can be used only for personal/business use, with HDFC prohibiting the use of this loan to purchase gold, land or market speculations.

5. Is it possible to get a lower interest rate on this loan?

   Yes, existing customers can negotiate interest rates with the bank, availing an opportunity to lower rates.

6. Can one apply for this loan online?

   Yes, individuals can apply for this loan online, by logging onto the official website of HDFC Bank, India.