|Interest Rate||8.50% p.a. onwards|
|Loan Tenure||Up to 2 years|
|Processing Fee||1 of the loan amount|
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.
Some of the distinguishing features of HDFC Gold Loan are highlighted below.
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.
Individuals who wish to avail this gold loan need to satisfy a few basic criteria.
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.
HDFC Bank might ask for any other documents it feels are necessary to complete application formalities.
The table below highlights the various charges associated with this gold loan.
|Fee/Charge type||Fee/charge amount|
|Processing fee*||1.00% of loan amount|
|Prepayment/foreclosure charges||1% plus applicable taxes|
Max – Rs 575, for loans over Rs 1.5 lakhs
|Renewal charges||Rs 350 plus applicable taxes|
*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
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.
This loan comes with flexible repayment tenures, ranging between 6 months and 4 years.
The minimum loan amount has been kept at Rs 25,000 for urban markets. Rural borrowers can avail loans starting from Rs.10,000.
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.
Yes, existing customers can negotiate interest rates with the bank, availing an opportunity to lower rates.
Yes, individuals can apply for this loan online, by logging onto the official website of HDFC Bank, India.
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