Need emergency funds quickly for medical purposes, urgent personal requirements or business expansion? HDFC bank offers a gold loan that you can get at attractive interest rates within 45 minutes, helping you get a quick solution to your financial requirements.
HDFC Bank Gold Loan Details
HDFC bank gold loan offers a convenient and flexible way to get financial help by using your gold assets as collateral. HDFC bank offers you a great financial solution with personalised loan terms that suit your financial capacity and requirements. Here are the details of HDFC gold loan:
| Features | Description |
|---|---|
| Loan Amount in Urban Areas | ₹25,000 onwards |
| Loan Amount in Rural Areas | ₹10,000 onwards |
| Tenure | 6 to 42 months |
| Processing Time | 45 minutes |
| Types of Gold Loan Offered | Term Loan, Overdraft, Bullet Repayment |
HDFC Bank Gold Loan Interest Rates
The table below shows you the current HDFC gold loan interest rate.
| Interest Rate Type | Minimum – Maximum Rate | Average Interest Rate |
|---|---|---|
| Bank IRR | 9.00% – 17.65% p.a. | 11.98% p.a. |
| Bank APR | 9.00% – 17.67% p.a. | 11.98% p.a. |
Note: HDFC gold loan interest rates and charges are subject to change. Please visit your nearest branch for accurate information.
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HDFC Bank Gold Loan Fees & Charges
HDFC bank provides a transparent overview of their fees and charges, making it easier for you to understand the cost of your gold loan. The fees and charges offered by HDFC are minimal, thereby making the loan more convenient and affordable for you. Here are the various fees and charges offered by HDFC gold loan:
| Fees and Charges | Amount |
|---|---|
| Processing fee | Up to 1% |
| Valuation charge | ₹250 + applicable tax up to ₹1.5 lakhs per packet per loan. ₹575 + applicable tax up to ₹1.5 lakhs per packet per loan. |
| Premature closure | 1% on outstanding principal + tax |
| Renewal charges | ₹350 + tax |
| Delayed Instalment payment charge | 18% p.a. + tax |
| Payment return charge | ₹200 + tax |
| TOD charge against overdraft account | 18% p.a. |
| Stamp duty and other statutory charges | As per State laws |
| CIBIL charge | ₹50 per CIBIL report |
| Legal and incidental charges | As per actual. |
| Auction charges | As per actual. |
Note: HDFC gold loan interest rates and charges are subject to change. Please visit your nearest branch for accurate information.
Top Banks Gold Loan Interest Rate
Various banks in India offer Gold Loans, to get the best offer that suits your needs you should check and compare the different interest rates they offer. Given below are the top banks in India that are offering gold loan along with their respective interest rates:
| Top Banks | Interest Rates |
|---|---|
| Axis Bank | 8.85% p.a. Onwards |
| Bandhan Bank | 8.28% p.a. Onwards |
| Canara Bank | 9.25% p.a. Onwards |
| City Union Bank | 9.70% p.a. Onwards |
| Central Bank of India | 7.35% p.a. Onwards |
| Federal Bank | 8.15% p.a. Onwards |
| HDFC Bank | 9.00% – 17.67% p.a. |
| Indian Overseas Bank | 7.05% p.a. |
| IndusInd Bank | 10% – 16% p.a. |
| Indian Bank | 8.80% p.a. Onwards |
| ICICI Bank | 10.50% p.a. Onwards |
| IDFC First Bank | 10.55% p.a. Onwards |
| Karur Vysya Bank | 9.80% – 10.75% p.a. |
| Kotak Mahindra Bank | 8% – 17% p.a. |
| Punjab National Bank | 9.25% p.a. |
| RBL Bank | 7.11% p.a. |
| State Bank of India | 7.30% p.a. Onwards |
| Union Bank of India | 9.25% p.a. Onwards |
| YES Bank | 9.65% to 15.65% p.a. |
Note: The gold loan interest rates mentioned above are subject to change. For more recent information, please check the official bank website.
HDFC Bank Gold Loan EMI Calculator
You can calculate your monthly EMI before applying for the HDFC gold loan. Estimating your EMI before getting the loan can help you understand the monthly payment you will need to make, helping you plan your budget effectively. To estimate your EMI, you can use the HDFC bank gold loan EMI calculator that is available on HDFC’s official website.
The calculator is simple and easy to use, all you need to do is enter your loan amount and interest rate then click calculate. Your estimated EMI amount will appear in a few seconds.
Your Amortization Schedule (Yearly/Monthly)
HDFC Bank Gold Loan Eligibility
To get an HDFC bank gold loan, there are several eligibility criteria that you must meet. These are:
- Applicants must be 18 – 75 years of age.
- Businessmen, Traders, Farmers, Salaried or Self-employed individuals are eligible to apply for an HDFC Bank gold loan.
Documents Required for HDFC Bank Gold Loan
There are several documents that are required for you to get an HDFC bank gold loan, these are:
- A passport-size photograph
- PAN card (along with any of the documents listed below) or Form 60:
- Passport
- Driving licence
- Voter ID card
- Aadhaar card issued by UIDAI
- Agricultural allied occupation documentation (required for bullet repayment for agriculture customers).
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Types of HDFC Bank Gold Loan & Repayment
HDFC offers three different types of Gold loans, these loans offer you the option to choose a loan plan that best suits your financial requirements and repayment capabilities. Given below are the different types of HDFC gold loans along with their repayment options:
- Term Loan: With a term loan, you have the option to repay only the interest every month. This allows you to manage your cash flow more effectively while keeping the principal amount intact until the end of the loan tenure.
- Overdraft: The overdraft facility provides flexibility with a monthly outflow as low as ₹1,000 per lakh, based on an indicative interest rate of 12% per annum. This option is ideal for those who need access to funds intermittently and wish to pay interest only on the utilised amount.
- Bullet Repayment: The bullet repayment facility allows you to repay both the interest and principal amount after one year. This option is particularly beneficial for those expecting a lump sum inflow of funds in the future, enabling them to defer the repayment until they are in a better financial position.
Steps to Apply for HDFC Gold Loan
To apply for an HDFC gold loan, you can easily follow the steps given below:
Step 1: Visit the HDFC gold loan application website. You can click here
Step 2: Enter your mobile number and your date of birth according to your PAN card.
Step 3: Read the terms and conditions and click the checkbox to agree to them.
Step 4: Click the checkbox to authorise HDFC to contact you for offers on various new products.
Step 5: Click on ‘Get OTP’ then enter the OTP in the required field.
Step 6: Fill up the application form with your personal details, contact and income details then submit the application form.
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