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Gold Loan
HDFC Bank Gold Loan: All You Need to Know
Gold Loan by HDFC bank is an easy way to meet your most important financial needs, in the fastest way possible. Whether you need funds for a medical emergency, to keep your business afloat or to pay your child’s fees, you can take a loan against your gold and get the cash you need. HDFC bank is one of eJOHRI’s partner institutions for gold loans. You can easily apply for HDFC bank goal loans through our website.
After you apply for a loan, and your gold and documents are evaluated, HDFC Bank will begin the disbursal process in as quick as 45 minutes. Plus, it comes with a surety of the lowest HDFC bank gold loan interest rate too!
HDFC Bank Gold Loan features
HDFC bank offers many customer-friendly features to make it easy for you to get quick loans and pay them back with ease. Here are some features offered by HDFC you should know about before applying for a loan:
HDFC Bank Gold Loan Interest Rate
HDFC Bank offers some of the lowest interest rates in the market. The interest rate ranges from 0.83 % to 1.25 % per month, making it one of the best options on the market today. The latest HDFC Gold Loan Interest Rates are valid on Term Loans, Overdraft and EMI-Based loans. At HDFC, you also have the option to repay your loan in easy low EMIs, over a tenure of your choice.
*All interest rates below are per annum for HDFC Bank in 2021
| Product | Minimum Interest Rate | Minimum Interest Rate | Average Interest Rate |
|---|---|---|---|
| Gold Loan | 8.95% | 17.20% | 11.02% |
*Annual percentage rate offered to HDFC Bank customers
| Minimum APR | Minimum APR | Average APR |
|---|---|---|
| 9.90% | 26.58% | 11.76% |
Note: GST and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
HDFC Gold Loan Per Gram
Have gold, but don’t know the loan amount you can get for it? HDFC Gold Loan Per Gram gives you an estimate of the loan amount you can get against your jewellery. It will tell you the estimated loan amount based on the purity of your gold (18KT/22KT), the weight and the loan to value ratio of your jewellery. The good thing is that HDFC bank offers loans up to 90% of the value of your gold ornaments.
Gold Loan Tenure
HDFC Bank offers Loans for a tenure of 6 – 12 months.
The tool will automatically calculate the EMI for a gold loan. Try entering different loan durations and interest rates to find an EMI amount that works for you. You can accordingly apply for loans that match these details.
Fees & Charges
HDFC Bank offers gold loans with no hidden charges. The table below tells you all the fees and charges applicable.
| Fees | Amount to be paid |
|---|---|
| HDFC Bank Processing Charges | 1% of disbursal amount |
| Valuation Fee | Rs 250 + applicable tax up to 1.5 lacs per packet per loan Rs 575 + applicable tax above 1.5 lacs per packet per loan |
| HDFC Foreclosure charges | 1% + applicable tax |
| Stamp Duty & other statutory charges | At Actual |
| HDFC Renewal Processing Fees | Rs 350 + applicable tax |
| Auction charge | As per actual |
| HDFC Prepayment charges | 1% + applicable tax |
| OD Commitment Charge |
Up to 0.5% p.a. if average utilization is < 20% |
| Cheque / ECS / SI / Swaping charges | Rs 200 + GST |
| Bounce charges | Rs 200 + GST |
| Legal and collection charges | At actuals |
| CIBIL Report copy charges | Rs 50 |
| Duplicate Amortisation / Repayment Schdule charges | Rs 200 + GST |
| HDFC TOD charges (Overdraft) | 18% p.a. |
| Default Interest/Penalty | 2% per month on overdue amt |
Note: GST and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges.
HDFC Gold Loan EMI Calculator
If you want to know the EMI you will pay each month, you can check it easily with HDFC Bank’s EMI calculator. Using the EMI calculator before taking the loan will help you plan out your finances better. It can also help you choose an amount you can repay easily.
Here’s how to use the HDFC Gold Loan EMI Calculator:
- Enter the amount you need.
- Then enter the HDFC gold loan interest rate offered
- After filling in the details, you will be able to see the amount on your screen
HDFC Gold Loan Eligibility criteria: 5 things you need to know
If you’re eager to take a gold loan from HDFC bank, here are some things you must check before applying for the loan:
Age: To be eligible you need to be a resident of India, between 18 – 65 years of age.
Occupation: When it comes to your occupation, you can be a salaried professional, business owner, self-employed individual, student, entrepreneur, senior citizen, a pensioner, or a housemaker to be eligible.
Type of Gold: HDFC Bank accepts all types of gold jewellery that are at least 18 – 22 KT in purity. The gold should be owned by you or a family member.
Loan repayment structure: Typically, gold loans are offered for a minimum of 6 months to a maximum of 24 months. You need to be able to repay the amount within this tenure.
Maximum Loan to Value Ratio: The loan to value ratio is the maximum amount that a bank will give you against the actual value of your gold. HDFC will give you a loan of up to 75% of the value, but some schemes offer up to 90% too.
HDFC Gold Loan Eligibility Calculator
The first step to applying for a gold loan is to check your eligibility. HDFC Gold Loan Calculator tells you the amount you are eligible for based on factors like gold purity, weight etc.
Here’s how to use the HDFC calculator:
- Enter the tenure you are comfortable with.
- Then choose the number of ornaments you want to pledge
- Choose the carat of your jewellery
- Enter the weight of the gold (excluding all stones, gems etc.)
The HDFC Bank eligibility calculator will give you an estimate of the amount.
How to Apply for a gold loan: Process and Documents needed.
Applying for a gold loan with HDFC Bank is simple, quick & speedy! Just fill-up the application form on our website with your details like Name, Mobile Number, Email address and City. After that our representatives will get in touch with you, to continue the process.
Documents needed
Here is the list of documents needed to apply for a loan against gold with HDFC Bank:
- One Passport Sized Photograph
- PAN Card or Form 60
- Passport
- Driving license
- Voters’ ID Card
- Aadhaar Card
- Agri-Allied Occupation Documentation (In case of bullet repayment for agriculture customers)
| BANK | Loan Amount | Interest Rate | Processing Fees |
|---|---|---|---|
| IIFL Finance | 3,000 – 5 Lakh | 0.83 % to 1.83 % | Depends on the scheme |
| HDFC Bank | 25,000 - Unlimited | 0.83 % to 1.25 % | 1.5% of the loan amount |
| Muthoot Finance | 20,000 – 50 Lakh | 14 % to 23 % | Shared at time of application |
| Fincare Small Finance Bank | 10,000 – 30Lakh | 12.99 % to 22.99 % | Up to 0.5% of the loan amount |
| India Gold | 10,000- 5Lakh | 4.50 % to 7.50 % | No Fees |
Frequently Asked Questions (FAQs)
Most banks offer you immediate and quick loan disbursal in a few hours. However, eligibility depends on the verification of the gold and documents provided.
Most banks don’t require any income certificates or ITR documents for loans up to 10 lakhs.
No, you can get a loan even if you’re not a customer of the bank. This is not a factor considered for eligibility.
The loan amount is determined by the weight of the jewellery and the gold rate per gram on that day.
Only the weight of gold will be considered. The weight is measured after subtracting the weight of the stones embedded in the jewellery. The higher the quantity of gold, the more is the amount disbursed by the bank to the customer.