Gold Loan - Apply Loan Against Gold Online upto ₹2 Cr* (2024)

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What is a Gold Loan?

A loan against your gold jewellery is known as a Gold Loan or a Jewel Loan. At ICICI Bank, a customer can quickly avail a Gold Loan of any value between Rs 50,000 to Rs 2 crore.

Features of Gold Loan like ease of documentation and instant disbursal make it an easy and convenient way of securing funds.

How does one get a Gold Loan?

Getting a Gold Loan typically involves these steps:

1. Application: Fill out an application form, either online or at any ICICI Bank Branch. Provide details such as Name and Mobile Number
2. Gold Valuation: The lender evaluates the purity and weight of the gold you intend to pledge. This determines the loan amount you can receive as a percentage of the gold's market value
3. Documentation: Submit necessary documents such as identity proof and address proof
4. Loan Approval: Once the valuation and documentation are verified, the loan is approved and terms including loan amount, interest rate and repayment schedule are agreed upon
5. Disbursal: The loan amount is disbursed to your bank account depending on the lender's policies
6. Repayment: Use ICICI Bank Gold Loan Calculator for understanding the repayment of the loan with a tenure of 6 months or 12 months.

^*T&Cs.

What is the interest rate of a Gold Loan?

What documents are required for the approval of a Gold Loan?

The Gold Loan documentation process is very simple. It does not require you to share the income proofs. The documents required for a Gold Loan are:

• Two passport size photographs
• Identity proof such as Driving Licence/ Form 60/Form61/ Passport Copy/ Voter ID Card/ Aadhaar Card/. PAN Card issued in India is no longer considered as a valid identity proof
• Address proof such as Driving Licence/ Voter ID Card/ Aadhaar Card/ Passport Copy/ Registered lease agreement with utility bills not older than 3 months in the name of your landlord (any one)
• Proof of land holding needs to be provided in case of an Agricultural Loan of more than Rs 1 lakh

How long does it take to complete a Gold Loan approval process?

ICICI Bank Gold Loan provides a quick loan disbursal subject to the verification of the gold and other documents that you submit. The approvals are at the sole discretion of ICICI Bank.

What is the maximum limit on the Gold Loan that can be availed?

What is the process of Gold Loan Closure if the customer is deceased?

Jewel Loan/ Gold Loan Process of Deceased Claim:

1. Nominee as mentioned during account opening in iGold/AOF duly signed by customer can be considered at the time of full and final repayment in case of borrower’s death

2. For cases where nominee is not declared by borrower at the time of account opening, repayment has to be done by the legal heir

3. Pouch to be handed over only post closure of account

4. SR should not be raised for Jewel Loan Accounts as the account gets closed at Branch end.

Adherence to the below scenarios is mandatory:

With Nomination:

a) Death Certificate

b) KYC of the nominee.

Without nomination:

1) Amount less than Rs 25000:

• Copy of Death Certificate

• Indemnity letter signed by the claimant.

2) Amount between Rs 25000 and Rs 10 lakh:

• Copy of Death Certificate

• Indemnity letter signed by the claimant, backed by 2 sureties.

3) Amount above Rs 10 lakh:

• Copy of Death Certificate

• Indemnity letter signed by the claimant backed by 2 sureties

• Affidavit on stamp paper

• Copy of the Will and letter of probate / letter of administration.