Gold loans can prove to be the ultimate solution to your financial needs. And ICICI Bank gold loan have been reputed to do so. You can avail gold loan whenever you are in need to have a loan. The reason could be children education, business expansion, personal vehicle, owing a home etc. With ICICI bank gold loan you can have a credit worth up to 1 crore with some simple documentation. Being a private bank, your gold security is top notch. Your gold is in a vault safe with complete transparent working.
There is some eligibility criteria for the gold loan to be approved. The gold should not be borrowed by a Pawn brokers. Moreover the gold loans can’t be approved for HUF, partnership firms, corporates and co-operatives. Also Bullion items like gold bars and biscuits can’t be taken as collateral for the gold loan.
The rate at which these gold loans are offered to you by the ICICI bank with their in-house ICICI Bank gold loan calculator is exceptional. The ICICI gold loan per gram ranges from Rs 2838 to Rs 3466. This depends upon the purity of the gold that is kept as collateral. The age of the borrower needs to hover around 18 to 60 years. This covers a large number of age groups. And the same can be availed for a varied reason. Also, it is important to note that the maximum loan to gold ratio can Mark up to 75%. The only catch here is that the maximum loan tenure for which you are granted the loan is 12 months. It is also important to note that longer the period of repayment, lower will be the EMI. Generally, the interest rate for the gold loan stands to be 10% per annum. But this might go up to 16% according to the situation of the market.
In their repayment scheme, a person can repay the loan amount fully before the term at 1% to 2% interest rate depending upon the tenure for which it is asked. This can solve problems when you need instant credit, but have no source to fulfil the same
Conclusion :
With the features stated above, ICICI gold loans stands to bet the one which should be considered for availing a gold loan. There is never a specified time period when we would need the a gold loan. The right time to avail the loan, is the time when you need it. Moreover, the interest rate and the amount remains the same. It could change by a bit here or there, but all in all it remains the same. Lastly, when some is concerned for a gold loan. He/she is always worried about the frauds that might take place behind the scene. But with a brand and security like that of an ICICI bank, you can yet the worry to rest in a cold bag so that you could have your bite to buy for happiness.
Must read:- Why Canara Bank gold loan is your best borrowing option?
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