Gold loans are a secured loan type where the borrower pledges the gold ornaments with a lending institution (a bank or non-banking financial company). It can be taken to meet any purpose like to pay tuition fees, for marriages, medical emergencies, plan a trip abroad, family emergencies as well as business emergencies, etc. the gold here acts as a security to your loan.
Taking a gold loan from HDFC bank has the following benefits:
No foreclosure charges after 3 months
Only KYC based approval
Special gold loan interest rates for preferred, imperia & classic, and women customers.
The type of gold accepted by HDFC bank is up to 50 gms and purity should range between 18-22 karats.
There are some very attractive features that HDFC bank offers for their gold loan customers:
The interest rate starts from 9.90% to 17.90%.
The processing fee is just 1.50% of the total loan amount.
The loan tenure ranges from 3-24 months.
The popular gold loan schemes of HDFC bank are Bullet repayment and Overdraft scheme.
You can always apply for a gold loan online through the assigned online site or the mobile app. The application form is filled online and once verified the bank staff will call and verify the details. The customer will have to visit the branch for the verification of the purity and weight of gold ornaments. Once the verification is done and it matches the standards the loan is granted. The amount is disbursed in a few hours into the borrower’s bank account.
The bank offers four different gold loan schemes to the borrowers. The borrowers can choose anyone gold loan scheme from the four according to their convenience.
The four gold loan schemes are:
The gold loan with the EMI scheme - it is the traditional method to repay the gold loan in monthly installments.
The gold loan with a bullet repayment option - it offers a bullet repayment mode where you can repay the entire principal amount at the end of the tenure.
The gold loan with overdraft policy - in overdraft facility the borrower is allowed to withdraw or submit the surplus amount of cash in the account.
Gold loan for agriculture - it is offered especially to farmers to meet the farming expenses.
The documentation process of the HDFC bank is smooth. The borrower just needs to have ID proof, address proof, and passport photographs.
ID proof (anyone) - PAN card, driving license, voter’s ID card, aadhar card.
Address card (anyone) - voter’s ID card, aadhar card, rent agreement, bank statement, utility bills.
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