HDFC Bank offers Gold Loan for loan amounts starting from Rs 25,000 and for tenures of up to 42 months. The minimum gold loan amount offered by the bank in rural areas is Rs 10,000. HDFC Bank claims to disburse Gold Loans within 45 minutes and a triple layer security for the gold pledged as collateral. The bank offers overdraft facility, EMI based loan repayment facility and bullet-repayment facility to its Gold Loan borrowers.
HDFC Bank Gold Loan Highlights | |
| Collateral | Pledge of your gold ornaments and jewellery |
| Loan Tenure | From 6 months to 42 months |
| Loan Amount | Rs 25,000 onwards (Rs 10,000 onwards in case of rural markets) |
| Gold Loan Repayment Facility | Term Loan, Overdraft and Bullet repayment facility |
| Gold Loan Processing Time | Within 45 minutes of making a loan application |
| Processing Fee | 1% of disbursal amount |
| Valuation Charges | Up to Rs 575 |
| Pre-closure Charges | 1% on the outstanding principal |
Features of HDFC Gold Loan
- Multipurpose loan – Loan amount can be used to meet any genuine financial requirement.
- Quick approval – Minimal documentation results in quick approval, minus any hassles and delays.
- Loan amount – Individuals can avail loan amounts which suit their needs, with HDFC Bank open to consider loan amounts on a case-by-case basis.
- Prepayment – Borrowers can prepay the loan, without worrying about excessive prepayment charges.
- Competitive interest rates – Interest charged by HDFC Bank on this gold loan scheme is highly competitive, with special rates offered under certain circumstances.
- Transparent – There are no hidden charges, with transparency maintained at all stages.
- Safety – The collateral pledged by individuals is kept safe, with a 3-tier sealing system in place.
- Low processing fee – Borrowers are charged a minimal processing fee, keeping general trends and competition in mind.
- Flexible repayment – The loan can be repaid through flexible EMIs, with borrowers having an option to choose a tenure which suits their repayment needs.
HDFC Gold Loan Interest Rates
Interest rates charged by HDFC on its Gold Loan vary depending on the loan tenure, amount and borrower. Current rates range between 9.30% to 16.00% p.a. with the quality of gold also playing an important role in determining this rate.
HDFC Bank offers special rates to women and existing customers of their products and services.
Eligibility criteria to avail HDFC Gold Loan
- The applicant should be within the age group between 21 to 60 years at the time of applying for the loan.
- The applicant should be an employee of a company or public sector undertaking, which includes central, state and local bodies.
- Any employee should have worked continuously for 1 to 2 years with the current employer.
- The applicant should possess a minimum income of Rs.15,000. Rs.20,000 for employees in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin.
Documents required for HDFC Gold Loan
- Valid ID proof – Valid government approved ID proof (PAN card, Passport, Driving Licence, etc.)
- Valid address proof – Valid government approved address proof (utility bill, passport, Aadhar card, ration card, etc.)
- Application form – Duly filled and signed application form
Fees
| Particulars | Fees |
| Loan Processing Charges | 1.5% + GST |
| Valuation Fee | Rs.250 for loan amount up to Rs 1.5 lakhs and Rs. 500 for a loan above Rs 1.5 lakhs |
| Foreclosure charges | 2% per annum as per the applicable rate of interest. |
| Stamp Duty and other statutory charges | As per applicable laws of the State |
| Renewal Processing Fees | Rs.350+GST |
Note: GST and other Government taxes, levies etc. are applicable as per prevailing rate will be charged apart from the fees.
FAQs
What is the repayment tenure for this loan?
This loan comes with flexible repayment tenures, ranging between 6 months and 4 years.
Are there any purposes for which this loan cannot be used?
Yes, this loan can be used only for personal/business use, with HDFC prohibiting the use of this loan to purchase gold, land or market speculations.