ICICI Bank Ltd has decreased its gold loan interest rates by 0.05%, or 05 basis points with effect from Wednesday, January 01, 2020. This interest rate cut will reduce the cost of funds for those people who want to avail ICICI Bank gold loans.
New Delhi (Delhi, India), January 16, 2020
The ICICI Bank Limited has decreased its gold loan interest rates by 0.05 percent, or 05 basis points with effect from Wednesday, January 01, 2020.
ICICI Bank Limited has revised its minimum gold loan interest rate from 10.05 percent to 10.00 percent per annum under the ICICI Bank Loan Against Gold Scheme.
ICICI Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail ICICI Bank gold loans.
ICICI Bank Gold Loan Interest Rate in Loan Against Gold Scheme: 10.00% to 16.95% Per Annum
ICICI Bank Gold Loans Rate of Interest is Floating or Fixed: Fixed Rate of Interest
Minimum and Maximum Quantum of ICICI Bank Gold Loan: Up to 75% of the Market Value of the Ornaments
ICICI Bank Gold Loan Minimum Borrowing Amount: Minimum Gold Loan Amount is ₹10,000
ICICI Bank Gold Loan Maximum Borrowing Amount: Maximum Gold Loan Amount is ₹15,00,000
Minimum Tenure for the ICICI Bank Gold Loan: Minimum Gold Loan Tenure is 6 Months
Maximum Tenure for the ICICI Bank Gold Loan: Maximum Gold Loan Tenure is 12 Months
ICICI Bank Gold Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Security Requirement for ICICI Bank Gold Loan: Pledge of Gold Ornaments
Minimum Age of the Borrower for Getting ICICI Bank Gold Loan Sanctioned: Minimum Age 18 Years at the Time of Gold Loan Commencement
Maximum Age of the Borrower for Getting ICICI Bank Gold Loan Sanctioned: Maximum Age 70 Years at the Time of Gold Loan Maturity
ICICI Bank Gold Loan Valuation Charges: ₹500 plus GST
ICICI Bank Gold Loan Processing Fee: Minimum 1.00% of the Gold Loan Amount plus applicable GST
ICICI Bank Gold Loan Documentation Charges: ₹199 plus applicable GST
ICICI Bank Gold Part-Prepayment Penalty: Currently, ICICI Bank levies no penalty for part-prepayment towards your Loan Against Gold (Minimum Part-Prepayment Amount is ₹5,000)
ICICI Bank Gold Foreclosure or Pre Closure Charges: 1.00% of the Gold Loan Amount Outstanding plus applicable GST if the Gold Loan is prepaid within 11 months or post 30 days of auto-renewal.
Different Options for Making ICICI Bank Gold Loan Repayments: The three options for making repayments are (i) Interest payment upfront and repayment of principal amount on maturity date, or (ii) Monthly interest payment and repayment of principal on maturity date, or (iii) Equated Monthly Installment (EMI) option