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Product Details
Name of Bank

HDFC Bank

Maximum Loan Amount

50 lakh

Interest Rate

8.30% - 16.5%

Loan to Value Ratio

75%

Maximum Loan Tenure

24 months

HDFC Bank Gold Loan
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HDFC Bank Gold Loan

Fees and Charges

1. processing fee :- upto 1%
- Valuation charge: Rs 250 +applicable tax up to 1.5 lacs per packet per loan; Rs 575 +applicable tax above 1.5 lacs per packet per loan

- Premature closure charges (Full or Part payment): 1% on principal outstanding + applicable tax

- Renewal Charges: Rs 350 + applicable tax

- Overdue Interest post maturity: 2% incremental interest over contractual Rate of Interest from the date of maturity till loan account is closed

- Delayed instalment payment charge: 18% p.a. plus applicable government taxes on overdue instalment amount

- Payment Return Charges: Rs. 200 + applicable tax

- TOD Charges against Overdraft account: 18% p.a

- Stamp Duty and Other statutory Charges: As per actuals which are applicable in laws of the state

- Cibil Charges: Rs 50 per cibil report

- Legal and Incidental charges: As per actual

- Auction Charges: As per Actual

Minimum CIBIL Score

Gold loan typically do not depend on your cibil score. This is because you are provding gold as a security upfront.

Eligibility

Any Indian above 18 years can avail

Fees and Eligibility
Concession and Features
Special Concession

N/A 

Special Features

HDFC Bank offers fastest loan disbursement.

Pros

Pros:  

-Lower interest rates and processing fees. 

-Minimal documentation and quick disbursal. 

-Flexible repayment tenures and high LTV ratio. 

-No foreclosure charges after three months

Cons
  • High Interest Compared to Other Loans: Although competitive within gold loans, the interest rate is still higher compared to secured loans like car loans or home loans.

  • Hidden Charges: Be aware of potential hidden charges like processing fees, late payment penalties, and insurance costs.

Pros & Cons
How to Open?

You can apply online or visit any branch of Bank of India.

Documents Required

Any one of the following: 

Passport (Not expired) 

Driving license (Not expired) 

Voters ID Card Aadhaar Card. 

PAN or Form 60 

One Passport Size Photograph 

Agri AlIlied Occupation Documentation( in case of bullet repayment for agriculture customers)

Account Opening and Procedure
Indian Bank

Indian Bank Jewel loan provides two loan schemes
1. Bullet Repayment
2. Monthly Repayment
The interest rate varies from 8.65% to 9.00% which is moderate as compared to different banks offering gold loans. However, the LTV Ratio is low i.e., only 65-70%, the other banks in the market offer higher LTV Ratio on the gold loans. Therefore, before applying for such loan check the terms and conditions properly and compare different banks offering gold loans.

Abhijeet Saxena

Abhijeet Saxena

Abhijeet Saxena

Nalsar University of Law

Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi

Ex - Khaitan & Co. Bengaluru,

Ex - National Stock Exchange, Mumbai,

Ex - Argus Partners, Mumbai

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