Table of Contents
Gold is an asset that Indians have always held dear to their hearts. And when there is an urgent need for cash, it is the most sought-to asset because of its high liquidity. Selling off gold to fulfil money requirements has become a thing of the past as people now resort to obtaining credit against gold through gold loans. Several banks and financial institutes in India are providing this option rigorously today, keeping the high demand in mind. Moreover, taking a loan against gold is a much better option to meet a sudden financial crunch.
So, if you think you’re stuck under a financial Obligation and require money as soon as possible, use the gold kept safely in your locker. Out of all the options, an HDFC gold loan is one of the considerable ways here. In this post, let’s evaluate the features of HDFC gold loan, its interest rates, charges & fees, along with other important information.
As of 2023, HDFC Bank offers gold loans at interest rates ranging between 11% to 16% p.a.
Note: Average rates offered to customer during the period of Oct'22 - Dec'22* was 11.35% p.a.
Particulars | Charges |
---|---|
Loan Processing Fees | 1% of the disbursal amount |
Valuation Fee | Rs. 250 + tax up to 1.5 lakhs as per loan. Rs. 575 + tax up to 1.5 lakhs as per loan |
Foreclosure Charges | 1% + tax as applicable |
Stamp Duty and other statutory charges | Actual as per government guidelines |
Renewal Processing Fee | Rs. 350 + tax |
Auction Charge | At actual |
Prepayment Charges | 1% + tax as applicable |
Bounce charges | Rs. 200 + GST |
Legal and collection charges | As actual |
CIBIL Report copy charges | Rs. 50 |
TOD (Temporary Overdraft) charges | 18% per annum |
Default Interest/Penalty | 2% additional from the date of maturity till the loan account is closed |
Talk to our investment specialist
These are some features that make HDFC gold loans stand out from others:
The following conditions need to be satisfied to be eligible for HDFC Gold Loan:
Any one of the following documents needs to be submitted:
Along with this, the following need to be compulsorily submitted:
As it is said, “modern problems require modern solutions.” So why depend on conventional loans with high-interest rates when in need of money? Gold loans are probably the easiest way to solve your urgent short and long-term financial needs.
A: An emi calculator is a tool that helps you to calculate how much you will have to pay monthly if you borrow a certain sum of money at some interest rate. Go to HDFC gold loan website, and you can calculate the loan EMI amount by simply inserting the amount you need and selecting the interest rate.
A: The interest rate for HDFC gold loans in 2023 will be between 11% and 16%.
A: If someone fails to pay the loan amount, initially, the bank sends reminders and warnings for a specified period. If the loan is still not paid, the bank reserves the right to sell the gold or use it for any purpose it seems right.
A: For a gram of 24-carat gold, you can get a loan equal to Rs 1,946 approximately.
A: An HDFC gold loan is disbursed within 45 minutes. It can be availed even in case of an emergency.