HDFC Gold Loan Interest Rate 2024

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.

HDFC Interest Rate

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.

Features of HDFC Gold Loan

These are some features that make HDFC gold loans stand out from others:

• The gold loan can be taken as a term loan, overdraft, or with a bullet repayment option
• An HDFC gold loan can be taken for a minimum of 3 to 24 months
• The minimum loan amount starts from Rs. 25,000
• The disbursal time is surprisingly short. You receive the loan amount within 45 minutes of approval
• You just have to pay the interest for the amount that remains unutilised
• You don’t need to worry about the safety of your gold as the bank protects it with triple-layer security

Eligibility Criteria for Applying HDFC Gold Loan

The following conditions need to be satisfied to be eligible for HDFC Gold Loan:

• Resident of India
• Between 18 and 75 years of age
• Businessman/Trader/Salaried Employee/Self-Employed Individual

Documents Required for HDFC Gold Loan

Any one of the following documents needs to be submitted:

• aadhaar card issued by UIDAI
• Voter ID Card
• Passport (must not be expired)
• Driving License (must not be expired)

Along with this, the following need to be compulsorily submitted:

• PAN Card or Form 60 (for a person who does not have PAN)
• One passport-sized photograph
• Agriculture-allied Occupation Document (if opting for bullet repayment for agriculture customer)

Conclusion

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.

Frequently Asked Questions (FAQs)

1. What is the HDFC gold loan EMI calculator?

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.

2. What is the HDFC gold loan interest rate in 2023?

A: The interest rate for HDFC gold loans in 2023 will be between 11% and 16%.

3. What if someone fails to repay the gold loan?

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.

4. What is the HDFC gold loan per gram rate today?

A: For a gram of 24-carat gold, you can get a loan equal to Rs 1,946 approximately.

5. How fast can one get an HDFC gold loan?

A: An HDFC gold loan is disbursed within 45 minutes. It can be availed even in case of an emergency.