What is HDFC Gold Loan and How To Apply

By | September 16, 2022

What is HDFC Gold Loan and How To Apply

HDFC Gold Loan offers a secured loan where you can pledge your gold jewellery, ornaments or coins and take a loan as per your requirements. In HDFC Gold Loan, the loan is provided only after proper valuation of your gold item. And by taking an HDFC Gold Loan, you get a loan amount higher than the market rate of your gold! This HDFC bank provides loan at very low interest rate and this bank will approve your loan in very short time. In today’s article, we will provide you information regarding HDFC Gold Loan.

What is HDFC Gold Loan?

HDFC Home Loan provides its customers with the facility of loan against gold in which applicants can borrow money against their gold items like necklace, bracelet, ring etc by pledging with the bank, this loan is called HDFC Gold Loan. HDFC Bank Gold Loan is a secured loan that you can activate through an online process from a branch by filling certain details. Here you will get an interest rate of 9.90% to 80% depending on the market value of the gold.

HDFC Gold Loan Details

You can pawn your gold ornaments or gold coins at HDFC bank and take gold loan from HDFC bank by pawning gold ornaments, gold coins etc at bank branch, get gold loan with fastest and easiest process. If you are not an existing customer of HDFC Bank, you can still avail this option. Some details regarding HDFC Gold Loan With details are given below

  • Loan amount – from 25,000 to one million
  • Interest rate – from 9.50% p.a.
  • Loan amount – up to 80% of market value of gold (minimum Rs 25,000)
  • Loan maturity – from 3 months to 24 months

Benefits of HDFC Gold Loan

  1. Get enough time to pay the interest on the loan
  2. A very low interest rate is charged while taking this HDFC Gold Loan
  3. You will get very less processing fee when you take gold loan from this bank
  4. This bank can give you the amount as per your requirements.
  5. HDFC bank provides loan in a very simple and easy way
  6. This bank will give you a loan with very few documents
  7. HDFC Bank provides loans up to 80% based on the market value of your gold

Also Read – What is HDFC Business Loan And How To Apply

How to get HDFC Bank Gold Loan?

To avail HDFC Bank gold loan, take your gold items and visit the nearest HDFC bank branch with your identity proof and address, fill the loan application form. To verify your jewelry and verify documents from the bank officer Let’s say wait for the loan approval, once the loan is approved, the bank will send money to your account, which documents are needed.

  1. Voter card
  2. Aadhar card issued by UIDAI
  3. Passport (not expired)
  4. Driver’s license (not expired)
  5. PAN (Permanent Account Number) card (with any of the above documents) or
  6. Form 60 and passport photograph
  7. Business documentation of allied agricultural enterprises (in case of repayment of the indent for customers in agriculture)

HDFC Gold Loan Eligibility

  1. Applicant age should be between 18-70 years. Hence, the loan will not be given to any applicant who is less than 18 years or more than 70 years.
  2. Mainly, the applicant should have and own gold ornaments.
  3. Equally important is the weight and quality of the gold. Consequently, the weight of the gold should be at least 10 grams and the fineness should be between 18 carats and 22 carats.
  4. The bank is not worried about your job, anyone can apply for this loan.
    Applicant should be an Indian citizen.
  5. HDFC Gold Loan The maximum amount that can be availed is up to 1 million crowns.
  6. Address proof, KYC document, mobile number and identity proof are also necessary to get a loan.

How To Take Gold Loan From HDFC Bank

Visiting a bank branch

The simplest and easiest way to get gold loan from HDFC Bank is to visit your nearest bank branch, verify your jewelery and documents, wait for the loan to be approved, talk to the bank officer and get the details. Once your gold jewelery is valued, you can have the loan in your account soon.

Steps For HDFC Gold Loan

  1. Now fill the application form.
  2. Here you have to enter your name, mobile number, email, city, net salary etc. after filling the details.
  3. Now you will get a call from HDFC Bank for loan confirmation where the bank officials may ask for the gold verification address.

HDFC Bank Gold Loan Scheme

  1. Term loan
  2. EMI Loan
  3. Overdraft account
  4. Loan for rare end products

How to Repay HDFC Gold Loan?

Follow the steps below to repay your gold loan

  1. Visit the official website of HDFC Bank. Click on “PAY” in the header and select “Loan Repayment”.
  2. Then click on “Pay Online” option.
  3. Now click on “I agree” and then click on “Pay” to continue.
  4. On the next page, enter your 8-digit loan account number and date of birth and click “Continue”.
  5. Make the payment through your online banking account.
  6. After successful transaction, you will receive online confirmation and SMS confirmation.

Note: HDFC Bank Gold Loan can be done through online payment apps like Paytm, Phonepe, Google Pay, Amazon Pay etc by entering the loan number. In addition, a debit card, internet banking, credit card can be used to pay the loan.

Also Read – How To Apply Aadhar Card Personal Loan

FAQ

When should you apply for a gold loan?

Ans. You can apply for a gold loan whenever you need funds for any purpose. As the turnaround time for receiving the amount at the counter of your nearest HDFC Bank branch is only 45 minutes, you can avail the same by applying for gold loan in case of emergency.

What happens if the gold loan is not repaid?

Ans. In case of gold loan default, the bank will start sending reminders through email and SMS to inform the borrower about the EMI payment. Certain penalty fees or interest rates are levied on the gold loan amount after the specified period. In the event that the amount of the loan in gold is not repaid even after repeated reminders within the specified period by the bank, the bank will return the amount of the loan by selling or gold jewelry auction.

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