Secure Gold Loan with ICICI Bank

A loan availed against your gold jewellery (i.e. your gold jewellery is the collateral) is known as a Gold Loan or a Jewel Loan. At ICICI Bank, you can quickly avail a Gold Loan of up to ₹2 crore. Features of Gold Loans like simple documentation and instant disbursement make them an easy and convenient way of securing funds. 

Getting a Gold Loan typically involves:

• Application: Fill out an application form, either online or by visiting any ICICI Bank Branch. Provide details such as name and mobile number.
• Gold valuation: The Bank evaluates the purity and weight of the gold you intend to pledge. This determines the loan amount you can receive as a percentage of your gold's market value.
• Documentation: Submit necessary documents such as proof of identity and proof of address.
• Loan approval: Once the gold’s value and documentation are verified, the loan is approved, and the loan’s terms, including loan amount, interest rate and repayment schedule are agreed upon.
• Disbursement: The loan amount is disbursed to your bank account.

You can use the Gold Loan Calculator to understand the repayment of the loan, with a tenure of 6 months or 12 months.

ICICI Bank Gold Loan comes with a minimum interest rate of 8.75% p.a.^* based on the prevailing market situation. Gold Loan interest rates will vary according to the terms of the Loan, the purity of the gold and profile of the customer.

The Gold Loan documentation process is very simple. It does not require you to share income proofs. The documents required for a Gold Loan are:

• Two passport-size photographs
• Proof of identity such as Driving Licence / Form 60 / Form 61 / Valid Passport / Voter ID Card / Aadhaar Card. PAN Card issued in India is no longer considered as valid proof of identity
• Proof of address such as Driving Licence/Voter ID Card/Aadhaar Card/Valid Passport/Registered Lease Agreement with utility bills not older than 3 months in your landlord’s name
• Proof of landholding needs to be provided in case of an Agricultural Loan of more than ₹1 lakh.

ICICI Bank provides quick Gold Loan disbursement, subject to the verification of the gold and other documents submitted. The approval is at the sole discretion of ICICI Bank.

You can avail a Gold Loan of a maximum amount of ₹2 crore.

• The nominee of the Gold Loan will be responsible for full and final repayment during the closure process
• For cases where a nominee is not declared by the borrower at the time of Gold Loan account opening, repayment must be done by the legal heir
• The gold jewellery will be handed over only after closure of the Gold Loan Account.

The following documents are required:

If a nominee exists:

a) Death Certificate

b) KYC of the nominee.

If there is no nominee:

1) Loan Amount less than ₹25,000:

• Copy of Death Certificate
• Indemnity Letter signed by the claimant.

2) Loan Amount between ₹25,000 and ₹10 lakh:

• Copy of Death Certificate
• Indemnity Letter signed by the claimant, backed by 2 sureties.

3) Loan Amount above ₹10 lakh:

• Copy of Death Certificate
• Indemnity Letter signed by the claimant, backed by 2 sureties
• Affidavit on stamp paper
• Copy of the Will and Letter of Probate or Letter of Administration.

T&Cs apply.

Simply visit the ICICI Bank Gold Loan Portal . Enter your Customer ID or Loan Account Number along with the password or PIN that you have created during Loan application. This will give you access to your Account details, Loan balance, repayment schedule and more.

The valuation will be based on the lower of the following two values:

(a)   the average closing price for 22-carat gold over the preceding 30 days or

(b)   the previous day’s closing price published by IBJA (India Bullion and Jewellers Association Ltd.)

The value of non-gold fastenings, precious stones and semi-precious stones should be excluded after conducting the required stone, acid and filing tests, wherever applicable.