The bank, registered in Mumbai, India in August 1994, was established under the name of ‘HDFC Bank Limited.’ It is a Planned Commercial Bank, HDFC Bank started its activities in January 1995. The Housing Development Finance Company Limited (HDFC) was one of the first to obtain ‘in principle’ clearance from the Reserve Bank of India (RBI), for setting up a banking business in the private sector. The Bank had 5,314 branches and 13,514 ATM in 2,768 cities/towns as of 2019. The Bank has made its dedication to technology and the Internet as one of its main priorities and has already taken crucial measures to allow its core businesses to be web-based. The gold loan is a featured scheme for its customers to use emergency funds among other loans provided by HDFC Bank. Let’s learn in-depth what a gold loan is and how EMI is to be measured.
Gold loan is a stable loan where the borrower offers gold ornaments to a gold lending firm as collateral. In exchange, the firm provides the borrower with a loan amount according to the market value of gold. Banks offer this loan to borrowers by holding gold and coins, which are given to the borrower when the loan amount is paid off.
Who can Avail Gold Loan? You must be a farmer, a trader, a salary-earner or independent professional, or a businessman to apply for a Gold Loan.
HDFC Gold Loan EMI Calculator
How much does your gold loan amount have to be charged per month? Test out simple and customizable Gold Loan and EMI calculator instantly.
There are other qualifying requirements when you apply for a gold loan in HDFC Bank, in which HDFC Bank approves the gold loan
- Borrower’s Age: The age of application for HDFC gold loan is 21 – 65 years.
- The applicant’s salary: income helps to assess the loan repayment ability.
- The amount for a loan: Borrowers may apply for a loan for a minimum loan of Rs. 25,000 and a maximum of Rs. 5,000,000 for a Gold Loan from HDFC Bank.
- Loan Tenure: The longer you plan to keep, the more worthy is your Gold Loan. HDFC Bank grants you a 3-month to 24-month Gold loan tenure.
Why take Gold Loan from HDFC Bank?
At the lowest EMI of Rs. 4617 a lakh, which is smaller than many other banks, HDFC bank provides the Gold Loan at a reasonable interest rate of 10.05 percent. If you spend more than this for the EMI, you can choose to transfer your balance to the HDFC Bank and switch your gold loan to it.
- With no more than 45 minutes after acceptance of the loan, you will obtain funds. It is one of the fastest periods to fund a gold loan on the sector.
- The bank offers your gold items special 3-layered security. Gold investments are protected securely and returned in a few days after completing the repayments.
- HDFC offers an online facility to apply for a gold loan and get benefits at your doorsteps.
- The bank has different choices for redemption, EMI, overdraft, bullet redemption, and more.
- Depending on the loan scheme, you can obtain a full value rate of up to 75%.
- Current consumers and farmers’ and women’s loans are offered at discounted interest rates.
HDFC Gold Loan EMI Calculator – Eligibility Factors to Avail Gold Loan
Under the term ‘Sampoorna Bharosa Gold Loan,’ a gold loan is given by HDFC Bank that is instantly accessible from any branch of the HDFC Bank or through online. With the assistance of a gold loan, you do not need to think about the cash shortages, because anybody can make promises of taking a loan for Gold. The obtained cash can be utilized for commercial purposes, such as the acquisition of an asset or debt payment or external financing needs. The amount of loan should not be used for purchasing gold coins or jewelry or some other reason, as the HDFC bank prohibits that loan amount.
What is the HDFC Gold Loan Interest Rate 2020?
The HDFC bank’s interest rates on Sampoorna Bharosa Gold Loan differ according to the term of the loan, amount, and borrower. Present values vary from 10.05% to 17.95% p.a. The quality of Gold plays a major role in determining the HDFC’s gold loan interest rates. The average HDFC gold loan rate is 12 to 13 percent annually, rendering extremely profitable for both its existing bank customers and new debtors.
HDFC Bank provides its goods and services at exclusive rates to women and current customers. The interest rate for the HDFC jewel loan varies by lending amount, gold quality, and loan to value ratio.
How Much is the HDFC Gold Loan per Gram?
The table below provides an estimation of an HDFC gold loan per gram. The bank offers loans against gold gems of various purity levels at a higher LTV of 75% and a lower LTV of 65%.
|Gold Purity||22 Carat||20 Carat||18 Carat|
|Gold rate per gram (avg. of past 30 days)||46,660||42,418||38,176|
|Best Gold Loan per gram||3,499||3,499||2,863|
|Lowest Gold Loan per gram||3,033||2,757||2,481|
The table above demonstrates how HDFC Bank measures the gold loan of various quality for Gold per gram. Take advantage of your idle Gold with enticing gold loans from the HDFC bank branch. Get a loan with limited paperwork and straightforward payments within 45 minutes over the counter.
How to Apply for Gold Loan in HDFC Bank?
- Offline Method
It is effortless to apply for a gold loan in HDFC bank with over the counter loan disbursement. Walk into the closest branch that provides gold loans with the following ornaments. It then permits the following documents like a valid driving license, an Identification card, Aadhaar card provided by UIDAI, and PAN card. Unusually, HDFC Gold Loan is credited out within an hour, although it can take a long time if the papers are inappropriate.
- Online Method
Check the below steps to apply for HDFC gold loan through online:
- Open the HDFC bank official portal. Check on the right side, i.e., under ‘What are you looking for’ section, and at the drop-down menu of ‘Select product type’ choose the option of ‘Loans.’
- Opt for the gold loan from the drop-down list. Select the option “Apply online.”
- It is redirected to the next page, fill the form by entering your personal information. Check once thoroughly upon filling all fields in the form and click the submit button.
- The proposed loan application form is verified based on the documents that you enclosed, and the bank determines the loan eligibility.
- Upon submission and verification of the filled application, you get a call from HDFC bank executive.
- EVA-Online Customer Support
Connecting to EVA-Online customer service is an alternative way to apply for a gold loan online. Check out HDFC Bank’s official website. Look at the bottom right side page and click on ‘Ask EVA’ and type ‘Apply for Gold Loan’. Later enter your personal information.
How Can I get a Gold Loan from HDFC Bank?
A gold loan with HDFC bank may be obtained directly with the branch visit or by filling details in the online application form. However, you can apply online on finance websites to access the best gold loan rates and compare of all banks.
HDFC Bank’s customer representatives will call you directly to schedule aN appointment for a branch visit. A professional loan officer will also help you maintain a secure, comfortable, and timely method of obtaining loans. In a single branch visit, you can get a gold loan during which HDFC Bank will test your jewelry for its purity and weight. If the jewelry meets with the HDFC bank’s requirements, it will approve your loan and offer you an instant loan against your gold jewelry.
How to Pay HDFC Gold Loan Online?
Customers who want to pay their Gold loan EMI can follow these modes:
Customer can call to the HDFC Bank’s customer care number between 8:00 AM and 8:00 PM and request gold loan EMI payment. Here are then phone numbers state/city wise below to contact.
- Dial number 61606161 for Delhi & NCR, Ahmedabad, Mumbai, Kolkata, Chennai, Hyderabad, Pune, Bangalore
- Dial number 6160616 for Cochin, Lucknow, Indore, Chandigarh, Jaipur
Note: Customer has to add the STD code of their respective location before the phone number
- Open the HDFC Bank web portal. Click your mouse on the button “Pay” on the top header section and choose the loan repayment option.
- Click on the “Pay online” option that redirects to the main payment page.
- Select the button of ‘I agree’ and click on ‘Pay’ option to move to the next step
- On the next page, type your eight-digit loan account number in the field provided on the screen and enter the date of birth. Select “Proceed” here.
- Pay your loan overdue from the HDFC bank’s internet login page.
- You get an online receipt along with SMS confirmation on transaction acknowledgment.
Gold prices in the market are skyrocketing. Thus, it also helps people who want to get over a temporary cash crunch. Despite family incomes depressed because of salary cuts and work losses, more and more individuals are in the line for actual gold loans.
Specific options, such as personal loans or credit cards, entail huge expenses and may place cash-strapped borrowers more under scrutiny. If you are facing a cash crunch, think no further than taking an HDFC gold loan?