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.