Maximize the Power of Your Gold with HDFC Gold Loan
Everyone wants gold. It's a perfect example of how more is never enough. Gold, in Indian society, comes very importantly into the functions of weddings and other special occasions. But with the inflation today and gold rates touching the sky, an average person can hardly afford to buy gold easily. Thereafter, HDFC steps in. Through our gold loan service, we offer the lowest interest rates in comparison with other banks because "We understand your world.
Why Compromise? Go HDFC Gold Loan for the Best
Availing an HDFC Gold Loan is a great decision since they offer unmatched benefits. Interest rates as low as 8.50% p.a., coupled with the most nominal processing fee of 1%, make sure HDFC Bank fits into your wallet. The procedure is hassle-free with minimal documentation and does not require any proof of income or credit scores. Added to this, HDFC has flexible repayment options with nil foreclosure charges after three months, and high loan-to-value ratios up to 75%. Put your trust in HDFC, thus providing safe, efficient, and customer-friendly Gold Loan services that help you arrange for a seamless meeting of your financial needs.
Who Can Apply for an HDFC Gold Loan?
Do you have any gold jewelry or coins lying that you can pledge and get immediate cash? You can opt for an HDFC Gold Loan!
Key Details
- Interest Rate: 8.50% per annum onwards
- Loan Amount: Above Rs 10,000
- Repayment Tenure: Up to 2 years
- Processing Fee: Up to 1% of the loan amount plus taxes
Other Charges:
- Valuation charges
- Premature closure fees
- Delayed installment payment fees
- Payment return charges
- TOD charges for overdraft account
Benefits:
- Flexible options in case of repayment
- Minimal foreclosure charges after 3 months
- Quick access to funds with minimal documents
HDFC Gold Loan: Know the Interest Rates, Fees, and Eligibility
HDFC Bank offers gold loans at attractive interest rates, making it a popular option for short-term or personal needs. Here's what you need to know:
- Interest Rates: 8.50% to 17.46% per year
- Processing Fee: 1% of the loan amount
Other Charges:
- Valuation Charge: Rs 250 (for loans up to 1.5 lakhs) or Rs 575 (for loans above 1.5 lakhs)
- Premature Closure Charge: 1% of the outstanding amount
- Renewal Charge: Rs 350
- Delayed Payment Charge: 18% per year
- Payment Return Charge: Rs 200
Eligibility: You can get a loan up to 75% of your gold's value
Documents Required: ID proof, address proof, and gold purity certificate
EMI Calculator
You can go for an online calculation regarding your eligibility for a gold loan and the EMI amount that you must pay. Just provide your gold weight, purity, and the tenure for which the loan would be taken to get a rough estimate.
Unlock the Power of Gold: Benefits and Tax Insights
Benefits
- No prepayment penalties after 3 months
- Flexible payback options: EMI, bullet repayment, interest upfront
- High LTV ratio of 75%
- Simple and only KYC-based documentation
- In-principle sanction/quick loan disbursal in under an hour
Tax Implications
- Interest paid on a Gold Loan is not eligible for tax deduction
- Amount received on loan is not considered as income, so it's not taxable
- Capital gains tax may apply if the gold is sold by the bank due to non-repayment
- Interest paid can be claimed as a business expense if the Gold Loan is used for business purposes
Important Note:
- Please consult a tax advisor or expert to understand the specific tax implications and benefits in your situation
- Fees and charges will be subject to the inclusion of GST and other Government taxes
- No foreclosure and prepayment charges for Micro and Small Enterprises who close or part-pay their loans from their own funds.
- No processing fees for loans up to Rs 5 lakhs for Micro and Small Enterprises with Udyam Registration Certificate