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Gold Loan

Service

Gold Loan

Walk into any of ICL branches and receive money against pledging of your gold ornaments. The Sales executive at our branches will take care of all the procedures. The loan amount against your ornament will depend upon the rate of Gold on that particular day and also its purity. Our Sales Executive at the branch will accordingly inform you the details.

ICL Fincorp Limited Gold Loan

The customer is entitled to receive back the gold pledged after the loan amount with complete interest has been paid. If a customer fails to repay the amount within the due date, ICL might decide to auction off gold to recover the dues. However, the customer will be given ample intimations before such a decision will be taken.

ICL Gold loan service has many products specially designed to cater to customer's varied requirements. ICL is the only company that has a gold loan product with the lowest interest rate of 9% in the industry.

The salient features of our Gold Loan service are as follows:

  • Simple and easy procedures with minimum documentation
  • Quick disbursal of loan
  • Options to repay the loan on an installment basis
  • No Gold evaluation charge
  • High security with strong room and CCTV
ICL Fincorp Limited Gold Loan

1. ICL VANITHA SURAKSHA (ICL-VS)

No Scheme Name Short Name LTV Period Rate of Interest(Per annum) Service Charge Maximum Loan Amount

1

ICL Vanitha Suraksha

ICLVS

50%

Up to 3Months

12%

25

10,000/-

 

 

 

 

>3 to 6 Months

18%

 

 

 

 

 

 

>6 to 9 Months

22%

 

 

 

  • Service charge will be collected at the time of settlement.
  • This scheme is only for  Ladies customer.
  • Maximum amount Limited to 10,000 per Loan.

 

2. ICL SUKRUTHAM (EMI-SU) 

No Scheme Name Short Name LTV Period Rate of Interest(Per annum) Service Charge Maximum Loan Amount

1

ICL Sukrutham

EMI-SU

75%

18 Months (Monthly Installment Basis)

9%

25

No Limit

 

  • If customer try to settle the pledge before due date, it will be considered as premature closing.
    So the interest rate changed to 24%.
  • 3 Days grace period available each EMI Payments.
  • 18% penalty charged for delayed EMI Payments.

 

3. ICL 104 GOLD LOAN (ICL-104)

The details of the scheme are as follows:

No Scheme Name Loan Amount Interest Rate LTV Duration Processing Charge

 

ICL-104

Up to 25 lakhs

18%

75%

120 days

Rs.50/-

(At the time of settlement)

 

  • This is a monthly interest payment scheme.
  • Closing charges Rs.50/- will be collected at the time of settlement.
  • Interest to be paid on or before each 30 days from the date of disbursement/ previous interest payment.
  • There will be 2% hike on interest rate for each 30 days if the customer does not pay full interest on monthly due date, for the entire outstanding amount.
  • After the loan duration, Rate of interest will be 29%.

 

Slab Rates:

Sl No Days Interest Rate

1

1-30 Days

18%

2

31-60 Days

20%

3

61-90 Days

22%

4

91-120 Days

24%

5

Above 120 Days

29%

4. ICL 105 GOLD LOAN (ICL-105)

The details of the scheme are as follows:

Scheme Name Loan Amount Interest Rate LTV Duration Processing Charge

ICL-105

Up to 25 lakhs

18%

75%

180 days

Rs.50/- (At the time of settlement)

 

  • This is a 60 days interest payment scheme.
  • Closing charges Rs.50/- will be collected at the time of settlement.
  • Interest to be paid on or before each 60 days from the date of disbursement/ previous interest payment.
  • There will be 2% hike on interest rate for each 60 days if the customer does not pay full interest on monthly due date, for the entire outstanding amount.
  • After the loan duration, Rate of interest will be 28%.

 

Slab Rates:

Sl No Days Interest Rate

1

1-90 Days

22%

2

91-180 Days

24%

3

181-270 Days

26%

4

Above 270 Days

28%

5. ICL 106 GOLD LOAN (ICL-106)

The details of the scheme are as follows:

Scheme Name Loan Amount Interest Rate LTV Duration Processing Charge

ICL-106

Up to 25 lakhs

22%

75%

270 days

Rs.50/- (At the time of settlement)

 

  • This is a 90 days (Quarterly) interest payment scheme.
  • Interest to be paid on or before each 90 days from the date of disbursement/ previous interest payment
  • There will be 2% hike on interest rate for each 90 days if the customer does not pay full interest on quarterly due date, for the entire outstanding amount
  • After the loan duration, Rate of interest will be 28%.
  • Processing charges Rs.50/- will be collected at the time of settlement.

 

Slab Rates:

Sl No Days Interest Rate

1

1-90 Days

22%

2

91-180 Days

24%

3

181-270 Days

26%

4

Above 270 Days

28%

6. ICL-101

Scheme Name Loan Amount Interest Rate LTV Duration

ICL-101

No Limit

16%

75%

180 Days

 

  • This is a 60 days interest shifting scheme.
  • There is no Processing Charges.
  • Interest to be paid on or before 60 days from the date of disbursement or previous complete interest payment.
  • There will be 4% hike on interest rate for each 60 days, if the customer does not pay full interest for the entire outstanding amount, subject to maximum applicable rate is 28% on nonpayment of interest more than 180 days. Revised interest rates will be charged from the loan commencement date.
  • After the loan duration on non-renewal the rate of interest will be 28%, which will be chargeable for the entire non-interest payment period.
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