Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Gold Loan Interest rates

    What is a Gold Loan?

    Gold loan is a new and emerging concept in the banking industry. There are a lot of people who own gold jewellery or ornaments which are lying idle at home or in the bank vault. A gold loan basically helps you unlock the value of these precious metals by allowing you to avail a loan against them. The process of availing a gold loan is rather simple. You can approach any bank or non-banking company which provides a gold loan with your ornaments. The bank or lender will carry out a valuation of the ornaments and check them for purity, weight, etc. In some cases, you might also be required to show proof of your ownership of the gold ornaments being pledged by you. Once the ornaments have been verified, the loan amount will be sanctioned to you. Also, like any other type of loan, banks or lenders will only give you a loan which is up to 80% of the loan value.

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    A gold loan or loan against gold could be compared to a personal loan, but usually does not carry any end-use restrictions. Also, the interest rates on loans against gold are comparatively lower than other types of loans. Gold loans are usually taken for shorter periods to fulfill immediate upcoming requirements like paying for a child’s education, planning a wedding, taking care of a medical emergency, etc. In India, there are many nationalized banks, private banks, public sector banks and other non-banking finance organizations which provide loans against gold at attractive rates.

    Advantages of a Gold Loan

    • Available To A Larger Number Of People – To avail a gold loan, applicants are usually not required to furnish any documentation like salary slips, certificates, credit history, bank statements, etc. Due to this reason, even non-working or unemployed individuals can apply and avail a loan against gold. Some banks or lenders may however require gold loan applicants to furnish a proof of ownership of the gold ornaments which they’re pledging.
    • No Extensive Documentation Required – Unlike other types of unsecured loans, a loan against gold does not require you to furnish extensive documentation for application. You will only be asked to provide basic documents for proof of identity and proof of residence to avail a gold loan.
    • Comparatively Lower Interest Rates – One of the most important advantages of a gold loan is the lower interest rate it is available at. While other types of loans like personal loans are normally available at interest rates ranging between 15% to 26%, a loan taken against gold, i=on the other hand, can be availed at a significantly lower interest rate ranging between 12% to 16%.
    • Simpler Alternative To A Personal Loan – A loan against gold or a gold loan is a fairly simpler alternative to taking a personal loan, especially in terms of documentation. For a gold loan, you only need to take your gold jewellery to the bank or lender, where it will be verified and valued, before the loan amount is sanctioned to you. With a gold loan, you can expect to get a loan amount which could be as high as up to 80% of the market value of the gold.
    • Repayment Options – Banks and lenders usually provide flexible repayments terms for loans taken against gold. Borrower will be given an option to pay only interest during the entire term and at the end of the tenure you can pay complete borrowed amount in single shot.
    • Quick Loan Processing & Loan Disbursal – Unlike other types of loans which usually have longer waiting periods between loan application and loan disbursal, loans against gold have a comparatively lesser wait period. In most cases, banks and lenders will approve and disburse the loan within a few hours or sooner, once the gold ornaments have been verified and undergone valuation for weight and purity. If you are looking to get a loan in the minimum possible time, a gold loan may be your best bet.
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    What are the Banks Offering Gold Loans

    In India, there are many banks and non-banking companies which offer customers loans against gold. Most banks and lenders also offer multiple gold loan schemes to allow customers to avail gold loans as per their requirements. Some of the top banks which provide loans against gold are listed as follows:

    1. ICICI Bank – Provides gold loans under the EMI Scheme at an interest rate ranging between 12 % to 16.50%.
    2. State Bank of India – The nation’s largest public sector bank provides loans against gold at 2.50% above the base rate of 9.85%. The current rate of interest for loans against gold ornaments (demand loan) is 12.50%.
    3. Axis Bank – Provides loans against gold under the EMI Scheme and the Bullet Repayment Scheme. The bank provides loans against gold at interest rates between 14.50% up to 17 %.
    4. Muthoot Finance – One of the very first companies to introduce the facility of gold loans in India, Muthoot Finance provides multiple gold loan schemes with differing rates of interest and tenures. The interest rates for the various gold loan schemes range from between 12% and up to 24%, for loans featuring different time periods.
    5. Punjab National Bank – Provides gold loans under the Bullet Repayment Scheme, EMI Scheme and the Overdraft Scheme. The interest rates for this loan range between 11.10% to 12.10%.
    6. Manappuram Finance Limited – One of India’s highest credit rated companies, Manappuram Finance also offers customers a variety of gold loan schemes like the EMI scheme and Bullet Repayment Scheme. Interest rates for Manappuram Gold loans range between 12.00% to 26.00%.
    7. IndusInd Bank – Provides gold loans against gold at interest rates ranging between 13.50% to 15.50%.
    8. Canara Bank – Canara Bank offers the Swarna Loan (loan against gold) to its customers under the Bullet Repayment Scheme at 3.10% above the base rate of 9.65%. The applicable interest rate is 12.75%.
    9. HDFC Bank – Offers the Sampoorna Bharosa gold loan, a highly affordable gold loan which can be availed at any HDFC bank branch. This gold loan comes with very convenient terms and is offered at an interest rate ranging between 6.70% to 15.65%.
    10. Federal Bank – Offers two different types of gold loans under the Overdraft Scheme and the Bullet Repayment scheme. The interest rates applicable on these gold loans range between 13.00% to 13.50%.

    Gold Loan Interest rates

    Bank Name Gold Loan Interest Rates
    ICICI Bank 12 % to 16.50 %
    State Bank of India 12.50 %
    Muthoot Finance Limited 12 % to 24 %
    Axis Bank 14.50 % to 17 %
    Punjab National Bank 11.10 % to 12.10 %
    Manappuram Finance Limited 12 % to 26 %
    IndusInd Bank 13.50 % to 15.50 %
    Canara Bank 12.75 %
    HDFC Bank 6.70 % to 15.65 %
    Federal Bank 13 % to 13.50 %

    Gold Loan Calculator

    With the host of features and advantages they have over other types of loans, loans against gold can be an ideal alternative to finance your needs. Gold loans can help you obtain easy finance to take care of needs like child’s tuition fee, emergency medical need, and down payment for a vehicle or house, financing a wedding or any other immediate need. Also, applying and getting a loan against gold is far simpler as compared to other kinds of loans which require extensive documentation.

    Gold loans can provide you with loan amounts as high as 80% of the value of the gold. However, if you wish to find out how much you’re gold loan may cost you, a gold loan EMI calculator can help you in this regard. With this tool, you can easily get the amount you will be required to pay each month towards your gold loan. This way you can compare gold loans being offered by various banks and lenders before arriving at a decision. A gold loan EMI calculator is fairly simple to use. a standard gold loan EMI calculator will ask you to input details like the amount of loan you wish to take, the rate of interest applicable on the loan, the duration for which you wish to take the loan and the number of EMIs you wish to pay off the loan in. Once all this information has been input, the calculator will automatically display the amount of EMI which you will have to pay for the duration of the loan, in order to repay it fully.

    Gold Loan Interest rates Reviews

    • Kotak Personal Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      My personal loan was taken with KOTAK BANK 1.5 years back. Te loan amount was 93,000 but the interest rate was very high . The tenure period was 36 months but i pre closed it and they have collected 5% as pre closing charge. They have forced me to take this loan and the prepossess was also very lengthy. They have taken 3 week top disbursed the loan amount and the processing fee was also too high.My
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC bank 2 years back.The loan amount was 2.5 lakhs and the interest rate was satisfactory . The EMI period was 4 years and I have taken a top up loan also 1 year back. The process took Its 4 days and they have disbursed the amount with in a week which is very good. The processing fee was also very nominal . I had a good experience here.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Personal Loan
      "Average loan services"
      0.5 3.0/5 "Satisfactory"
      I don't gone through their customer care service so far. They have given me a interest rate of 14.5% which is very high. I have got the loan amount of Rs. 4 lakhs and they have charged mea 4% as processing fee. I have taken the tenure period of 5 years. I have taken the personal loan 1.5 years back. I have received the loan on time.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 19, 2018
    • HDFC Bank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with HDFC Bank 1 month back. The loan amount was 2,50,000 and the interest rate was satisfactory . The customer service and responses was up to the mark. The tenure period was 48 months . The documentation was quick and proper. The processing fee was also nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2018
    • Canara Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good service which they had provided so far. The process in getting this loan had been very good and the loan amount which they had provided had been satisfactory as well. After applying the loan has been disbursed immediately, and there hasn't been any hassle faced with the banking services.
      Was this review helpful? 3
      , chennai
      Reviewed on Jul 18, 2018
    • Capital First Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Capital First and my loan experience was good, the loan amount was for Rs 1.5 lakhs with nominal interest rate when compared to others. Customer service was good, they followed up on time and the tenure period is 4 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with HDFC bank and my experience was good, the loan amount was for Rs 3 lakhs with 1 lakh top up loan. The rate of interest was nominal when compared to others. Customer service was good, the tenure period was for 5 years and i preclosed the loan in 3 years. They charged 2% as penalty for preclosure.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 18, 2018
    • Tata capital Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with this loan and the loan amount which they had provided had been satisfactory. The banking services went well and there hasn't been any hassle with the banking services. The interest rate with them had been less when compared with the other banks in the market.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 18, 2018
    • Bajaj Finserv Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience in getting this Personal Loan and the loan amount which they ha provided had been satisfactory. The interest rate has been good when compared with the market rate. Their staff has been prompt and had been showing a good response where there hasn't been any hassle.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 18, 2018
    • Syndicate Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very good and the loan amount which they had given has been satisfactory as well. The interest rate has been lower when compared with the other banks. There has not been any issues faced with the banking service which they had been providing so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My personal loan was taken with HDFC bank 4 months back. The loan amount was 1,4000 and the interest rate was very high . The tenure period was 3 years . I am satisfied with the service here . The process was very good and the documentation was quite satisfactory since i hold my debit card here , it was easy. The processing fee was very high and the loan was approached on time
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC bank 5 years back..The loan amount was 1,50,000 and the interest rate was very satisfactory . The tenure period was 3 years . The customer service and responsiveness was up to the mark. I had a very hassle free process and they have sanctioned the loan within the prescribed time line.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      My personal loan was taken with ICICI bank 3 years back. The loan amount was 2.5 lakhs and the interest rate was satisfactory . The EMI period was 5 years . The process was very good and they have sanctioned the loan wit the committed time,. They have even provided door step service for collecting documents.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan with HDFC bank 2 months back. The loan amount was 3 lakhs and the tenure period was 5 years . Their interest rte was also very satisfactory . I had a very good loan process here . It was a completely paperless documentation and they have disbursed with 15 minutes but the processing fee was high .They sanctioned the loan within the committed time so its recommendable.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from Hdfc bank for 5 lakhs , as the rate of interest is nominal one . Paying the payments through Ecs . They took 8-9 days for approval and documentation as instant approval process .The customer service and response is good . The processing fees is Rs 3000 , they gave the tenure period for 4 years .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from the Hdfc bank which they approved in 1 day and the amount is reflected in next day ,its instant approve process. As am not satisfied with the rate of interest which is quiet high. They provided the tenure period of 24 months and i make the payment monthly though ECS. There are processing fees of rs 500.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a very good experience with this loan, there has been some charges of 16% and the process in getting this loan had been easy and simple. The loan amount which they had provided had been satisfactory and there has not been any processing fee which they had been charging.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan with HDFC bank and my loan experience was good, the loan amount was for Rs 3 lakhs with 11.75% as interest rate which is nominal in market. They charge 2% for preclosure. Customer service was good with HDFC bank and the tenure period is 3 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very good and the loan amount which they had provided had been satisfactory as well. I had taken this loan for the purchase of one of the land. There has not been any sort of processing fee which they had taken and all went well. The customer support and the staff responses had been good so far and their customer support also had been good as well.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 17, 2018
    • Citibank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from the Citibank for 4 lacs , The interest rate mis very high. I got the loan amount with in a day and credit to the account. The application and the documentation was really easy and hassle free. They need to lower the interest rates in par with other providers.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 17, 2018
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