Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Gold Loan Interest rates is Rated as "Great!" by 98041 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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.

    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.

    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

    • Bank Bazaar Personal Loan
      "Awesome one stop shop "
      0.5 5.0/5 "Blown Away!"
      Various option available in Bank Bazaar, rather going to direct financier. here we can analyze the real information in website without going anywhere. I am using the site for past 2 months, the portal is good to post the request. The customer support team gave me the proper information.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Satisfactory Experience"
      0.5 4.0/5 "Great!"
      I am satisfied with Tata Capital documentation part and they have fulfilled the commitment on my personal loan. The interest rate is quite nominal they gave me the same thing which provided by other banks. Even the door step documentation process is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 14, 2019
    • Axis Bank Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in Axis Bank before 4.5 years back and its been completed before 5 to 6 months have taken top-up loan. The customer service is very good. The charges are more compared to other banks. The loan duration is 5 years. Monthly installment is 5600 rupees through net banking.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was better. I have been using the bank bazaar website for past 2 years, It was helpful to take credit card,loans and to check the credit score. Am comfortable with the mobile app. Most I like the responsibility is very good and process was simple.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan from Early Salary through online channel. The customer service is good and the response was proper. The interest rate is better, I have taken 18K from the Early Salary and have completed one EMI and two more is pending. The documents are collected by the executive.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was good. This is the first time with bank bazaar and it was recommended by my friend. The response was very quick from the bank bazaar, It is easy to compare and take the loan. Am comfortable with the mobile application.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The executive did not came to collect my documents and have tried to contact him, does not respond to me. The rate of interest is nominal. The process was easy in Early Salary to take the personal loan. The processing fee is okay. I have taken a loan for 35K which will be paid at single payment. I have request to extend my loan amount.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      This is the first time I have logged in bank bazaar for the personal loan which has been recommended by some one. Its pretty good and feasible. I am able to compare with the multiple banks at one platform. I have used the website,I don't prefer mobile application.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken my personal loan from Citi Bank through online channel. I think the interest rate which can be lower compare to other banks. I believe they have charged the processing fee which is minor amount because have not received the whole amount on my loan. They took 3 to 4 days for the disbursement. My documents are collected by the executive.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I am happy with the bank bazaar and it was mentioned as paper less but at last they have requested for cheque leaf and other hard copy, this is to be informed to the customer in prior. The customer service is good, they were not very clear about the documentation alone. I used the website.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I guess the rate of interest is best which was given by Tata Capital where others are given more percentage. I opted for 3 years, I don't know about the terms and conditions for foreclosure. The executive came to my office and took some documents. The process was immediate and not has lengthy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good and sometimes the requirements are not fulfilled interms of rate of interest on the personal loan. There was no issues with the customer service and i would say its good. I am using the site for more than 2 to 3 years and have checked the credit score and showing some closed loans.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • IndusInd Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      They have given me a good service. I am satisfied with the Induslnd Bank. They have taken bit longer time to collect the documents. The rate of interest was prompt and there was no processing fee. They took a week to deliver the loan amount. I can do partial payment and foreclosure anytime without charges.
      Was this review helpful? 1
      , mohali
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have applied for the personal loan in bank bazaar, the representative was very co-operative. probably am using it for 3 to 4months and have known it through online. Everything was fine and used the mobile app which was easy to compare and hassle free.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Early Salary Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have no issues with the Early Salary and there is no need for me to contact their customer service. Only one thing is the rate of interest and charges are high compared to others. I have taken the loan of 20, 000 rupees. The documentation procedure was perfectly fine.
      Was this review helpful? 1
      , chandigarh
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have to be a mediator for the bank and bank bazaar and need to followup every day. After disbursing They said will get Amazon gift voucher which I yet to receive. Its my first time and known through online Google search and TV advertisement. Their mobile app was simple and handy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Need to improve the service"
      0.5 2.0/5 "Expected more"
      HDFC have delayed too much in disbursing the loan. The rate of intersect and charges are good. The document are submitted online, I opted for 4 years. The partial payment can be done after one year and they charge 4% for foreclosure. The customer service and response was not up to the mark.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have dealt with bankbazaar.com for the first time to apply the personal loan. Initially I used to check my credit score and later have tried for the loans. The process was very good and it was done without any hassle. Am comfortable with the website than my phone. I like the service very much.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The process was very faster and the response was on time. They have delivered the loan within a week. The documentation procedure was easy and have submitted online and as well as to the executive. I think the rate of interest was little bit high suggest them to reduce the charges. The loan tenure is 5 years and its a fixed interest rate.
      Was this review helpful? 1
      , hosur
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan through bankbazaar.com and it was my first time experience. I have used the website on my mobile phone which was simple to access. I have received the promotional message. I have checked my credit score and have checked personally with HDFC, both are not matching.
      Was this review helpful? 1
      , nellore
      Reviewed on Jan 14, 2019
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.