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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.

    Perfect Personal Loan Deals for you

    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

    • HDFC Bank Personal Loan
      "EXCELENT"
      0.5 5.0/5 "Blown Away!"
      The over all experience is very good. When it comes to the interest rate it is high the interest rate is 15.05%. MY INSURANCE is for 3 years, and i have to pay it for 3 years i would be paying for my loan through on line I am satisfied with the limit that they are provided in my loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • IndusInd Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience with IndusInd bank was good, the loan amount was for Rs 4.50 lakhs with interest rate of 11.5% which is nominal interest rate. The process was quick and i received my loan amount on time. Customer service was fine and the tenure for this loan is 4 years
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • Bank Bazaar Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I am happy with the services I have taken from this on line tool for my loan amount, the process went very smooth I received the amount on time, and the services were also good. I did not face any hassles while going through the process and I had many options to choose and compare.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • Citibank Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Citi bank, the process was good I received the amount on time, I received the whole amount of Rs. 2,00,000 that I applied for. I only found that interest rate was a bit high as compared to others, or else there is no other issues with the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2018
    • Bank Bazaar Personal Loan
      "Good services"
      0.5 4.0/5 "Great!"
      I have taken the services of this on line tool, the services were good, I received prompt and quick response, the process was quite easy, the product was received on time, I did not face any hassles. I am quite happy and satisfied with the services they have offered me.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 23, 2018
    • Tata capital Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Tata capital, the process was good, everything was fine, the interest rate they charges I am OK with that too, and I received the amount on time, I applied for Rs. 1,00,000 and I received the whole amount. I received proper customer service in processing the loan amount, hence I am happy.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 23, 2018
    • Bank Bazaar Personal Loan
      "Easy process to get the loan."
      0.5 4.0/5 "Great!"
      This is my first experience with Bankbazaar.com and the good thing is that I do not have to go anywhere, as I am a working guy. I did not expect the process to be this fast and convenient. I could upload my documents online and the bank also contacted me on time. I did not have to waste any time. It would be better if the initial response was more sooner and prompt.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • ICICI Bank Personal Loan
      "Services are good"
      0.5 4.0/5 "Great!"
      The process was good with ICICI Bank for the personal loan and they collected the documents on time and it was taken at my place. The rate of interest is around 10.99% which is okay for me and the processing fees is also nominal. The loan disbursed was as needed with the tenure for five years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2018
    • Bank Bazaar Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar gets a five stars because the response from the service team was good and I got a call every time about the updates and they guided me as well as to what was the next step to do. The website is also good. I got to know about the portal online.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 22, 2018
    • Kotak Personal Loan
      "Good. Can reduce the ROI and charges"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Kotak Mahindra Bank. It was a nice process and a short process as well. The documents was also collected on time. The loan disbursed was okay for me. The rate of interest is around 14% and there was a processing fee too which is on the higher side.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 22, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from ICICI bank and the loan experience was good, the loan amount was for Rs 3 lakhs with nominal interest rate when compared to all other banks. The tenure period for this loan is 4 years and there are no preclosure charges for this loan.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 22, 2018
    • Bank Bazaar Personal Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      It was a easy process with Bankbazaar.com, and the team was on time as well. I was able to get the necessary information and this is my first experience and the website is also good and easy to understand. There were proper follow up calls as well.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
    • HDB Financial Services Personal Loan
      "Overall good and smooth process"
      0.5 4.0/5 "Great!"
      It was a good experience with HDB Financial services for the personal loan. The process was on time and I got the loan within one week too. The executive collected my documents at my place. The rate of interest is around 12.99% and the processing fees was around 2500. I got the loan amount as needed and this is for the tenure of 5 years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
    • SBI Personal Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State Bank of India and they were very transparent in the process. All the details were clearly explained and there were no hidden charges. The customer services and response is good and the process is also quick.
      Was this review helpful? 0
      , darbhanga
      Reviewed on May 22, 2018
    • Bank Bazaar Personal Loan
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      It was overall good with Bankbazaar.com and the process was also smooth. I was contacted on time and they were quick to process my details to the banks. They also followed up in the process. But it would be better if the call volume is reduced after the customer has given all the information and when the process is done.
      Was this review helpful? 0
      , darbhanga
      Reviewed on May 22, 2018
    • HDFC Bank Personal Loan
      "Not up to the mark"
      0.5 1.0/5 "Really Bad"
      The experience at HDFC Bank was not up to the mark. I had taken a personal loan. They were no transparent in the process and what ever they spoke to me regarding the charges was not consistent. I was charged extra at the end and they have no been able to clarify the same with me. Initially the interest rate was around 13.5% to 14% and finally they have processed the loan for 14.5%.
      Was this review helpful? 0
      , darbhanga
      Reviewed on May 22, 2018
    • Bank Bazaar Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      It is a good experience with Bankbazaar.com, I have taken my personal loan through this portal. I received a response as soon as I registered and the team provided me with the required details. The website is also good and there are no hassles.
      Was this review helpful? 0
      , bahadurgarh
      Reviewed on May 22, 2018
    • Fullerton Personal Loan
      "Process is good. ROI is high"
      0.5 4.0/5 "Great!"
      It was a good experience with Fullerton as I faced no problem to get my personal loan. My documents was taken on time at my door step. The rate of interest is 30% which is very high and the processing fees is 2%. There were also a fee taken for the insurance.
      Was this review helpful? 0
      , bahadurgarh
      Reviewed on May 22, 2018
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      This is the first experience for me at Bankbazaar.com and the whole process was good. The customer services and response is good and there are no hassles and no delay. It was a speedy process. The follow up process was also good. I got to know the portal from my colleague.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
    • HDFC Bank Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      It was a good experience with HDFC Bank for the personal loan. I have got the loan within a week, they were quick to collect the documents and process the same. The rate of interest is around 10.99% and the processing charges is average. The loan amount disbursed is as per my requirement and it is for the tenure two years.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2018
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