Gold Loan Interest Rate - SBI, Muthoot, Manappuram, HDFC Bank, All Banks
Lowest Gold Loan Interest Rates in India May 2017
- Best gold loan offers - Compare and get lowest interest rates from banks
- Apply gold loan online without income proof
- Maximum loan tenure upto 4 years
- No CIBIL score for gold loan
- Can be used for improving CIBIL score
Gold Loan Interest Rates Comparison, Lowest EMI May 2017, Best rates
|Bank||Gold Loan Interest Rates*||Lowest EMI per lakh for Max Tenure|
|SBI||11.05% - 11.05%||Rs. 3,830 for 30 months||Explore More Apply Now|
|Muthoot||12.00% - 24.00%||Rs. 3,321 for 36 months||Explore More Apply Now|
|Manappuram||14.00% - 26.00%||Rs. 34,114 for 3 months||Explore More Apply Now|
|HDFC Bank (4.5/5.0) 27 Users||11.00% - 13.00%||Rs. 2,585 for 48 months||Explore More Apply Now|
|ICICI Bank (5/5.0) 1 Users||10.00% - 16.50%||Rs. 8,792 for 12 months||Explore More Apply Now|
|Federal Bank||11.75% - 13.50%||Rs. 8,873 for 12 months||Explore More Apply Now|
|Canara Bank||12.65% - 12.65%||Rs. 8,915 for 12 months||Explore More Apply Now|
|Andhra Bank||9.70% - 10.45%||Rs. 8,778 for 12 months||Explore More Apply Now|
|Axis Bank||14.50% - 17.00%||Rs. 3,442 for 36 months||Explore More Apply Now|
|IndusInd Bank||13.50% - 15.50%||Rs. 8,955 for 12 months||Explore More Apply Now|
|Yes Bank||10.00% - 13.50%||Rs. 3,227 for 36 months||Explore More Apply Now|
|IIFL (5/5.0) 1 Users||12.00% - 12.00%||Rs. 9,645 for 11 months||Explore More Apply Now|
|PNB||10.75% - 11.75%||Rs. 8,827 for 12 months||Explore More Apply Now|
Gold Loan Eligibility Check
You may be eligible for gold loan in India from one or more banks if you meet the following eligibility conditions:
Eligibility Criteria for Gold Loan
|Minimum and Maximum Age||
Note: However, many banks require minimum age of 23 years
|Quality of Gold||
|Form of Gold||
Lowest EMI for Gold Loan
Gold Loan EMI is the amount that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of both principal amount and interest component. Interest component on your EMI is higher in early months and reduced with each EMI. EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.
EMI depends upon loan amount, interest rate and loan tenure
- Loan amount – If you apply for a high loan amount, then your EMI will be high
- Interest rate - Higher interest rate on your loan leads to high amount of EMI
- Loan tenure – EMI on gold loan reduces in case of high loan tenure
Comparison of Gold Loan Interest Rates in India
- Gold Loan Processing fees – Most banks charges minimum processing fees of Rs. 1,000 to upto 2%. To get lowest fee, gold loan interest rate comparison, offers and cashback applying online through MyLoanCare.
- Gold Loan Prepayment and foreclosure – Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your loan partially before time, it is called part prepayment. In case you decide to pay the entire loan amount before time, it is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to eve upto 1%. So, check carefully if the low interest rate gold loan you are getting comes with high prepayment or foreclosure charges. Note that some loans cannot be repaid before time.
Do’s and Don’ts while taking Gold Loan
To get best and lowest gold loan interest rates online, read the do’s and don’ts mentioned below.
Checklist for Gold Loan
- Identity proof
- Residence address and ownership proof
- Photo identity proof
- Passport size photograph
Documents Required for Gold Loan
|Identity Proof||PAN Card/ Aadhar Card/ Voter’s ID Card/ Passport Copy|
|Address Proof||Rent agreement/ Passport/ Driving License/ Utility Bills/ Aadhar Card/ Voter’s ID Card|
Frequently Asked Questions on Gold Loan
Gold loans are usually taken for short term requirements. Generally, these are used for children education, marriage and other financial emergencies in the family. Usually rate of interest on jewel loan is relatively low. CIBIL score is not required for jewellery loans. However by Gold loan CIBIL score can be improved.How can I apply for Gold loan?
You can apply in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC’s website. You can also compare Gold loan interest rates of all banks online at MyLoanCare and apply for gold loan.What is the minimum and maximum tenure of gold loan?
These are generally taken for shorter time period. Generally the gold loan tenure is from 6 months to 36 months.What are the charges of Gold Loan?
Apart from Interest rates, there are two types of loans charged by the banks:
- Gold loan processing fee: Most banks charges minimum processing fee from NIL to 1.01% on jewel loans. To get lowest fee, comparison on gold loan rates, check offers and for cash back apply online at myloancare.
- Gold loan prepayment and foreclosure: Nobody wants to keep paying interest on a loan when you have surplus money available to repay it. When you want to repay your jewel loan partially before time, it is called part prepayment. In case you decide to prepay the entire loan amount is called foreclosure. Banks typically levy prepayment or foreclosure charges in such situations and these can range from nil to some percentage of the outstanding amount. So, check carefully if the low rate of interest is coming with high prepayment or foreclosure charges. Note that some loans cannot be paid before time.
Yes, you need to have at least one functional bank account in your name. It is even better if you have an account with the same bank from which you would like to get a loan.Can I apply for Gold loan jointly with my spouse?
Yes, you can apply for jewellery loan jointly with a co-applicant (either be your spouse or your parents).Does it affect my co-applicant if I default in Gold loan?
Yes, if you fail to pay the loan on time then it will also affect your co-applicant as default in loan will affect his/her CIBIL rating as well.What are the main factors that affect interest rate of Gold loan?
As gold loans are secured loans so they have low rate of interest. The rate of interest varies with LTV and the loan tenure.How can I prevent rejection of my loan application?
Banks or NBFCs give loan on jewellary to those borrowers about whom they are sure that he/her can repay the loan. You need to know few things if you don’t want your application to get rejected:
- The gold ornaments/coins should be real and minimum 18 Carat.
- And the loan amount will depend upon the value of gold.
Borrower should be at least 18 years and not more than 70 years of age.What type of gold jewellery can give for availing loan against gold?
- Gold ornaments with karatage in the range of 18 to 24 karats.
- Both Hallmarked Jewellery and non Hallmarked Jewellery can be used for availing gold loan, but the processing fee will be different in both cases
- Specially minted gold coins sold by banks with a weight of upto 50 grams.
One cannot borrow against gold bars, gold funds (gold Exchange Traded Funds) and specially minted gold coins of banks weighing more than 50 grams. Ladies mangal sutra is not accepted as security.What is the maximum amount I can get against my jewellery?
Most banks and NBFC's fund up to 70 - 75% of the market value of gold jewellery (adjusted for relative purity of gold pledged). Average market price is calculated as the closing price of 22 carat gold for the preceding 30 days. Check your gold loan eligibility online at MyLoanCareWhat are the repayment options on gold loan?
Three repayment options on gold loan are:
- Bullet Repayment: Simple interest is paid at monthly/ quarterly rests and principal is repaid on maturity date
- EMI Repayment: Equal installments comprising interest on a declining basis and a portion of principal amount are paid every month
- Overdraft Scheme: This is an overdraft facility against gold pledged with the bank. Customer pays interest to the bank on the amount of loan actually utilized and can deposit back and redraw the surplus whenever needed
Any person who is engaged in agriculture or allied activities is eligible for this loan. However one needs to submit evidence of farming activity (like proof of land records) to avail loan under this scheme
- Maximum loan amount: Upto Rs. 10 Lakh
- Upto 75% of the value of the ornaments
- Max loan duration: 3 years
- Rate of Interest: approx 7%-8% after taking into account government subsidy and benefits
Yes, banks charge penal fee for late payment. The percent of penal charge can be over and above the existing rate of interest or above the overdue amount. Most banks charge penal fee up to 2% p.a. over and above applicable rate of interest. Some banks also charge up to 24% p.a. as penal interest over and above applicable rate of interest. So be careful while selecting particular gold loan scheme and do check the penal fee and other chargesHow much time will it take for me to get money?
Generally banks and NBFC's offer quick disbursement of jewel loan within an hour of walk-in at specialized loan branches. MyLoanCare can help you connect with your nearest gold loan bank branch. Play safe with your valuables and visit the branch only after your appointment is confirmed by us.
Nowadays, banks give various offers on to give the best rates to individuals. To get with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on . MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free with ultimate cashback and refer and earn benefits. So, apply for today and enjoy the benefits.