Gold Loan Interest Rate - SBI, Muthoot, Manappuram, HDFC Bank, All Banks

Gold Loan Interest Rates in India

Last Updated 17th Jan 2017
  • Best gold loan offers - Compare and get lowest interest rates from banks
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  • Maximum loan tenure upto 4 years
  • No CIBIL score for gold loan
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Gold Loan Interest Rates Comparison, Lowest EMI Jan 2017, Best rates

Bank Gold Loan Interest Rates Schemes
SBI
0/5
0 votes
11.05% - 11.05% EMI Scheme, Overdraft scheme Explore More
Muthoot
0/5
0 votes
12.00% - 24.00% EMI Scheme, Bullet Repayment Scheme Explore More
Manappuram
0/5
0 votes
14.00% - 26.00% EMI Scheme, Bullet Repayment Scheme Explore More
HDFC Bank
4.5/5
19 votes
11.00% - 13.00% EMI Scheme, Bullet Repayment Scheme, Overdraft scheme Explore More
ICICI Bank
0/5
0 votes
10.00% - 16.50% EMI Scheme Explore More
Federal Bank
0/5
0 votes
11.75% - 13.50% Bullet Repayment Scheme, Overdraft scheme Explore More
Canara Bank
0/5
0 votes
12.65% - 12.65% Bullet Repayment Scheme Explore More
Andhra Bank
0/5
0 votes
11.25% - 11.25% EMI Scheme Explore More
Axis Bank
0/5
0 votes
14.50% - 17.00% EMI Scheme, Bullet Repayment Scheme Explore More
IndusInd Bank
0/5
0 votes
13.50% - 15.50% Bullet Repayment Scheme Explore More
IIFL
5/5
1 votes
12.00% - 12.00% EMI Scheme Explore More
PNB
0/5
0 votes
10.75% - 11.75% EMI Scheme, Bullet Repayment Scheme, Overdraft scheme Explore More
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Gold Loan

Compare Gold Loan Rates

  • Gold Loan processing fees – Most banks charges minimum processing fees from nil to upto 1.01% on gold loans. To get lowest fee, comparison of gold loan rates, check 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 gold 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% of the outstanding amount. So, check carefully if the low rate of interest you are getting comes with high prepayment or foreclosure charges. Note that some loans cannot be repaid before time.

Lowest Gold Loan Rates Online

How to get and apply online?
  • Best discount and offers for salaried customers - In most cases the lowest rate of interest on gold loan is offered by banks to employees of large reputed companies. To check current offers on interest rate and processing fee for yourself, simply apply online at MyLoanCare
  • Offer based on loan amount – You may be surprised to know that in some cases rate of interest on say, a Rs. 1 lakh loan, may be lower than that on a Rs. 75,000 loan. This is due to different pricing grids of banks and discounts for higher loan amounts that are offered from time to time.

Best Gold Loan

How to get best gold loan interest rates?
  • Do not fall for marketing gimmicks – It is common for gold loan agents and DSA’s to lure customers by quoting a lower rate of interest knowing very well that the final rate will be higher. Always check with authorized representatives and get the rates in writing before giving your documents for processing.
  • Do not apply for loan amount more than what you are eligible for – Use online gold loan eligibility calculator to estimate how much loan amount you are likely to be eligible for. Apply for a loan amount that is either less than or upto that to get the best rate of interest. Applying for an amount higher than your eligibility may lead to rejection of your loan application.

Gold Loan apply online

Documents for Gold Loan Application
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

Gold Loan Interest Rates in India

Frequently Asked Questions

What should be the borrower's age to apply for gold loan?

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.
  • What type of gold jewellery is not accepted for giving as security?

    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 gold loan amount available?

    Maximum amount varies from lender to lender. Majority of lender banks fund up to 25 lacs. For existing customers with a good credit history, some banks may provide loans up to Rs 1 crore.

    Can I get gold loan if my CIBIL score is poor?

    Yes. Banks do not check CIBIL score for sanctioning gold loan. So, those with low CIBIL score or default in other loans can also easily get loan. However, gold loan appears in your CIBIL report and hence if you repay its EMI regularly, your CIBIL score may improve over time.

    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 MyLoanCare

    What 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

    What is Agriculture Gold Loan? What benefits does it offer?

    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

    What is the maximum loan tenure I can get?

    Gold loan tenure can vary from one day to four years. The tenure can be customized to suit the borrower’s need and purpose for which the gold is being pledged for loan.
    NBFC’s such as Manappuram offer short duration loans for a few days to a few months. However, they offer the customer an option to refinance rollover the loan on maturity provided the interest has been regularly serviced. The loan company would re-value the gold at the current gold price and calculate fresh eligibility at the time of rebooking the loan. Check your loan eligibility online at Gold Loan Eligibility Calculator.
    Banks such as HDFC, Axis and Indus are lending against gold for a few months to a few years.
    Gold backed agriculture loans offered by PSU banks are typically for shorter duration and cover a crop cycle. Government offers interest subsidy on gold backed agriculture loans and they also qualify as priority sector lending (PSL) under RBI guidelines.

    Can I prepay my gold loan?

    Most banks allow customers to prepay or foreclose their loan at any time. Generally shorter duration from public sector banks and loan companies carry zero prepayment penalty. Private banks offering longer duration gold loans and OD tend to charge prepayment charges in the range of 0.25% to 1% of the loan amount.

    Will banks charge extra fee if I fail to repay loan on time?

    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 bank 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 charges

    How much time will it take for me to get money?

    Generally banks and NBFC’s offer quick disbursement of gold 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.
Gold Loan News - Jan 2017
17th Jan 17 Gold demand in India tumbled by 24 percent 2016, lowest in seven year
Kotak Mahindra Bank in its report has highlighted a decline of 24 percent in gold demand during 2016. Gold demand in India in 2016 was approx 750 metric tons as compared to 858 tons in 2015. The report presents a cautious outlook on the future demand of gold on global bullion and expects a further decline in gold demand to 400 metric tons in 2017 as compared to 575 tons in 2016.
14th Jan 17 More in A Well to auction gold pledged for gold loans to cover loses
More in A Well, leading private lending firm in Telangana has issued a notification to auction the gold pledged by borrowers against gold loans. The decision has been taken to recover losses from defaulting loan accounts.
11th Jan 17 Indian gold exports likely to get hit as Dubai imposes 5 percent duty on gold imports
Dubai has imposed a 5 percent import duty on gold and diamond jewelry which is likely to impact Indian gold exports adversely. The move is expected to affect large gold exporters of India as 45 to 50 percent of the jewelry consumed in Dubai is exported from India. The 5 percent import duty on jewelry is applicable only on jewelry to be consumed locally in Dubai and not on jewelry that is to be re-exported from Dubai to other countries.
28th Dec 16 Largest gold loan companies of Kerala hold more gold then Singapore and Sweden
The combined gold holdings at Muthoot Fincorp, Muthoot Finance and Manappuram finance is estimated to be higher than the total gold reserves of Singapore and Sweden. As on September 2016, the combined gold holdings of three companies is reported at 263 tons which is higher than the gold holding of 195 tons reported in 2014. The gold mortgaged with Muthoot Finance standalone, the largest gold loan company of India, , is higher than the gold reserves of Singapore and Sweden at 127 tones and 125 tons respectively.
27th Dec 16 RBI announces procedural guidelines for Sovereign Gold Bonds
The Reserve Bank of India has announced procedural guidelines for servicing of sovereign gold bonds to improve the quality of service for customers. As per RBI guidelines, customers can now request the banks to convert their bonds in dematerialise form, either at the time of subscription or at any subsequent occasion. Price of Sovereign Gold Bonds is linked with the price of gold, which translates into a return similar to that on physical gold holdings of customers.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.