Gold Loan Interest Rate - SBI, Muthoot, Manappuram, HDFC Bank, Others

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Gold Loan Interest Rates in India Oct 2016

Last Updated 23rd Oct 2016

  • Best offers available for a minimum tenure of 1 day upto maximum 4 years
  • No income proof required for gold loan
  • No CIBIL score for gold loan
  • Can be used for improving CIBIL score
  • Compare and get lowest rates on gold loan compared to personal loan
Bank Interest Rates Schemes
SBI Gold Loan 11.05% - 11.05% EMI Scheme, Overdraft scheme
Muthoot Gold Loan 12.00% - 24.00% EMI Scheme, Bullet Repayment Scheme
Manappuram Gold Loan 14.00% - 26.00% EMI Scheme, Bullet Repayment Scheme
HDFC Bank Gold Loan 11.50% - 13.00% EMI Scheme, Bullet Repayment Scheme, Overdraft scheme
ICICI Bank Gold Loan 10.00% - 16.50% EMI Scheme
Federal Bank Gold Loan 11.75% - 13.50% Bullet Repayment Scheme, Overdraft scheme
Canara Bank Gold Loan 12.65% - 12.65% Bullet Repayment Scheme
Andhra Bank Gold Loan 11.40% - 11.40% EMI Scheme
Axis Bank Gold Loan 14.50% - 17.00% EMI Scheme, Bullet Repayment Scheme
IndusInd Bank Gold Loan 13.50% - 15.50% Bullet Repayment Scheme
IIFL Gold Loan 12.00% - 12.00% EMI Scheme
PNB Gold Loan 10.95% - 11.95% EMI Scheme, Bullet Repayment Scheme, Overdraft scheme
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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.

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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.
    *My Finance Care Advisors Pvt. Ltd., or 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 to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.
Gold Loan @ 11.50%* Cashback Upto Rs. 1,000

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Gold Loan News - Oct 2016
12th Sep 16 Now get gold loan at 4 paisa interest
UAE Exchange India has launched a new gold loan offer at 4 paisa interest rate for the loyal customers in the special festive season. The exclusive gold loan offer will be valid from September 1 to October 30, 2016. This scheme is launched to expand the gold loan services of UAE Exchange India across the nation through both online and offline modes. The new gold loan scheme will avail the customers to get an instant gold loan without much documentation and offers features like quick sanction and disbursal, easy documentation and easy repayment options.
09th Aug 16 Manappuram Finance Q1 net jumps twofold to Rs 160 crore
As per the results for Q1FY17, Manappuram Finance reported 170 percent I ncrease in its Consolidated Net Profit to Rs 160.33. The company also reported increase in Consolidated Total Income to Rs 750.79 crore as compared to Rs 540.96 crore in previous year. Whereas the Standalone Net Profit increased by 166 percent to Rs 149.25 crore in June quarter as compared to Rs 55.92 crore in previous year
21st May 16 NBFCs, banks focus on shorter tenure gold loans to boost margins
Banks and NBFCs are now looking at shorter tenure gold loans of three to six months unlike earlier when the duration used to be typically one year or more. VP Nandakumar, managing director and chief executive of Manappuram Finance, explained that the company decision to focus on shorter term loans has helped in improving profitability. These shorter duration gold loans also help companies by shielding them against volatility in gold prices that get more pronounced in longer duration loans.
19th May 16 Manappuram plans to launch debit card to offer gold loan to customers without bank accounts
Manappuram Finance plans to launch co branded debit card to offer gold loans to customers without bank accounts. A co branded will expand the potential customer base for online gold loan to even those who do not have access to a bank account. They will be able to withdraw the proceeds of the online gold loan from any ATM around. The Kerala based diversified NBFC had reported a net profit of 30 per cent at Rs 353.36 crore for fiscal 2015-16.
06th May 16 Muthoot Exim announces discounts on BIS hallmarked gold jewels
Muthoot Exim has announced special discounts for its BIS hallmarked gold jewellery and 999 silver bars and articles on the eve of Akshaya Tritiya. As part of the festive discount scheme, the company will offer its Swarnavarsham jewellery products 4 per cent discount for one month scheme and 2 per cent discount for EMI purchases of three, six, and nine months. The company has also announced a 2 per cent discount for its Swethavarsham Silver bars and articles. The discount offer will be valid for all bookings made at all the 3800 Muthoot Fincorp branches across the country from May 4 to 14.