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

Gold Loan Interest Rates in India

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Last Updated 28th Mar 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
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Gold Loan Interest Rates Comparison, Lowest EMI Mar 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
24 votes
11.00% - 13.00% EMI Scheme, Bullet Repayment Scheme, Overdraft scheme Explore More
ICICI Bank
5/5
1 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
9.70% - 10.45% 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
Yes Bank
0/5
0 votes
10.00% - 13.50% EMI 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
Apply gold loan online in Bangalore, Chennai, Hyderabad, Mumbai, Pune, Delhi, Gurgaon, Noida, Kolkata, Ahmedabad, Jaipur, Chandigarh and over 1,000 more locations in India. Apply loan online at MyLoanCare.
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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.

    Why MyLoanCare???

    Nowadays, banks give various offers on Gold Loan to give the best rates to individuals. To get Gold Loan 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 Gold Loan. 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 Gold Loan with ultimate cashback and refer and earn benefits. So, apply for Gold Loan today and enjoy the benefits.
Gold Loan News - Mar 2017
20th Mar 17 ICICI Bank launches Mera iMobile app for rural customers
ICICI Bank has announced the launch of its mobile app named Mera iMobile. This is an exclusive mobile banking app for rural customers that will help them to access banking services as well as agri services. Banking services will offer customers gold loan, Kisan credit card, farm equipment loan and loan to self-help groups. It is the first banking app offering agriculture associated information. The app will be available in English and 11 different Indian languages.
18th Mar 17 Manappuram Finance plans to sell stake, stock rises by 2 percent
Promoter of the gold loan NBFC, Manappuram Finance is planning to sell his stake in the company from its current stake holding of 28.2 per cent. The news resulted in a rise in the stock price of the gold loan NBFC by 2 percent at Rs. 95 per share.
17th Mar 17 Manappuram Finance launches new ad campaign with Maxus for Online Gold Loan
Manappuram Finance has launched a new ad campaign with an ad agency named Maxus to promote its newly launched gold loan product, Online Gold Loan. The ad campaign highlights the utility of Manappuram Finance gold loan products in terms of providing easy liquidity and convenience to its customers to be able to lead a contemporary lifestyle. The Online Gold Loan allows the customers to avail gold loans via the company’s mobile app.
17th Mar 17 Muthoot Finance to raise Rs. 2,000 crore via NCDs
Muthoot Finance is planning to raise funds worth Rs. 2,000 crore via non convertible debentures through a public issue. The leading Gold Loan NBFC expects to utilise the funds for lending activities and other business purposes. The issue is being managed by Edelweiss Financial Services and AK Capital Services.
16th Mar 17 Manappuram Finance launches online gold loan
Manappuram Finance has launched a new gold loan campaign Online Gold Loan (OGL) for gold loan borrowers. Consumers can easily get gold loan via internet or Smart Mobile App of the gold NBFC after completing the required physical loan process. Under the scheme, all transactions including approval additional gold loans and repayment of interest and loans can be conducted online.
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