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

Last Updated 25th Jul 2017

Lowest Gold Loan Interest Rates in India Jul 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
Apply Gold Loan @ 9.50%*
Rs.
Rs.
+91

Gold Loan Interest Rates Comparison, Lowest EMI Jul 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) 29 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
  • 21 Yrs. – 65 Yrs.

Note: However, many banks require minimum age of 23 years
Loan Amount
  • Upto Rs. 50 lakhs. Most banks restrict maximum eligibility to Rs. 20 lakhs

Employment Type
  • Salaried and self employed both are eligible
  • Best gold loan rates are typically in the range of 10.75% to 11.75% per annum
Quality of Gold
  • Gold ornaments should range in between 18 to 24 karats
Form of Gold
  • Gold ornaments with 18 carat purity and special minted coins with 50 grams weight

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.

Do’s Don’ts
  • Check best discount and offers for salaried customers – Always check current offers and loan interest rates offered to employees of large reputed companies
  • Do not apply for loan amount more than what you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application
  • Compare gold loan rates based on loan amount – Some banks offer lowest interest rate for gold loan at higher loan amount
  • Do not apply with multiple banks for your gold needs – Simultaneous loan applications gets recorded in your CIBIL report and can hurt your chances of getting a loan

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

Why do I need 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. The facility of tracking your loan is available with the bank. You can also compare Gold loan interest rates of all banks online at MyLoanCare and apply for jewelry loan.

What is the minimum and maximum tenure of jewel loan?

These are generally taken for shorter time period. Generally the 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.
Do I need to open bank account to service my jewelry loan?

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 jewel loan?

As these 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/she can repay the loan. You need to know few details if you don’t want your application to get rejected:

  • Gold ornaments/coins should be real and minimum 18 Carat.
  • The loan amount will depend upon the value of gold.
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 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 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 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
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 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 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 jewel loan within an hour of walk-in at specialized loan branches. MyLoanCare can help you connect with your nearest bank branch. Play safe with your valuables and visit the branch only after your appointment is confirmed by us.

What are the documents required for availing gold loan?

The documents required for availing gold loan are:-

  • Two passport size photograph
  • Identity proof (PAN card/ passport/ Aadhaar card/ voter id card)
  • Address proof (Electricity bill/ telephone bill/ bank statement)
Who can access the customer online portal?

All existing customers get access to customer netbanking portal by login their user id and password.

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 Interest Rates

*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.