Compare Gold Loan - ICICI vs Axis Bank

Bank	SBI Muthoot Manappuram HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank IndusInd Bank PNB Fincare Small Finance Bank	SBI Muthoot Manappuram HDFC Bank Yes Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank PNB Fincare Small Finance Bank
Parameters
Interest Rate	Interest Rate 10.00% - 19.76%	13.00% - 13.00%
Processing Fees	Processing Fees 1% of the loan amount	1% plus GST
Loan Amount	Loan Amount ₹ 10,000 to ₹ 15 Lakh	₹ 25,000 to ₹ 20 Lakh
Loan Tenure	Loan Tenure 6 months to 12 months	6 months to 24 months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 8,792	₹ 4,754
Foreclosure Charges	Foreclosure Charges 1% of loan outstanding	Nil
EMI Scheme	EMI Scheme Y	Y
Bullet Repayment Scheme	Bullet Repayment Scheme N	Y
Overdraft Scheme	Overdraft Scheme N	N
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews) 5/5.0	4.4/5.0

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Compare EMI of ICICI and Axis Bank Gold Loan

Loan Amount	ICICI Bank	Axis Bank
₹ 50,000	₹ 5,279	₹ 4,121
₹ 1 Lakh	₹ 10,558	₹ 8,241
₹ 5 Lakh	₹ 52,791	₹ 41,207
₹ 10 Lakh	₹ 1,05,582	₹ 82,415

Which bank offers lower interest rate on Gold Loan – ICICI Bank or Axis Bank?

As per the current rates, ICICI Bank offers a lower interest rate of 10.00% on Gold Loan when compared to Axis Bank which offers a Gold Loan at 13.00%.

How does ICICI Bank Gold Loan compare with Axis Bank Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing ICICI Bank and Axis Bank for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

Lowest ICICI Bank Gold Loan interest rate is 10.00%, which is lower than the lowest interest rate of Axis Bank at 13.00% and hence, ICICI Bank is offering a cheaper loan option.
When compared on other Gold Loan charges such as processing fees, ICICI Bank charges a processing fee of 1% of the loan amount while Axis Bank charges a processing fee of 1% plus GST.
Axis Bank offers Gold Loan upto an amount of ₹ 20 Lakh while ICICI Bank offer Gold Loan upto an amount of ₹ 15 Lakh. Axis Bank can be a better option if you are looking for a high value amount.
ICICI Bank allows prepayment facility on gold loan to close the loan before the tenure at 1% of loan outstanding while Axis Bank offers prepayment facility at Nil charges. You can choose the option with lower charges to close high value amount.
ICICI Bank has an average customer rating of 5, while Axis Bank has an average customer rating of 4.4, based on which it is clear that ICICI Bank has a high customer service focus, an easy Gold Loan process and a quick turnaround.

You must select the bank of your choice after evaluating the advantages and disadvantages of ICICI Bank and Axis Bank.

What are the best repayment options available on Gold Loan – ICICI Bank or Axis Bank?

Axis Bank and ICICI Bank offer EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.

Axis Bank offers bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.

How can I choose the best bank for Gold Loan?

You can choose the best bank for a Gold Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Gold Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Gold Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Gold Loan is the cheapest?

The cheapest Gold Loan is the one that is offered at the lowest Gold Loan interest rates. This is because the lowest Gold Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, ICICI Bank offers the cheapest Gold Loan at 10.00%.

How do I check my eligibility for ICICI Bank and Axis Bank Gold Loan?

You can check your eligibility for ICICI Bank and Axis Bank Gold Loan by using MyLoanCare Gold Loan eligibility calculator. You have to enter details like required loan amount and weight of gold to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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Gold Loan News - Feb 2021

2021-02-19 : Loan growth is back to pre covid levels
Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks.
2021-02-08 : RBI keeps the policy rate unchanged
The RBI has decided to keep the policy repo rate unchanged at 4.0%. The reverse repo rate remains unchanged at 3.35% and the MSF rate and the Bank Rate at 4.25%. Further, it decided to continue with the accommodative stance to revive growth and mitigate the impact of COVID-19, while keeping a check on the inflation. The stance of keeping the repo rate unchanged will impact retail loans retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans.
2021-02-08 : PNB reported net profit of 506 crores
PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
2021-02-05 : Punjab and Sind Bank reported a loss of Rs. 2375 crores
Punjab & Sind Bank net loss in December quarter 2020-21 spiralled to Rs 2,375.53 crore on higher provisions for bad loans. Total income fell to Rs 1,982.52 crore from Rs 2,077.01 crore in the same period of 2019-20. Further, Net income fell 9.1% to Rs 1,763.10 crore and income on investments was down 12.1% to Rs 455.42 crore.
2021-02-03 : RBI unveils risk-based internal audit guidelines
RBI unveiled the risk-based internal audit system for select NBFCS and urban co-operative banks. The aim of the move is to enhance the quality and effectiveness of their internal audit system.

*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. Read More

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