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Compare SBI vs Axis Bank Gold Loan

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Bank
SBI Muthoot Manappuram HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank IndusInd Bank PNB Fincare Small Finance Bank
Muthoot Manappuram HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank PNB Fincare Small Finance Bank
Interest Rate
Interest Rate
7.40% - 7.40%		 14.00% - 16.50%
Processing Fees
Processing Fees
0.25% of the loan amount, minimum-₹ 500 		Upto 0.5%
Loan Amount
Loan Amount
₹ 20,000 to ₹ 50 Lakh		 ₹ 25,000 to ₹ 20 Lakh
Loan Tenure
Loan Tenure
3 months to 36 months		 6 months to 24 months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 3,106		 ₹ 4,801
Foreclosure Charges
Foreclosure Charges
Nil		 Nil
EMI Scheme
EMI Scheme
Y		 Y
Bullet Repayment Scheme
Bullet Repayment Scheme
Y		 Y
Overdraft Scheme
Overdraft Scheme
Y		 N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.3/5.0		 4.4/5.0
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Compare Gold Loan EMI of SBI and Axis Bank

Loan Amount SBI Axis Bank
₹ 50,000 ₹ 1,553 ₹ 1,709
₹ 1 Lakh ₹ 3,106 ₹ 3,418
₹ 5 Lakh ₹ 15,530 ₹ 17,089
₹ 10 Lakh ₹ 31,060 ₹ 34,178

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

As per the current rates, SBI offers a lower interest rate of 7.40% on Gold Loan when compared to Axis Bank which offers a Gold Loan at 14.00%.

How does SBI 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 SBI 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 SBI Gold Loan interest rate is 7.40%, which is lower than the lowest interest rate of Axis Bank at 14.00% and hence, SBI is offering a cheaper loan option.
  • Compared to other Gold Loan charges such as processing fees, SBI charges a processing fee of 0.25% of the loan amount, minimum-₹ 500 while Axis Bank charges a processing fee of Upto 0.5%.
  • SBI allows prepayment facility on gold loan to close the loan before the tenure at Nil charges while Axis Bank offers prepayment facility at Nil. You can choose the option with lower charges to close the high value amount.
  • Axis Bank has an average customer rating of 4.4, while SBI has an average customer rating of 4.3, based on which it is clear that Axis 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 SBI and Axis Bank.

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

  • Axis Bank and SBI 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 and SBI offer 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 the 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.
  • One unique feature of SBI is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

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Gold Loan News - May 2022
  • 2022-05-13 : PNB Revises Gold Loan Rates
    Punjab National Bank has increased the rates on gold loans, and as a result, the bank offers the lowest rates starting at 7.55%. Earlier, the rate was 7.25%.
  • 2022-05-13 : South Indian Bank Posts all-time High Net Profit in Q4
    The Bank has posted an all-time high net profit of ₹272 crores for Q4 in FY 22 against ₹6.79 crores during the corresponding period of the previous year.
  • 2022-05-13 : Ujjivan Small Finance Bank Profit Falls by 7% for Q4
    The bank has reported a 7 percent fall in its net profit to Rs 126.5 crore. Earlier, the bank had posted a net profit of Rs 136 crore in the same quarter of the preceding fiscal year 2020-21.
  • 2022-05-10 : Federal Bank Changes Interest Rates on Gold Loans
    Federal Bank has increased the gold loan interest rates, and thus you can now avail of loans starting at 7.39%
  • 2022-05-10 : Canara Bank Hikes Gold Loan Interest Rates
    The bank has increased the lowest gold loan rates by 40 basis points from 7.25% to 7.65%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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