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Lowest Gold Loan Interest Rates

Top 5 Lenders With The Cheapest Interest Rates On Gold Loans

Last Updated 29th Jul 2021

Currently, HDFC Bank offers the lowest gold loan interest rate of 9.50% for a tenure upto 24 months and hence, is one of the best banks for gold loan. The processing fee levied on a HDFC Bank gold loan is upto 1% of the loan amount.

Banks Interest Rate Processing Fees Tenure
HDFC Bank9.50%1% of the loan amount3 months to 24 months
Manappuram9.90%₹ 10 (to be paid at time of settlement)1 day to 3 Months
Yes Bank9.99%0.48% of loan amount6 months to 36 months
Fincare Small Finance Bank10.99%Upto 0.5%3 Months to 9 Months
IndusInd Bank11.50%Upto 1% of loan amount, minimum ₹ 7503 months to 24 months
    Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

    Lowest Gold Loan Interest Rates Offered by Top Banks

    To get the lowest gold loan interest rates 2021, you must compare the gold loan rates of top lenders. As per the current rates, HDFC Bank provides gold loans at lowest rates starting at 9.50%. Along with that, you must also look out for various other charges such as gold loan processing fee, prepayment charges etc. Here is a list of other banks that offer the lowest gold loan rate of interest.

    Low Interest Gold loan Banks with Processing Fee and Prepayment Charges

    Bank Interest Rates Processing Fees Prepayment Charges
    HDFC Bank
    Compare
    9.50%1% of the loan amount1%
    Manappuram
    Compare
    9.90%₹ 10 (to be paid at time of settlement)Nil
    Yes Bank
    Compare
    9.99%0.48% of loan amount1%
    Fincare Small Finance Bank
    Compare
    10.99%Upto 0.5%NIL
    IndusInd Bank
    Compare
    11.50%Upto 1% of loan amount, minimum ₹ 750Upto 1% of outstanding amount

    Compare Lowest Gold Interest Rate of Different Loan Amount

    If you have a low funds requirement, Federal Bank can be considered the best bank for the bank as it offers the lowest amount of ₹ ₹ 1,000. Apart from short fund requirements, gold loans are also preferred for high value needs. You can get a gold loan of upto ₹ 2 Cr depending upon the amount of gold you have. Some of the popular banks that provide the highest gold loan amount are as follows.

    Bank Min Loan Amount Max Loan Amount Interest Rates
    Andhra Bank
    Compare
    ₹ 10,000₹ 2,00,00,0007.60% - 9.10%
    Federal Bank
    Compare
    ₹ 1,000₹ 75,00,0008.50% - 11.95%
    SBI
    Compare
    ₹ 20,000₹ 50,00,0007.30% - 7.50%
    HDFC Bank
    Compare
    ₹ 25,000₹ 50,00,0009.50% - 15.00%
    Muthoot
    Compare
    ₹ 1,500₹ 50,00,00011.99% - 11.99%

    For small term loans, Federal Bank offers gold loan for min loan amount of ₹ 1,000. Andhra Bank provides a maximum gold loan amount upto ₹ 2 Cr for a tenure ranging between 3 months to 12 months.Other than Andhra Bank, other top lenders offering maximum gold loan amount are Federal Bank, SBI, HDFC Bank, Muthoot as per the current rates as on 29 Jul 2021.

    Top 5 Banks with Shortest Tenure on a Gold Loan

    A gold loan is available for a tenure ranging between 1 day to 24 months. Presently Manappuram provides gold loan for shortest tenure for 1 day at 9.90%. Other banks which provide gold loans for less than 6 months are as follows.

    Bank Minimum Tenure Interest Rates
    Manappuram1 day9.90% - 29.00%
    PNB1 month8.75% - 9.00%
    HDFC Bank3 months9.50% - 15.00%
    IndusInd Bank3 months11.50% - 16.00%
    Andhra Bank3 months7.60% - 9.10%

    Popular Banks with Lowest Bullet Repayment Scheme

    With the Bullet Repayment gold loan Scheme, you don’t need to pay the loan amount during your loan tenure. You can pay the entire principal amount of the gold loan and the interest payments at the end of the loan tenure. Interest is however calculated every month. Banks usually provide bullet repayment schemes for shorter loan tenures.

    Bank name Gold loan Interest rate Tenure
    SBI7.30% - 7.50%3 months to 36 months
    Canara Bank7.35% - 7.35%6 months to 12 months
    Andhra Bank7.60% - 9.10%3 months to 12 months
    Federal Bank8.50% - 11.95%6 months to 12 months
    PNB8.75% - 9.00%1 month to 12 months

    Popular Banks with Lowest Gold Loan EMI Schemes

    With the regular EMI option, gold loan borrowers who have cash inflows in the bank accounts can pay monthly EMI, that includes both principal component and interest payments. Some financial institutions also provide an option to pay interest as EMI, and the principal amount of the gold loan is paid at the end of the loan tenure. This scheme is especially popular for longer tenure gold loan schemes with higher loan amounts.

    Bank name Gold loan Interest rate Processing Fee
    PNB8.75% - 9.00%0.70% of loan amount + taxes
    ICICI Bank9.00% - 19.76%1% of the loan amount
    Yes Bank9.99% - 9.99%0.48% of loan amount
    Fincare Small Finance Bank10.99% - 24.99%Upto 0.5%
    Muthoot11.99% - 11.99%0.25% to 1% of loan amount.

    Popular Banks with Lowest Gold Overdraft Schemes

    Bank Overdraft Scheme allows gold loan borrowers to withdraw the loan amounts up to the specified pre-approved credit limits. Borrowers can repay the loans flexible as per their convenience, and the interest is charged on the utilised portion of the gold loan amount at a given period of time. They can also renew the limit at the end of tenure by paying the processing fees. Some of the banks that offer overdraft facilities that are quite popular with borrowers are as follows.

    Bank name Interest rate Processing Fee
    Federal Bank8.50% - 11.95%Nil
    PNB8.75% - 9.00%0.70% of loan amount + taxes
    HDFC Bank9.50% - 15.00%1% of the loan amount
    Yes Bank9.99% - 9.99%0.48% of loan amount

    FAQs

    Which bank is best for lowest gold loan interest rates?

    As per the current rates, HDFC Bank is offering the lowest interest rate on gold loan starting at 9.50% and is one of the best banks for gold loan.

    Which bank is best for providing gold loans for maximum loan amounts?

    Andhra Bank is the best bank to take a gold loan for loan amount upto ₹ 2 Cr.The bank provides a maximum gold loan amount at an interest rate of 9.10% at Nil processing fees .

    Which bank provides an Overdraft facility against gold loans at the lowest interest rate?

    As per the current rates, Federal Bank offers the lowest interest rate on gold loan's overdraft scheme starting at 8.50%.Other low interest gold loan banks that offers overdraft facilities are PNB and HDFC Bank.

    Which bank provides a gold loan for the shortest tenure?

    Presently Manappuram provides gold loan for shortest tenure for 1 day at 9.90%

    Which bank provides the Lowest gold loan interest rate?

    As per the current rates, HDFC Bank provides the lowest interest for gold loan starting at 9.50%. Other banks that offer cheapest gold loan rates are Manappuram,Yes Bank, Fincare Small Finance Bank with 9.90%, 9.99%, 10.99% respectively.

    Which bank gives the highest gold loan per gram?

    As per the current gold rates, Fincare Small Finance Bank provides the highest gold loan per gram. You can check and compare eligibility for the highest gold loan per gram to get the best offers on the current gold loan per gram.


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