Gold Loan Interest Rates - First Attempt Financial Solutions

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Gold Loan Interest Rates

Compare and apply for the best gold loan up to Rs. 1 Crore to meet your financial requirements. The lowest gold loan
interest rate starts from just 0.79% per month. You can repay the borrowed amount in tenure up to 180 days.

Interest Rate	Starting @ 0.49% p.m.
Processing Fee	0% – 2% of loan amount
Loan Tenure	Up to 4 years
Prepayment Charges	0% – 3%
Lowest EMI Per Lakh	Rs. 2,343

Name of the Lender	Gold Loan Interest Rate	Processing Fees
Rupeek	0.49% p.a. onwards	₹ 0
Oro	0.88% p.a. per month onwards	₹ 0
Axis Bank	13.50% to 16.95% p.a.	Up to 0.50% of loan amount
Kotak Mahindra Bank	10% to 17% p.a.	Up to 2% of loan amount + applicable GST
ICICI Bank	10% to 19.75% p.a.	1% of loan amount
HDFC Bank	8.50% to 15.97% p.a.	1% of loan amount
Union Bank of India	7.25% to 9.90% p.a.	As per the extant guidelines
Central Bank of India	9.05% p.a.	0.75% of loan amount (Min. 500 & Max. 10,000)
Bank of Baroda	9% to 9.15% p.a.	Up to 0.5% of loan amount
Punjab National Bank	7.25% to 7.50% p.a.	0.75% of loan amount (Min. 500 & Max. 5,000)
Canara Bank	7.35% p.a.	0.50% of loan amount (Min. 500 & Max. 5,000)
State Bank of India	7.50% p.a.	0.25% of loan amount (Min. Rs. 250 + GST); Nil through YONO

The features and benefits of the Gold Loan are:

Eligibility: The loan can be availed by anyone who is above 18 years and up to 75 years of age and who has gold to pledge.
Purpose of the loan: There is no restriction on the end-use of the loan. It can be used for just about anything like Personal Loan.
Quantum of the loan: Quantum of the loan is based on the weight of the gold pledged. You can get as low as Rs. 1,000 and as high as Rs. 1 Crore as a loan amount. However, the amount of loan depends on the market value of the gold, your repayment capacity and the policies of the lender.
Lower interest rate: The rate of interest is relatively less when compared to other unsecured loans. If you opt to avail a loan lesser than your actual eligibility, then some banks may offer the loan at a rate lesser than the regular rate.
Quick disbursal: The loan can be availed almost instantly (sometimes in just a few minutes time) since there is very minimal documentation involved. The process involved is an appraisal of the purity and value of the gold by the appraiser and then fixing the loan quantum after deducting the margin amount. Since the bank has the option to sell the gold to adjust the loan liability in case of default by the borrower, there is no elaborate processing required to give approval for the loan.
Various options to repay the loan: There are various repayment options like paying back the loan in equated monthly instalments (EMI) or payment of interest only and principal in a lump sum at the end of the tenure as in the case of the bullet payment. You can repay the borrowed amount by way of cash, cheques, or fund transfer.
Processing charges: The processing fees typically vary between 0% to 2% of the sanctioned loan amount plus GST.
Pre-closure charges: The foreclosure charges for closing the Gold Loan before the maturity period may typically vary between 1% to 3% of the outstanding principal amount plus GST.
No income proof required: No income proof is required to avail the Gold Loan. Also, no proof in the form of invoice or purchase bill for having purchased the gold is required.
Credit score: Credit score is not a concern to avail the Gold Loan. Even applicants with a low credit score are eligible for the Gold Loan.
Safety of the security: The safety of the gold pledged with the bank is ensured. They are securely stored in a safety vault and you can be rest assured that your gold is in safe hands. You can retrieve the gold on clearing the payment of the loan in full.

The following are the different types of Gold Loan schemes:

Non-agricultural Gold Loan: Gold Loan availed by any category of the borrower other than farmers and agriculturists is Non-agricultural Gold Loan. This can be availed by salaried individuals, self-employed individuals/professionals, businessmen, students, retired persons, and so on. The only criterion is that they should have gold to pledge.
Agricultural Gold Loan: This loan scheme is meant for farmers to avail the loan against gold for the purpose of expenses involved in producing a crop or for investment in agriculture and allied agricultural activities.
To avail this loan, farmers have to produce land records as proof of undertaking agricultural activities.
These loans are categorised as priority sector loans and are eligible for interest subvention from the government. The interest rates on loans availed under this scheme are considerably lower than the regular Gold Loan rates.
These loans are generally given for a period of 3 years. The loan can be availed as an overdraft facility in some banks.
Bullet Repayment Loan: The loan under this scheme is a very popular scheme since it gives the benefit of paying the principal in a lump sum at the end of the tenure of the loan. Interest will be calculated on a monthly basis and the interest applied to the loan every month has to be paid. However, the margin stipulated for this scheme is at 35% whereas for other schemes the margin stipulated is 25%.
Overdraft Scheme: This scheme is beneficial for persons who prefer revolving credit. Under this scheme withdrawal and repayment can be done simultaneously during the tenure of the loan. Interest is applied only on the amount utilised and not on the limit sanctioned. If the amount withdrawn is repaid, the same will be available for utilisation again. This scheme is popular among the self-employed and the businessmen who need funds for day to day operations. It can also be renewed every year by mere paying of processing fees and executing fresh documents. The margin stipulated for this scheme is 25%.
EMI Scheme: Under this scheme, the principal and interest can be paid in easy instalments. The maximum tenure under this scheme is 36 months for most of the banks. This scheme is best suited for individuals looking for secured loans of a higher amount and long tenure. The margin stipulated for this scheme is 25%.

Following are the eligibility criteria for Gold Loan:
• Applicant should be above 18 years and below 75 years of age
• The applicant should have a regular source of income
• Income proof is not required
• The applicant should have gold to offer as security for the loan

Following are some of the Top Banks that offer Gold Loan:

Axis Bank Gold Loan

Axis Bank Gold Loan is popular for its instant disbursal and competitive fees and charges. You can get cash for your urgent financial needs by pledging the gold as collateral. Key Features of Axis Bank Gold Loan are:

Purpose of the loan: The loan can be utilised for any purpose. There is no restriction on the end use.
Quantum of loan: The minimum quantum of loan is Rs. 25,001 and the maximum quantum is Rs. 25 Lakhs.
Interest: The rate of interest charged is between 13.50% to 16.95% p.a.
Security: Gold ornaments and gold coins.
Repayment: Repayment tenure offered is 3 months to 36 months

ICICI Bank Gold Loan

Bring your gold ornaments to the ICICI Bank and avail instant loan to fund your immediate financial needs. You can repay the borrowed amount easily through cheque, cash, demand draft or fund transfer. You can also foreclose part prepay the loan if required. Key Features of ICICI Bank Gold Loan are:

Purpose of the loan: There is no restriction on the end use and it can be used for any purpose. Can be used either for personal requirements or business requirements.
Quantum of loan: You can avail a minimum amount of Rs. 10,000 and a maximum amount of Rs. 1 Crore instantly.
Interest: The interest rates are between 10% to 19.75% p.a..
Processing fee: 1% of loan amount + GST.
Security: The loan is granted against the security of gold Jewellery worth Rs. 10,000 to Rs. 15 Lakhs.
Repayment: The repayment tenure offered is 3 months to 12 months.

HDFC Bank Gold Loan

HDFC Bank provides sanction and disbursal for Gold Loan in just 45 minutes (if everything is in place). The bank requires just a one page documentation to approve the loan. The bank offers special interest rates for women borrowers. Key Features of HDFC Bank Gold Loan are:

Purpose of the loan: The loan can be used for any personal or business requirements
Quantum of loan: The quantum of the loan starts with a minimum of Rs. 25,000. The minimum quantum stipulated in rural areas is Rs. 10,000.
Interest: Interest is charged between 8.50% to 15.97% p.a.
Processing fee: 1% + GST
Security: A loan is sanctioned against the gold ornaments or gold coins sold by the banks
Repayment: The minimum repayment period is 6 months and maximum repayment tenure offered is 48 months.

Kotak Mahindra Bank Gold Loan

Kotak Mahindra Bank offers instant loan against gold ornaments/coins (above 18 carat) while keeping your gold safe. The loan requires minimal documentation and customers get higher loan-to-value (LTV) ratio against their gold. The overdraft facility is also available. Any individual who is minimum 18 years old and owns gold can apply for the loan. Key Features of Kotak Mahindra Bank Gold Loan are:

Purpose of the loan: There is no restriction on the end use of the loan and it can be used for meeting medical expenses, education expenses, business expenses, and so on.
Quantum of the loan: You can avail a loan amount of minimum Rs. 25,000 to up to Rs. 25 Lakhs.
Interest: The interest charged is between 10% to 17% p.a.
Processing fee: Up to 2% of the sanctioned loan amount + GST.
Security: Loan is given against pledge of gold coins and ornaments above 18 carat
Repayment: The loan can be availed either by way of Term Loan or Overdraft facility.

For Term Loan, there are two payment options i.e., bullet payment and EMI. Under bullet payment, the period is stipulated at 3, 6, 9 and 12 months. Under EMI the period stipulated is 24 months and 48 months. Overdraft facility will be for 12 months and it can be renewed after one year.

Bank of Baroda Gold Loan

Bank of Baroda Gold Loan is a Demand Loan offered against gold ornaments jewellery/coins. The loan can be used for any purpose. Key Features of Bank of Baroda Gold Loan are:

Purpose of the loan: The loan can be utilised for any purpose. There is no restriction on the end use.
Quantum of loan: The minimum quantum of the loan is Rs. 25,000 and the maximum quantum of the loan is Rs. 25 Lakhs.
Security: The Gold Loan is offered against the pledge of gold ornaments and gold coins
Interest: The interest charged is between 9% to 9.15% p.a.
Processing fee: Up to 0.5% of the sanctioned loan amount + GST

Repayment: The minimum repayment period is 12 months to maximum 36 months.

- Following are the documents required for the Gold Loan:
  - Application form for Gold Loan
  - Address proof (anyone): Aadhaar Card, Voter’s ID Card, Passport, Utility Bills, and so on (as accepted by the lender).
  - Photo ID proof (anyone): Driving Licence, Voter’s ID, Pan Card, and so on (as accepted by the lender)
  - Two recent passport-sized photographs of the applicant

The following are the Gold Loan processing fees and other associated charges:

Name of the Bank	Processing fee	Valuation charges	Fore-closure charges	Penal interest
Axis Bank	Up to 0.50% of the loan amount	Rs. 500	Nil	2% on the overdue amount
Kotak Mahindra Bank	Up to 2% of the loan amount	Minimum Rs. 250 and Maximum Rs. 2,000	Nil	3% of the overdue amount
ICICI Bank	1% of the loan amount	Contact bank for the charges	1% of the principal balance if closed before 11 months for the 12 months tenure slab. 1% of the principal balance if closed before 5 months for the 6 months tenure slab	6% of the overdue amount
HDFC Bank	1% of the loan amount	Rs. 250 for loan up to Rs. 1.50 Lakhs and Rs. 500 for loan above Rs. 1.50 Lakhs	2% of the outstanding loan amount if closed before 3 months and 1% of the outstanding loan amount if closed within 6 months	2% over and above the regular interest on the overdue amount

The formula to calculate Gold Loan EMI is EMI = {P x R x (1+R)^N}/{(1+R)^N-1}

In this formula:

EMI is Equated Monthly Instalment

P = is principal or the sanctioned loan amount

R = is the Rate of Interest. Interest should be the monthly rate

N = is the tenure

You can use fastmudra.in EMI Calculator to calculate your EMI for the proposed loan. All you need to do is enter loan tenure, interest rate, and loan amount, and click on the Calculate button for an instant result.

Gold Loan Popular Offers

Annual Fee: ₹ 9,99,999.00

Joining Fee: ₹ 4,896.00

Annual Fee: ₹ 9,99,999.00

Joining Fee: ₹ 4,896.00

Annual Fee: ₹ 9,99,999.00

Joining Fee: ₹ 4,896.00

Get Gold Loan with No EMI Option from Rupeek

Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 9.69% p.a. You can avail of emergency loan ranging from Rs 15000 to Rs 1.5 crore against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenur

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