Gold Loan Interest Rates Comparison in India
Bank | Gold Loan Interest Rates | Processing Fee | Max Tenure |
---|---|---|---|
SBI Gold Loan | 10.55% | 0.50% of the loan amount subject to a minimum of Rs. 500 | 36 months |
Muthoot Gold Loan | 12.00% | 0.25% to 1% of loan amount. | 36 months |
Manappuram Gold Loan | 9.90% | Rs. 10 (to be paid at time of settlement) | 12 months |
HDFC Bank | 11.50% | 1.5% | 24 months |
IIFL | 12.00% | Nil | 11 months |
Yes Bank | 10.75% | 0.75% to 1% | 36 months |
ICICI Bank | 10.00% | 1% of the loan amount | 12 months |
Federal Bank | 11.75% | Nil | 12 months |
Canara Bank | 12.00% | 1% of the loan amount, min Rs. 1,000 and max Rs. 5,000 per loan | 12 months |
Andhra Bank | 10.70% | Nil processing fees | 12 months |
Axis Bank | 10.49% | 0.25% - 1% of loan amount | 24 months |
IndusInd Bank | 11.15% | Upto 1% of loan amount subject to a minimum of Rs. 750. | 12 months |
PNB | 10.05% | upfront fees of 0.70% of loan amount + taxes | 12 months |
Gold Loan Interest Rate Calculator
Interest rates are charged on the borrowed loan amount for the loan tenure. Lowest interest rate on gold loan is 10.50%. Interest rate to get loan against gold depends on multiple factors -
Key Features :
Loan amount : This is the amount borrowed by the borrower from a bank. Generally, interest rate are high for smaller loan amount and vice-versa.
Loan to Value Ratios : Banks charge higher interest on gold loan with high LTV ratio. Hence, higher the loan to value of jewellery, higher the interest rate and vice versa.
Relationship with the Bank : Banks offer lower rate of interest on jewel loan for their existing account holders with a quick turnaround.
Checklist for Gold Loan
- Identity proof
- Residence address and ownership proof
- Photo identity proof
- Passport size photograph
Documents Required
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 |