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Gold Loan Interest Rates: Check The Latest Rates Of Top Banks, NBFCs

Team BankBazaar
·1-min read
Photo: www.pexels.com
Photo: www.pexels.com

Gold loans are secured loan where your gold jewellery, coins and other ornaments are pledged as collateral to the bank or non-banking financial company (NBFC) to lend you money. The Reserve Bank of India recently revised its gold loan policy to help households get better value on their gold when they apply for gold loans. The central bank has increased the loan-to-value ratio to 90% from 75% on gold loans. But this is a temporary measure and LTVs on gold loans will revert to 75% from April 1, 2021. If you are facing a financial crunch and want an immediate loan, take a look at interest rates offered by banks and NBFCs on gold loan.

Latest Gold Loan Interest Rates

BANK/FI

Interest Rate (in % p.a.)

State Bank of India

7.50%

Canara Bank

7.65%

Punjab National Bank

8.60-8.85%

Bank of Baroda

9.75%

ICICI Bank

11% onwards

Axis Bank

15%

Bajaj Finserv

12% onwards

IIFL Finance

9.24-24%

Muthoot Finance

11.9-25%

Mannapuram Finance

12-29%

Disclaimer: Data taken from respective bank’s/FI’s websites on 6 August, 2020. The interest rates may vary depending on type of product, loan amount, tenure, etc. Data is indicative and list is not exhaustive. Compiled by BankBazaar.com, India’s leading online marketplace for loans and credit cards.