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Gold Loans Starting at 7%: Check What Banks and NBFCs Are Currently Offering

·3-min read
Image by Tuhin khamaru from Pixabay
Image by Tuhin khamaru from Pixabay

High availability of household gold, relatively lower interest rates than unsecured loans like a personal loan, possibility of quick and hassle-free loan disbursal and lesser reliance on the borrower’s credit score make gold loans one of the most popular financing facilities in our country. These loans could help in the fulfilment of our critical life goals but also come to our rescue during a financial emergency. That being said, before applying for a gold loan, ensure the loan amount sanctioned would be enough to meet your financing requirements, compare your options across various lenders to find a deal with the best repayment terms and have a thorough repayment plan to avoid additional penalties and the potential loss of a precious asset.

So, if you’re planning to take a gold loan, you might want to check out our list of gold loan interest rates currently being offered by some of the leading banks and non-banking financial companies (NBFC) in our country. We have also provided indicative EMIs for Rs.5 lakh gold loans taken for a tenure of 3 years by each of the lenders mentioned in the table below. Do note, we have only considered the lowest advertised gold loan interest rates for each lender, have not included processing fee or any other charges for EMI calculation, and the interest rate applicable to you could be higher depending on your loan amount, income, LTV ratio, loan tenure or any other terms and conditions of your chosen lender.

Interest Rates and Indicative EMIs for Rs.5 lakh Gold Loans With 3-year Tenures

Banks

Name

Lowest Advertised Interest Rate (in % p.a.)

Indicative EMI

Punjab & Sind Bank

7.00%

₹ 15,439

Bank of India

7.35%

₹ 15,519

State Bank of India

7.50%

₹ 15,553

Canara Bank

7.65%

₹ 15,588

Karnataka Bank

8.42%

₹ 15,765

Indian Bank

8.50%

₹ 15,784

UCO Bank

8.50%

₹ 15,784

Federal Bank

8.50%

₹ 15,784

Punjab National Bank

8.75%

₹ 15,842

Union Bank

8.85%

₹ 15,865

J&K Bank

8.85%

₹ 15,865

HDFC Bank*

8.95%

₹ 15,888

Bank of Baroda

9.00%

₹ 15,900

Central Bank

9.05%

₹ 15,912

Indian Overseas Bank

9.25%

₹ 15,958

Dhanlaxmi Bank

9.50%

₹ 16,016

Karur Vysya Bank

10.10%

₹ 16,157

ICICI Bank

11.00%

₹ 16,369

South Indian Bank

11.95%

₹ 16,595

Axis Bank

12.50%

₹ 16,727

NBFCs

IIFL Finance

9.24%

₹ 15,956

Muthoot Finance

11.90%

₹ 16,583

Bajaj Finserv

12.00%

₹ 16,607

Manappuram Finance

12.00%

₹ 16,607

Disclaimer: Interest rates on gold loans for all listed (BSE) public and private banks and selected NBFCs have been considered for data compilation. Banks for which data is not available on their website are not considered. Data collected from respective bank’s website as on May 4, 2021. The lowest rate offered by the banks/NBFCs have been considered in the table. The EMI is calculated on the basis of interest rate mentioned in the table for Rs.5 lakh loan with tenure of 3 years (processing fee and other charges are assumed to be zero for EMI calculation). *IRR for Qtr January to March, 2021.

Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.

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