Gold Loan

Gold loans have emerged as a popular financial solution in India, providing individuals with quick access to funds while leveraging the value of their precious metal possessions. As the demand for flexible borrowing options continues to rise, choosing the right gold loan provider becomes crucial. With a plethora of options available in the market, it is essential to identify the best gold loan providers in India that offer competitive interest rates, transparent processes, and customer-centric services. Here we delve into the realm of gold loans to unveil the top contenders that have established their reputation as the go-to destinations for borrowers seeking swift and reliable financial assistance backed by the glittering security of their gold holdings. Whether you are in need of immediate funds or wish to unlock the hidden potential of your gold assets, read on to discover the best gold loan providers that cater to your specific requirements and provide an avenue for financial stability and growth.

Best Gold Loans in India

SBI Gold Loan

SBI gold loan is a financial service provided by the State Bank of India. It offers flexible repayment options of 3 and 6 months, allowing borrowers to choose what suits them best. With low interest rates, SBI ensures that borrowers can repay their loans comfortably. The bank also offers the option of monthly installments for up to 36 months or an overdraft loan facility. SBI does not charge a processing fee for gold loans, although borrowers are responsible for paying the gold appraiser charges. Overall, SBI gold loan provides a convenient and accessible way for individuals to obtain financial assistance using their gold possessions as collateral.

Interest rate:
Up to 7.30% p.a. onwards

Age:
18 years and above

Loan amount:
Rs.20,000 to Rs.50 lakh

Key Features:

• You can repay the loan in installments (EMIs) for a period of 12 to 36 months.
• SBI offers different methods for making payments, such as gold loan, liquid gold loan, or bullet repayment gold loan.
• Getting this loan is easy with quick approval and minimal paperwork required.
• SBI charges a processing fee of 0.25% of the loan amount.
• If you want to pay off the loan early, you can do so without any additional charges from SBI.

HDFC Gold Loan

HDFC Gold Loan is a financial product offered by HDFC Bank, one of the leading private sector banks in India. With HDFC Gold Loan, customers can pledge their gold jewelry, coins, or bars as collateral and avail a loan against it. The loan amount is determined based on the purity and weight of the gold, and the funds can be utilized for various purposes such as personal expenses, business investments, education, or medical emergencies. HDFC Bank offers competitive interest rates, flexible repayment options, and quick processing, making it an attractive choice for individuals seeking immediate liquidity while retaining their gold assets.

Interest rate:
9.90% onwards

Loan amount:
Loans starting at Rs.25,000
(Minimum loan amount of Rs.10,000 available in rural markets)

Key Features:

• You can prepay the loan without any extra charges.
• There are no hidden fees, and everything is clear throughout the process.
• The things you use as security for the loan are kept safe with a special sealing system.
• When you borrow money, you only have to pay a small fee for the paperwork, which is fair compared to what others charge.
• You can repay the loan in installments that fit your budget, and you can choose how long you need to pay it back.

ICICI Gold Loan

ICICI Bank’s Gold Loan is a convenient and reliable financial service that allows customers to leverage the value of their gold. With attractive interest rates and a quick approval process in just 30 minutes, ICICI Bank ensures a hassle-free experience. Borrowers can avail themselves of loans with a flexible repayment period of up to 12 months. Moreover, customers can trust ICICI Bank to keep their pledged gold safe and secure, providing peace of mind throughout the loan tenure.

Interest rate:
10% p.a. onwards

Loan amount:
Rs.10,000 to Rs.1 crore

Key Features:

• You can get the loan amount quickly.
• The bank provides loans at appealing interest rates.
• The paperwork required for the loan is easy and straightforward.
• You don’t have to pay monthly installments. You can repay the loan at the end of the loan tenure.
• ICICI Bank ensures that your precious jewellery is kept safe and secure throughout the loan period.

Muthoot  Finance Gold Loan

Muthoot Finance is a leading provider of gold loans in India. With a wide network of branches across the country, Muthoot Finance has earned a strong reputation in the industry. Customers can easily avail themselves of a gold loan against their jewelry, with a quick and hassle-free application process. In just five minutes, which makes it a convenient option for individuals in need of financial assistance. Muthoot Finance offers flexible repayment options, with a maximum tenure of 36 months, and the possibility of extension upon request.

Interest rate:
11.9% p.a. onwards

Age:
18 years and above

Loan amount:
Rs.1,500 with no maximum limit

Key Features:

• Fast loan approval and quick disbursement of the loan amount.
• Friendly and helpful customer care services.
• You can get a loan as low as Rs. 1,500.
• No charges for prepayment of the loan amount.
• Trained and trustworthy agents evaluate your gold.

Manappuram Finance Gold loan

Manappuram Finance gold loan is a popular option for individuals in need of quick financial assistance. With numerous branches nationwide, Manappuram Finance is well-known for its reliable and efficient loan processing. They offer gold loans, which can be approved and disbursed within just 5 minutes. These loans cater to people from all income levels. Borrowers have a maximum repayment period of 12 months, although this can be extended with consent. With a competitive interest rate, Manappuram Finance gold loan provides a convenient solution for those seeking immediate funds against their gold assets.

Interest rate:
9.90% p.a. to 24.00% p.a.

Loan amount:
Rs.1,000 to Rs.1.5 crore

Key Features:

• Offers different gold loan schemes to suit your specific financial needs.
• You only need to provide minimal documentation, such as one valid ID and proof of residence, to get your loan approved.
• Once you submit the required documents, your loan can be approved within minutes, ensuring a fast process.

Axis Bank Gold Loan

Axis Bank offers gold loans, allowing customers to utilize their gold assets as collateral for obtaining funds. With a fixed interest rate, borrowers can take advantage of the stability and predictability offered by Axis Bank. The loan tenure can range from six to 36 months, and borrowers have the flexibility to choose from different repayment options, including bullet repayment, Equated Monthly Installments (EMI), or paying the interest upfront and the principal amount later. The bank’s official website also provides a convenient way to calculate the loan amount based on the purity and weight of the gold ornaments.

Interest rate:
17% p.a. onwards

Loan amount:
Rs.25,000 to Rs.25 lakh

Key Features:

• Axis Bank offers quick loan disbursal, sometimes on the same day of application.
• There are no charges for pre-closing the gold loan with Axis Bank.
• On disbursal of the gold loan, you have a chance to earn up to 150 edge Loyalty points.

Federal Bank Gold Loan

Federal Bank Gold Loan is a convenient and accessible borrowing option offered by Federal Bank. Customers can avail themselves of an immediate gold loan with flexible repayment terms. The gold loan provided by Federal Bank is a reliable choice for individuals in need of quick funds, as it comes with transparent terms, minimal processing costs, and no hidden fees. It offers a hassle-free borrowing experience for customers looking to leverage the value of their gold assets.

Interest rate:
8.50% p.a. onwards

Loan amount:
Rs.1,000 to Rs.1.5 crore

Key Features:

• You can choose to repay the loan within 6 to 12 months.
• You have the flexibility to repay the loan either in one lump sum or through monthly installments (EMIs).
• The bank accepts gold ornaments that are verified for their quality and quantity. These gold items will be used as security for the loan. The bank specifically accepts 22 karat gold ornaments.
• You can receive a loan amount of up to 85% of the current gold price for each gram of gold pledged.

Canara Bank Gold Loan

Canara Bank offers gold loans to customers who need quick financial assistance. With attractive interest rates, the bank provides concessional lending rates of 9.15% for women borrowers and 9.60% for other individuals. Apart from accepting gold ornaments and jewelry, Canara Bank also allows customers to pledge specially minted gold coins, as long as they do not exceed 50 grams per customer. Canara Bank’s gold loan facility is a convenient option for those seeking immediate funds against their valuable gold assets.

Interest rate:
9.60% p.a.

Loan amount:
Rs.5,000 to Rs.35 lakh

Key Features:

• Canara Bank has made it easy to get a gold loan with minimal paperwork.
• You can use the loan for any genuine financial emergency, with some conditions.
• Canara Bank charges a low processing fee for this loan.
• You can repay the loan within 1 year, and the interest is payable only at the end.
• No guarantor is required for this loan, making the application process hassle-free.

Punjab National Bank Gold Loan

Punjab National Bank offers a gold loan facility where the loan amount is determined based on the value and purity of the gold. Borrowers have the option to choose between different repayment plans, including bullet payments or installment options. The loan tenure can be up to 12 months for personal gold loans and up to eight years for loans against sovereign gold bonds. The loan amount is credited to the borrower’s bank account, providing them with the needed financial assistance. With competitive interest rates and flexible repayment options, Punjab National Bank’s gold loan is a convenient solution for those in need of quick funds.

Interest rate:
8.10% p.a. – 9.25% p.a.

Loan amount:
Rs.25,000 to Rs.25 lakh

Key Features:

• Bullet payment option requires a 25% margin, while other options need a 35% margin.
• Maximum weight allowed per coin per customer is 50 grams.
• Loans for agricultural purposes can be repaid in 12 monthly installments or two half-yearly installments.
• Maximum repayment tenure for agricultural loans is 12 months.
• Loans for non-agricultural purposes can be repaid in 12 monthly installments or two half-yearly installments.

Gold loans have emerged as a popular and reliable financial solution for individuals in need of immediate funds in India. Remember to conduct thorough research, compare the various options available, and make an informed decision to ensure a smooth borrowing experience. So, unlock the potential of your gold and explore the best gold loan options that can help you achieve your financial goals efficiently and conveniently.