Going through a financial crisis or need immediate funds to fulfil a medical emergency, or for any personal need, in that case, Gold Loan is a suitable option for you especially when you are having a power of Gold with you. Lying Gold at your home in safe will not going to give you anything but loan against gold will help you financially to fulfil your dreams and help you in going forward. An applicant must go through the interest rates for gold loans of different banks to get the best deal.
So let’s take a look at Gold Loans interest rates From Different Banks
HDFC Bank Gold Loan Interest rate
HDFC bank provides a gold loan at very rational interest rates. HDFC Gold Loan Interest Rate is 11% per annum and onwards. Loan tenure is from 6 months to 4 years. Loan tenure minimum 6 months to a maximum of 4 years
HDFC Gold Loan Schemes. The HDFC Bank provides the gold loan under three schemes. Each scheme has its own perks.
- Term Loan
- Over Draft
ICICI Gold Loan Interest rate
ICICI Bank was founded in 1994. Loans, insurance, finance, banking, and wealth management are some financial products of ICICI bank. Gold loan is one of the most provided financial products of the ICICI bank. Interest Rate is 11% per annum and onwards. Loan tenure is from 6 months to 4 years. Loan tenure minimum 6 months to a maximum of 4 years
ICICI Gold Loan Repayment Method. A customer can repay the amount of gold loan in any of the following ways:
- By cheque
- By Cash
- By DD (Demand Draft)
- By funds transfer
Muthoot Finance Gold Loan Interest rate
Muthoot Finance is the largest gold loan providing NBFC’s in India. It was founded in 1939. The rate of interest is 12% onwards. It depends on the tenure of your loan.
Axis Bank Gold Loan Interest rate
Axis Bank is one of the largest private-sector banks in India. The Bank has nearly 1999 branches. Axis Bank began its operations in 1994. Interest Rate is 14% per annum and onwards. Loan Tenure is from 6 months to 4 years. Loan tenure minimum 6 months to a maximum of 4 years
Manappuram Gold Loan Interest rate
Manappuram Finance Limited is a Non-Banking Finance Company in India and it was founded in 1949. Online Gold Loans, money transfer, SME Finance, and commercial vehicle loans are some financial products provided by the company.
Manappuram offers very attractive rates of interest to the gold loan customers. The rates of interest start from 19% because of its high LTV (loan to value) ratio. The maximum rate of interest can be 26% per annum. In case you miss your payment 3% interest rate more will be charged from you. For example, if the rate of interest of your personal loan is 12% and you missed the monthly payment of your gold loan then you have to pay a 15% interest rate for that month, besides that interest rate can vary from time to time.
Yes Bank Gold Loan Interest rate
Yes Bank is one of the most renowned banks in India. It offers a low rate of interest and quick disbursals with minimal documentation. Gold Loan in Yes Bank can be easily applied. The applicant will be having two choices. They can apply for a gold loan offline and online too. The applicant can easily apply online on the site www.dialabank.com by filling up the form of Gold Loan by giving some information and personal detail. Interest Rate is 10% per annum and onwards. Loan tenure is from 6 months to 4 years.
Bank of India Gold Loan Interest rate
Bank of India is a state-owned commercial bank with headquarters in Mumbai. It is India’s 9th largest PSU bank owned by the Indian Government in 1969. It has 4187 branches all over India and about 1679 ATMs in the country. The bank is a leading provider of financial services and is also one of the premier funding institutions. It provides instant loans against gold. Gold Loan is basically taken to overcome the short-term requirements of a person.
Interest rates offered by the Bank of India are very affordable. It is 19.00% per annum onward and can vary according to the purity of your gold
Federal Bank Gold Loan Interest rate
Federal Bank of India is a major Indian financial services company in the private sector, headquartered at Kochi, Kerala. It was founded in 1945, and now it is the 4th largest bank in India. It has 1210 branches across 24 states in India and 1250 ATMs around the country.
Interest rates offered by the Federal Bank of India are very affordable. It is 11.00% per annum onward and can vary according to the purity of your gold
IIFL Gold Loan Interest rate
IIFL is supplementary of India Infoline Limited. It was founded on 7 July 2004 as a private limited company under the provision of the companies act. The company was shifted to a public limited company with the consequence from July 10, 2007
Interest rates offered by the IIFL bank are very affordable. It is 12.00% per annum onward and can vary according to the purity of your gold
Canara Bank Gold Loan Interest rate
This is one of the largest public sector banks in India. It was founded in 1906. Bank provides so many financial products to customers like commercial banking, consumer banking, assets management, loans, and credit cards. Gold loan is also provided by the bank at very low rates of interest.
Interest rates offered by the Canara bank are very affordable. It is 12.65% – 12.65% per annum and can vary according to the purity of your gold
Andhra Bank Gold Loan Interest rate
Andhra Bank offers Loans against Gold to the people who are engaged in Agricultural as well as non-agricultural activities. It is an attractive loan option through which every person whether he is jobless or with bad credit may acquire money through Andhra Bank Gold Loan. It is a loan that can be used to achieve instant money with 75% of the gold value. Andhra Bank has different gold loan schemes one of them is “AB Swarna Loan Scheme” especially for Non-Agricultural Gold Loan (NAGL) segment under which they will provide following facilities to the borrowers who required short-term loans:
Rate of interest @ 11.90% p.a. fixed, if the loan is repaid within 6 months from the date of disbursement.
PNB Gold Loan Interest rate
Punjab National Bank is one of the leading banks in India. It is the largest nationalized bank in the country with a large network of branches and ATMs. They provide a large array of financial products to the customers. One of their main products is a Gold loan. A Gold Loan is the best option available for the loan seekers at cheaper interest rates starting from 10.75% – 11.75% onward
Bajaj Finance Gold Loan interest rate
Bajaj Finance gold Loan could be the least complex and most secure approach funds for your immediate needs at attractive interest rates, With less documentation process and secure storage of your gold. The funds thus secured from a gold loan can be utilized for a wedding, education purpose, business development, and other comparative purposes. Rate of interest @ 11.00% p.a. fixed, if the loan is repaid within 6 months from the date of disbursement
So this is the Rate of interest and Processing fees charged by the Different Banks to the customer. So now it will be easy for the customers to know the suitable bank for them.
Read More: Gold Loan Procedure