Gold Loan

A gold loan is a type of secured loan that can be obtained by providing the bank with gold items like jewelry or coins as security. Gold loans, also referred to as loans secured by gold, can be used for a number of purposes, such as financing a college education, paying for a wedding or other special occasion, covering travel costs, paying for an unexpected medical bill, or meeting any other urgent financial need. Because a gold loan is secured, it may be arranged fast and requires minimal documentation. Top Indian banks provide a variety of gold loan programs; compare them and select the one with the lowest interest rate, starting at 7% annually.

What is gold loan?

Gold loans are considered short-term loans, with payback terms ranging from several years to a month. This kind of loan might be a suitable choice for someone who needs money immediately and expect to be able to pay it back soon.

A secured loan obtained by the borrower from a lender by pledging their gold items (within a range of 18–24 carats) as collateral is known as a gold loan (sometimes called a loan against gold). Depending on the gold's quality and current market worth, the loan amount is usually up to 80% of the total amount of gold.

Depending on the loan plan you choose, you can get a loan of up to Rs. 1.5 crore with a period of repayment ranging from three months to four years. In the case of a financial emergency, you can pledge your gold jewelry and ornaments for cash.

Fees and Interest Charges on Gold Loans

The interest rate on a gold loan might range from 9.24% to 17%, depending on the lender. Certain lenders additionally charge a small processing fee that ranges from 1 to 3% of the loan amount. Before applying for a loan, it is usually a good idea to check and compare the interest rate, processing fee, late payment fees, and pre-payment fees with the lender.

  • For banks, the interest rate can increase to 17%, and for NBFCs, it can reach 26%.
  • 2% is the maximum processing fee that can apply, depending on the lender.
  • The majority of banks don't levy fees when a loan is foreclosed.
  • On payments overdue, penal interest is charged.

Gold Loan Interest Rates Offered By Partner Banks & NBFCs

Bank/NBFC/Fintech Interest Rate
State Bank of India 8.75% p.a. onwards Apply Now
Axis Bank 17% - 19% p.a. onwards Apply Now
Punjab National Bank 9.25% p.a. onwards Apply Now
Bank of India 8.80% p.a. onwards Apply Now
IndusInd Bank 8.80% p.a. onwards Apply Now
Bank of Baroda 9.40% p.a. onwards Apply Now
Union Bank of India 9.30% – 10.65% p.a. Apply Now
Canara Bank 9.25% p.a. onwards Apply Now
HDFC Bank 8.50% - 15.97% p.a. Apply Now
Federal Bank 8.99% p.a. onwards Apply Now
ICICI Bank 10% p.a. onwards Apply Now
Bajaj Finserv 9.50% – 28% p.a. Apply Now
Manappuram Finance 12% p.a. onwards Apply Now
Bank of Maharashtra 9.30% p.a. onwards Apply Now
Kotak Mahindra Bank 8% - 24% p.a. onwards Apply Now
Indian Bank 0.77% per month Apply Now
IIFL Finance 11.88% - 27% p.a. Apply Now
Rupeek 8.88% p.a. onwards Apply Now
Muthoot Finance 10.90% p.a. onwards Apply Now
Shriram Finance 11.40% p.a. onwards Apply Now
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Features and Benefits of Gold Loan

Key Features of Gold Loans in India:

Quick Disbursal

Because gold loans are secured, they can be processed more quickly with less documentation.

Lower Interest Rate

Since gold is used as collateral, interest rates on gold loans are generally lower than personal loans.

Low Processing Fee

In addition to having a low interest rate, gold loans also have lower processing fees, foreclosure costs, and other costs, which makes them a very affordable choice for many.

No Credit Score Check

When you apply for a gold loan, most lenders don't verify your credit history.

Flexibility of Use

You have the freedom to use the loan for any kind of spending because there is no control of the final usage.

Minimal Documentation

Compared to other secured loans, a gold loan requires a lot less documentation. A gold loan can also be obtained without requiring proof of income. But each lender may have different requirements.

Secured Loan Type

Other than the pledged gold ornaments, you are not needed to provide the lender with any additional security or collateral.

Varied Usage

Any urgent financial need, whether for travel, education, healthcare, business, or another purpose, can be satisfied with a gold loan.

Sell off your idle asset

eet your financial needs, a gold loan is the ideal way to borrow capital. Additionally, a bank or other financial institution's locker is a more safe place for it than your house.

How to Apply for Gold Loan

Via, you can apply for a gold loan. Follow according to the steps below:

Step 1: Click here to apply gold loan. Step 2: Proceed by entering the necessary information, including the loan amount, full name, and mobile number. Step 3: The weight of gold that must be pledge as security in order to get the loan amount that you have entered is now visible to you. At this point, you can adjust the amount or continue. Step 4: The best options that are currently available to you will be displayed, together with their interest rates. Apply with the lender who most closely matches your requirements. Step 5: As prompted, provide more details. Choose the appointment date as well. Step 6: Complete the application and submit the form.

You have now submitted an application for a gold loan. You will receive a call from a bank/NBFC representative who will walk you through the procedure. During the specified time, you would have to go to the bank branch. Your gold item will be valued by the lender, who will then approve the loan. Keep in mind that certain lenders, like Rupeek, also provide doorstep service, saving you from having to go to the branch.

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Eligibility Criteria For A Gold Loan

The requirements for eligibility usually differ between lenders. Therefore, it is advised that you verify on the lender's website whether you meet the necessary requirements before applying for a gold loan. Thus, the following are the gold loans with generalized eligibility:

Factors Eligibility Criteria
Age 18 to 75 years
Profession Salaried, Self-employed, businessman
Gold Articles Gold jewellery, ornaments or coins
Gold Purity Minimum 18 carats & Above
Loan To Value

Documents Required to Apply For Gold Loan

When applying for a gold loan, you need to provide the following documents:

Identity Proof:

  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Passport
  • PAN Card

Income Proof:

  • Bank Statements (last 3 months)
  • Salary Slips (last 3 months)
  • ITR
  • Form-16

Address Proof:

  • Ration Card, Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Aadhaar Card
  • Telephone Bill/Electricity Bill/Water Bill

Income proof is usually not required for a gold loan application, although this may vary depending on the specific policies of the lender.

Gold Loan EMI Calculator

A gold loan EMI (equivalent monthly installment) calculator makes it simple to figure out how much you'll be paying each month for your gold loan. This helpful tool calculates your monthly EMI by taking into factors like the loan amount, interest rate, and loan tenure. You may rapidly calculate your EMI by just inputting your loan amount, loan length, interest rate, and processing fee.

Use our Gold Loan EMI calculator to calculate how much you will have to pay each month.

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Best Gold Loan Providers in India

Below is the list of best loan against gold providers in India along with the features of their gold loan schemes:

HDFC Bank Gold Loan

An HDFC gold loan is available to you at an affordable rate of interest. The money is disbursed quickly and has advantages like an overdraft facility.

Key Highlights

  • The maximum loan amount offered by the bank is Rs. 1 crore.
  • With interest rates on gold loans ranging from 7.60% to 17.05% p.a., HDFC has some of the greatest offerings.
  • A processing fee of 1% of the loan disbursal is charged for HDFC gold loans.
  • Repayment of the loan can take three to twenty-four months.

State Bank of India (SBI) Bank Gold Loan

SBI provides two different kinds of gold loans that you can use that fit with your needs: SBI Gold Loan and SBI Realty Gold Loan. Both online and offline applications are accepted for this gold loan.

Both new and current SBI home loan borrowers are eligible for the SBI Realty Gold Loan program. This product's features are similar to those associated with the SBI Personal Gold Loan.

Key Highlights

  • The value of the SBI gold loan can be used for other financial purposes, such as weddings, vacations, medical expenses, and schooling.
  • SBI offers gold loans with maximum loan amounts ranging from Rs. 20,000 to Rs. 50 Lakh. A SBI gold loan has a margin requirement of 25% to 35%.
  • Depending on the type of loan, SBI gold interest rates might range from 8.55% to 8.65% p.a.
  • Repayment of the loan can take three to twenty-four months.
  • Depending on the borrower's chosen repayment plan and manner, the repayment can be completed in a period ranging from three to thirty-six months.
  • Anyone over the age of eighteen may apply to SBI for a gold loan.

Manappuram Gold Loan

Several gold loan options are available from Manappuram Gold Loan, based on your requirements and financial situation.

Key Highlights

  • There are many schemes from which you can get gold loans.
  • Depending on the purity and net weight of the gold you pledge, you may be eligible for a larger loan amount.
  • In order to apply for this loan, the borrower does not need a guarantor.

Axis bank Gold Loan

You can apply for a gold loan from Axis Bank. The loan amount will be disbursed quickly, and your gold will be stored securely. Axis Bank allows you to apply online for a gold loan.

Key Highlights

  • When your gold loan is repaid, you have the opportunity to accrue 150 points.
  • Axis Bank provides loans up to Rs. 25 lakh secured by gold coins and jewels.
  • Repayment terms for the loan range from six to thirty-six months.
  • It's easy and fast to qualify for an Axis Bank gold loan.
  • Interest rates on gold loans from Axis Bank start at just 17% annually.
  • Up to 0.50% of the loan amount is the processing fee.
  • There are no prepayment penalties if the loan is foreclosed upon at any point during the six-month lock-in period.

Bank of Baroda Gold Loan

EMI, overdraft, and demand loans are the kinds of facilities offered by BoB Gold Loan. The payback can be made on a monthly basis, and the application procedure is simple.

Key Highlights

  • The Bank of Baroda offers overdraft, EMI, and demand loan options for gold loans.
  • Prepayment and preclosure fees do not apply.
  • Each consumer may receive up to Rs. 50 lakh in loans.
  • For the EMI program, the duration is a minimum of 12 months and a maximum of 36 months.
  • For loans up to Rs. 3 lakh, the bank does not impose any processing fees.

Key Highlights

  • Up to 85% of the value of the pledged gold may be borrowed.
  • These loans require no paperwork, so the processing time is quite short.
  • The borrower is not required by Bank of India to provide proof of income or a CIBIL score.
  • Anyone above the age of 18 is eligible for a gold loan from Bank of India.
  • The interest rate on a gold loan from Bank of India is as low as 8.45% per year.
  • There is a processing cost that can reach Rs. 1000.

Canara Bank Gold Loan

With no paperwork required, you can apply online for a gold loan from Canara Bank.

Key Highlights

  • Canara Bank's gold loan interest rate is currently 9.15% per annum.
  • Both an overdraft and a single transaction limit are available for the loan.
  • The Canara Bank gold loan can be used for unexpected costs or emergencies, such as medical bills.
  • The available loan amount is Rs. 5,000 at the minimum and Rs. 35 Lakh at the maximum. Swarna, Swarna Express, and Overdraft Facility are just a few of the gold loan options that Canara Bank provides.
  • Gold jewelry, ornaments, or specially produced gold coins that banks sell can be pledged as security for a loan.

Key Highlights

  • Repayment of the loan is possible within the allotted 36 months.
  • Just Rs. 99 is required for processing (including any relevant taxes)
  • With a Bajaj Finserv gold loan, you can get up to Rs. 2 crore in credit.
  • The interest rate on a Bajaj gold loan ranges from 9.50% to 28% annually.
  • One of the greatest banks for gold loans is Bajaj Finserv as it doesn't charge foreclosure or partial repayment fees.
  • A complimentary gold insurance policy is provided by Bajaj Finserv to protect pledged gold goods from loss or theft.

Key Highlights

  • The annual interest rate on an ICICI gold loan varies from 10% to 19.8%.
  • A processing fee of 1% of the approved loan amount will be charged.
  • A gold loan from ICICI Bank is available secured by the borrower's mortgaged gold.
  • The bank provides loans for values ranging from Rs. 50,000 to Rs. 1 crore.
  • The length of the repayment period varies based on the loan amount, from six to twelve months.

Key Highlights

  • A gold loan can be arranged for as little as Rs. 1,000, and the maximum amount that can be borrowed is Rs. 1.5 crores.
  • Interest rates for Federal Bank gold loans begin at 8.64% p.a.
  • Your gold loan can be fully repaid or partially prepaid without paying any additional fees.
  • To be eligible for the loan, you must pledge your 22-carat gold ornaments.
  • Depending on the plan, the processing charge might be as much as 0.80% of the approved loan amount.

Key Highlights

  • The purposes of an Indian Bank gold loan include consumption, banking activities, family events, medical costs, and domestic requirements.
  • One of two repayment options is available for the loan: monthly or bullet.
  • Up to 70% of the jewels' market value or the advance value per gram, whichever is smaller, is the maximum loan amount that can be obtained. Up to Rs. 10 Lakhs in total loans are available to each applicant.
  • Up to 12 months for bullet repayment and 35 months for monthly repayment is the maximum repayment period.
  • The annual percentage rate for an Indian Bank gold loan is 8.25%, and there is a 0.50% processing fee.

Key Highlights

  • Both an overdraft facility and a demand loan are available for these loans.
  • A minimum of Rs. 25 000 and a maximum of Rs. 25 Lakhs are available for you to use.
  • The interest rate on PNB gold loans begins at 9% per year.
  • For demand loans with bullet repayment, it is 25%; for demand loans with EMI-based repayment, it is 25%; and for overdrafts, it is 25%.
  • You may apply for these loans by pledging gold jewelry or other accessories. There is a maximum 12-month repayment period.
  • The processing charge is Rs. 500 plus applicable taxes or 0.30% of the loan amount + GST, whichever is larger.

Key Highlights

  • The interest rate will be 0.25% higher for gold up to 18 Karat and below 22 Karat.
  • Gold loans from Union Bank of India are available for use in petty trade, agriculture, daily business working capital needs, the purchase of equipment for businesses, the furnishing of commercial spaces, furniture and fixtures purchases, and any unforeseen costs.
  • A maximum of Rs. 20 lakhs can be obtained for loans in the priority sector, which includes agricultural, and Rs. 25 lakhs can be obtained for loans in the non-priority sector.
  • Depending on the style, quantity, and other variables of the loan, the annual interest rate for a gold loan from Union Bank can vary from 8.25% to 10.15%.
  • There is a maximum three-year repayment period.
  • Union Bank of India charges a processing fee based on the approved loan limit in accordance with current regulations.

Key Highlights

  • The option for Online Gold Loans (OGL) is offered.
  • Repayment terms range from seven days to thirty-six months.
  • Free insurance coverage is offered for gold jewelry that has been pledged.
  • There is no upper limit on the total loan amount offered by Muthoot Finance, with a minimum gold loan amount of Rs. 1,500.
  • According to the scheme type, the amount of money borrowed per gram of gold, and other variables, Muthoot Finance's gold loan interest rate varies from 12% to 27% p.a.
  • There are numerous programs accessible, such as the Muthoot Ultimate Loan, Muthoot Delight Loan, Muthoot Highvalue Plus Loan, Muthoot OnePercent Loan, and so forth.
  • There are choices for both upfront and partial payments.
  • One percent of the loan amount is the processing fee.

Key Highlights

  • IIFL gold loan repayment terms range from one to five years.
  • A maximum loan amount of 75% to 90% of the current market value and the carat value of domestic physical gold is available.
  • The interest rate on an IIFL gold loan can range from 9.96% to 27% p.a. depending on the loan amount and frequency of payments.
  • In order for the appraisal of an asset to accurately reflect its current market rate, the borrower additionally needs to pay MTM charges of Rs. 500.
  • Depending on the option selected, the processing cost for IIFL gold loans varies from 0% to 3% of the loan amount.

Key Highlights

  • Coins and gold ornaments are used as collateral for the loan.
  • The margin that borrowers must arrange ranges from 25% to 40% of the gold's market price.
  • A gold loan from UCO Bank can be used for a variety of purposes, including housing, education, retail commerce, small businesses, agricultural, and MSME.
  • The bank's head office determines the maximum amount of UCO gold loans that can be approved per gram of standard gold every two weeks, and it subsequently notifies the zones and branches of this decision.
  • The lowest interest rates on gold loans are provided by UCO Bank, which range from 7.40% to 7.90% p.a. based on the type of scheme, the margin provided, and other considerations.

Key Highlights

  • It is one of the top banks for gold loans and provides a variety of options for repayment.
  • Up to Rs. 25 lakh in loans are available from Karnataka Bank, subject upon the pledge of gold jewelry.
  • The annual percentage rate for a gold loan from Karnataka Bank ranges from 9.33% for a KBL-Agri Up to Rs. 50,000 in advances against gold, there are no processing fees. For loans beyond that level, there is a processing cost of 0.25% of the loan amount (minimum Rs. 250) plus tax.
  • Gold Loan to 9.63% to 9.95% for a General Gold Loan and 9.88% for a KBL GOLD en CASH-OD.
  • Repayment terms range from six to twelve months.

Factors Affecting Gold Loan Interest Rates

Loan-to-Value (LTV) Ratio

The risk that the lender takes is determined by the approved loan amount compared to the gold's worth. Interest rates on gold loans are frequently lower when LTV ratios are lower.

Loan Tenure

The length of the loan may have an impact on the interest rate. When compared to shorter loan tenures, longer loan tenures may higher interest rates.

Borrower's Credit Profile

A borrower's credit history and financial profile may be taken into consideration by some lenders even though gold loans are secured. Higher interest rates could be the result of a solid credit history.

Gold Purity

The gold quality and purity offered as collateral may have an effect on the interest rates. Due to its higher market worth, gold with higher purity may be able to secure better interest rates.

Market Conditions

The current interest rate environment and market fluctuations can have an impact on the interest rates associated with gold loans. The state of the economy may influence rate adjustments made by lenders.

What type of gold is accepted as collateral?

Only gold jewelry and coins (that banks sell) are accepted as collateral by the majority of banks and NBFCs. It is not possible to pledge other gold items like gold bars, idols, cookies, etc. as collateral with the bank or NBFC.

Your eligibility for a gold loan will also be determined by factors such as the weight, purity, and current market value of the gold.

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Dos & Don'ts for a Gold Loan

By following to specific rules, you can now improve your chances of getting approved for a gold loan. The following are important dos and don'ts to increase your chances of receiving a gold loan:

Do's Don'ts
Take the time to study and compare the various lenders that provide loans for gold. Avoid rushing off to borrow money from the first lender you see.
Assemble all required paperwork for an application for a gold credit. Remember to prepare and arrange the necessary paperwork.
The terms and conditions of the loan agreement should be read and understood. Never sign the loan agreement unless you have a full understanding of its contents.
It is essential to check your credit score before to applying for a gold loan. Keep an eye on your credit score. Your eligibility for loans and interest rates may be impacted by a low credit score.

Things to Know before Applying for Gold Loan

Before applying for a gold loan, it's crucial to understand a few key points:

  • Safety of Your Gold: Your gold item is kept in a safe place by the bank or NBFC once you deposit it there as collateral. To make sure that your precious gems or coins are protected, you should speak with your lender about this.
  • Loan to Value Ratio (LTV): The maximum loan amount you may get against the gold item you want to use as collateral is known as the LTV Ratio. The RBI increased the LTV cap to 90% during the COVID-19 epidemic from its previous maximum of 75%. This implies that you can borrow up to Rs. 1,80,000 against your gold ornament, provided it is valued at Rs. 2 lakh.
  • Defaulting on Gold Loan: Your gold loan must be paid back on time. The bank or NBFC has the authority to seize or sell your gold item in order to recover the loan balance if you don't make payments on it.

Before applying, research various lenders and compare their interest rates, fees (like foreclosure charges and processing fees), and other terms to make an informed decision.

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Gold Loan Repayment

Repayment of a gold loan is the process of paying back the borrowed money plus interest within the predetermined time period. Pre-payment and partial payment are two of the various ways to pay that lenders offer to borrowers in order to make repayment easy and simple.

  1. Pay Interest as EMI & Principal Later: This option allows you to pay back the interest in accordance with the gold loan's EMI schedule. However, upon maturity, the entire borrowed sum must be repaid.
  2. Regular EMI: The regular EMIs, as the name indicates, will require you to make monthly payments for principal and interest.
  3. Bullet Repayment: By using the Bullet Repayment option, you will have to pay back the whole principal and interest balance at the conclusion of the loan term. Although the interest is calculated monthly, it is only due at the conclusion of the period, along with the principal payments.
  4. Partial Payments: With this gold loan repayment option, you are not required to follow an EMI plan and can choose when to make interest and principle payments.
  5. Cheque or Demand Draft: Repaying the gold loan can also be done by sending the lender a demand draft or cheque for the agreed-upon loan amount.
  6. Online Payment: Repayment of loans can be done using mobile applications, online platforms, or debit cards/mobile wallets.

What happens if I am unable to clear my dues by the due date?

Every lender handles defaulting customers differently. Certain lenders charge late fees on their customers, usually at a greater interest rate than the one they charge for the loan. If you continue to miss loan payments, you will receive a notification detailing the amount of time you have left to pay off your debt. Lenders may also sell off your gold items at auction in order to recover the unpaid balance of your loan if you fail to make loan payments by the final notice date.

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FAQs on Gold Loan

A gold loan is a way to borrow money against your gold jewelry, watches, gold coins, earrings, pendants, necklaces, bracelets, and bangles, among other items.

Banks generally don't charge prepayment penalties and let customers pay back their gold loans before their contract expires. Some lenders might charge a prepayment penalty; these differ from one lender to the next.

All types of gold jewelry, such as bangles, necklaces, and rings, have been accepted as forms of security. Some gold coins up to a certain weight are accepted as security by certain institutions, but gold bars are not yet accepted. If the gold jewelry is set with priceless stones, the weight of the gold will determine how much you can borrow rather than the value of the stones.

You can apply for gold loan without having a high credit score, since a gold loan is secured one. Therefore, all it takes to be eligible for a gold loan is the ownership of gold. Those with poor credit or a history of defaulted loans are also eligible. But since your CIBIL report includes information about your gold loan, you should make regular EMI payments to raise your CIBIL score.

The majority of banks and NBFCs use internal evaluators who decide the gold's value by looking at its weight and purity. Based on the gold prices on the evaluation date and the estimate given by the internal evaluator, your loan amount will be determined.

The bank or NBFC must receive your gold collateral, which will be kept in a safe vault maintained by security personnel 24/7 and protected by CCTV. After you pay off the loan principal plus interest, you will receive the gold back.

You can use the eligibility calculator available on the websites to find out how much you can borrow. The worth of your jewelry or ornaments will determine how much you are able to borrow.

The lender will charge you a penalty on the amount of the overdue loan if you fail to repay the loan by the due date. The lender may sell your gold ornaments to recover the outstanding balance if you fail to repay the loan, even after several reminders.

The terms and conditions provided by the lender will determine this. You might be able to prepay the loan amount at any time without paying any fees from some lenders. If you wish to prepay the loan amount, some banks and financial institutions may charge you a specific amount.

No, the gold lending scheme does not offer any tax benefits. However, tax benefits are available if the money is used for home improvement, company expenses, or the purchase or construction of a residential property.

Before granting a gold loan, each lender has their own set of requirements. Understanding each expenditure and fee related to a gold loan is important. Another important step in reducing your r isk is to deal with a reputable lender.

The majority of lenders who provide gold loans don't ask applicants to provide guarantors. On the other hand, you might need to provide a guarantor for high-value loans.

If you have a decent credit score, most lenders will allow you apply for a gold loan even if you are not one of their current clients. If you apply for a loan, the lender might in some circumstances ask an existing customer to introduce you.

Gold loans have the ability to affect your credit score because they are personal loans.

Pledged valuables are usually stored in a strong room equipped with electronic surveillance technology by the lenders. Lenders may also choose to insure the gold ornaments or assets for their entire worth. However, it is advisable to learn about the steps the lender takes to protect your jewelry and possessions, considering the type and worth of the assets.

Banks and non-banking financial institutions (NBFCs) offer gold loans to any Indian citizen, with the common age restriction being between 18 and 75 years old. This could differ depending on the lender.

Applications for gold loans can be quickly verified and approved by lenders. You will get the loan amount if your application is accepted. The disbursal period usually ranges from a few minutes to 48 hours.

Gold loans are short-term loans with flexible terms that, depending on the provider, may ranging from a minimum of one month to five years or longer.

Yes, you have the option to foreclose on the loan at any moment. While some lenders charge between 2 and 4% of the remaining principal amount, most lenders do not charge foreclosure fees for gold loans. You can always contact the lender to find out the steps required in a foreclosure.

Interest rates might change depending on the circumstances of the market and the different product options. In general, the interest rate for banks is between 14% and 17%, and for NBFCs, it ranges between 14% and 26%.

An instant gold loan is available to you. After your application process is over, it is disbursed in an hour.

A gold loan usually has a 60-month payback period. But each lender has a different tenure.

Because you are offering your gold holdings as security, taking out a gold loan is considered to be safe. To guarantee a safe transaction, it is crucial to deal with respectable and trustworthy lenders. You can get even more assistance through research.

Different people who want less paperwork or credit checks, flexible payback terms, and either a limited or no credit history may find gold loans helpful.

Yes, in most cases, a PAN (Permanent Account Number) card is needed in order to apply for a gold loan. It is required because it helps lenders in confirming the borrower's identity and maintaining financial transaction transparency.

The loan-to-value ratio, interest rates, conditions of repayment, customer service, and other elements can all affect which bank is ideal for a gold loan. To select the bank that offers the best conditions and meets your unique needs, it is advisable to investigate and compare several banks, including non-banking financial institutions (NBFCs) and banks in the public and private sectors.

For gold loans, different lenders may have different interest rates and loan limits. You can use Mybankingtips to compare the loan offers made by different banks and non-bank financial institutions (NBFCs) in order to determine which offers the best terms and the lowest interest rates. Creditworthiness of the borrower, loan-to-value ratio, and current market conditions are some of the variables that can affect the lowest gold loan amount.

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