11 BEST GOLD LOAN BANK IN INDIA FOR 2021 (REVIEW & COMPARISON)

Gold loans are secure loans when the lending bank/NBFC is accepted for collateral in gold items such as gold jewellery, ornaments, etc. You can quickly and document the borrowing against gold. Besides banks like SBI, Bank ICICI, HDFC, etc.
In your jewelry, LTV Ratios and other internal policies of the lender, the amount you may acquire against the gold piece varies on the basis of the pureness of gold. In addition, a minimum and maximum limit may be defined for the lender.

BEST GOLD LOAN IN INDIA 2021

 

GOLD LOAN PROVIDERS	INTEREST RATE	LOAN AMOUNT	TENURE	PROCESSING FEE
Muthoot Finance	12% p.a. onwards	Rs 1,500 – No Limit	7 days to 36 months	0.25% to 1% of the loan amount
IIFL	9.24% p.a. onwards	Rs.3,000 onwards	3 months to 11 months	NA
HDFC Bank	9.90% onwards	Rs.25,000 onwards (Rs.10,000 for rural areas)	3 months to 24 months	1.5% + GST
ICICI Bank	11% p.a. onwards	Rs.10,000 to Rs.1 crore	3 months to 12 months	1% of the loan amount
Canara Bank	7.65% p.a. onwards	Rs.5,000 to Rs.20 lakh	6 months to 2 years	0.25% of the loan amount
Axis Bank	12.50% p.a. onwards	Rs.25,001 to Rs.25 lakh	From 3 months to up to 3 years	1% plus GST
Manappuram Finance	9.90% p.a. onwards	Rs.1,000 to Rs.1.5 crore	3 months onwards	Rs.10 (at the time of loan settlement)
Federal Bank	8.50% onwards	Rs.1,000 to Rs.1.5 crore	Minimum 6 months	Varies for different schemes
Bank of Baroda	8.75% p.a.	Up to Rs.25 lakh	Up to 12 months	0% to 0.50% + GST
SBI	7.50% p.a. onwards	Rs.20,000 to Rs.50 lakh	Up to 36 months	0.25% + GST
Punjab & Sind Bank	7.00%p.a. onwards	Up to R. 30 Lakh	Up to 12 months	1% plus GST

THINGS YOU SHOULD CONSIDER WHILE HAVING A GOLD LOAN

• Gold Loans are for Short Term.
• Rate of Interest.
• Valuation of Gold.
• Margin or Loan to Value (LTV).
• Form and Purity of Gold.
• Not Every Jewelry is Eligible for Loan.
• Repayment Conditions.

FACTORS AFFECTING GOLD LOAN INTEREST RATE

• Loan Amount.
• Loan to Value Ratio (LTV).
• Relationship with the Bank.
• Margin or Loan to Value (LTV).
• Tenure of the Loan.
• Inflation.

Note: All the interest rates and charges listed above may vary according to the sole discretion of the lender. The aforesaid costs might be charged for GST and service tax.