Gold Loan Interest Rates

Gold Loan at 1%* p.m.

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What is Gold Loan?

Gold is a precious metal, no one wants to lose this, but during financial crises usually people sell this off for money, and purchasing again later is difficult for someone, so there is a solution for that, rather than selling your gold you can pledge it with bank and in consideration bank will give you some amount of money at a nominal rate of interest i.e 1% per month.

Gold Loan Interest Rate

  • Gold Loan Interest rate starts from 10% and onwards.
  • Banks and other financial institutes charge around 2% processing fees on loan amount.
  • The time period of the Gold Loan will be around 6 months to 48 months.
  • Gold Loan will be given only against gold jewelry and ornaments, ( gold biscuit will not acceptable)
Bank Gold Loan Rate
Axis Bank 10.95%
ICICI Bank 11.75%
HDFC Bank 10.75%
SBI Gold Loan 11.50%
Yes Bank  10.85%
Muthoot Gold Loan 12%
Allahabad Bank Gold Loan 11.75%
IIFL 11.75%
IDBI Bank 12.25%
Manappuram Gold Loan  12.25%
Federal Bank Gold Loan 12.00%
PNB Gold Loan 12.25%

Gold Loan Eligibility

  1. Firstly, age must be higher than 18.
  2. Secondly, the customer has a citizenship of India.
  3. Gold should be an inappropriate form like jewelry, ornaments ( Gold biscuit are not acceptable).
  4. Also, the quality of Gold is between 18- 22 carat.

Gold Loan Documentation

  1. Firstly, ID proof: Driving License / Aadhar card/ Passport Copy/ Voter card.
  2. After that, residence proof: Aadhar card/ Ration card/ Rental bill/Electricity bill/ Passport / Sales Tax certificate /Trade license.
  3. Besides that, signature Proof: Banker’s verification/ Driving License/ Passport Copy/ cheque.
  4. Moreover, 2 colored passport size snaps.
  5. Lastly, income Proof: Form 16 and salary certification.

Features of Gold Loan Interest Rates

  • Gold Loan can be disbursal within 30 minutes.
  • Simple, fast and easy method, no complicated process
  • Low rate of interest (1 % PM)
  • Any time liquidity
  • No CIBIL score matter.

Factors on which Gold Loan Interest Rates depends

  • Firstly, the Loan Amount plays a major role at interest rates. If a customer will avail a higher amount of loan then the interest rate will be lower and in the contrary, if a person claiming less amount than the interest rate will higher.
  • If the customer has an account in the respective bank or Internal customer than the interest rate of a loan amount is lesser as compare to the external customer.
  • The bank will charge more interest who having higher LTV( Loan To Value) ratio