Gold loan interest rates in June 2024: Gold loan is a better option to meet all financial needs from foreign travel to medical emergency. There is no need to run around much to borrow money from banks or financial institutions. There is also less paperwork. And the loan gets approved in a very short time. People do not have to wait long for the loan amount to borrow money from the bank. That means in gold loan, funds can be received soon in exchange of gold.
You can easily get a loan against gold
Gold loan is a type of secured category loan option in which you get the facility to borrow money by pledging gold ornaments as collateral. In this, the bank or financial institution does not need your income proof or bank details to assess the eligibility of the borrower. Gold loan has become very popular due to its easy availability, fast processing and various benefits. When there is a great need of money, then it is considered to be the most effective way to borrow money.
Also read: Cheapest Home Loans: Where can you get the cheapest home loan? Check the interest rates of these government banks
Gold Loan Tenure and Interest Rate
The tenure of gold loan may vary depending on the banks. Usually, banks or financial institutions offer gold loans with tenures ranging from 3 months to 48 months. According to Bank Bazaar, currently Interest rates on gold loans range from 8.95% to 26% per annum. This rate is used to calculate the loan amount and the total interest. Borrowers must pay interest in two ways – in installments or in lump sum – during their chosen gold loan tenure.
Where can you get the cheapest gold loan, check the list of banks
If you are considering buying gold to meet your financial needs such as emergency, medical bills, education, shop or personal needs, then you can approach the banks or financial institutions listed below.
| Name of the Bank |
interest rate |
Loan amount (in Rs.) |
|
Axis Bank Gold Loan |
Over 17% annually |
₹ 25,001 to ₹ 25 lakh |
|
HDFC Gold Loan |
9.10% to 17.90% p.a. |
More than 25,000 |
|
Canara Bank Gold Loan |
9.25% p.a. (MCLR) |
5,000 to 35 lakhs |
|
Muthoot Gold Loan |
10.90% p.a. |
Over 1,500 |
|
SBI Gold Loan |
Over 8.95% p.a. |
20,000 to 50 lakh |
|
Kotak Mahindra Gold Loan |
9.00% to 24.00% p.a. |
20,000 to 1.5 crore |
|
IndusInd Bank Gold Loan |
From 10.35% to 17.05% |
Maximum Rs 20 lakh |
|
Manappuram Gold Loan |
21% to 26% p.a. |
Based on the existing scheme |
|
Bank of Maharashtra Gold Loan |
Over 9.30% p.a. |
Maximum Rs 25 Lakh |
|
Punjab National Bank Gold Loan |
9.15% p.a. |
25,000 to 25 lakh |
|
Bank of Baroda Gold Loan |
9.40% p.a. |
Upto 50 Lakh |
,Note- of different banks The list of gold loan interest rates has been prepared by BankBazaar.com. People considering borrowing money against gold are advised to make sure about some important information like processing fees, GST and other charges before applying in these banks included in the list. Banks keep changing their rates from time to time, so before going ahead with the gold loan option, check with the concerned bank.(Get the exact information from the branch of A or their official website.)
According to the list of Bankbazaar.com, SBI Bank is offering gold loan to its customers from Rs 20,000 to Rs 50 lakh at a low interest rate. Manappuram Bank’s gold loan comes with an annual interest rate of 21% to 26% depending on the current scheme.
In the largest private sector bank HDFC Bank, customers can get loans of more than Rs 25000 against precious jewellery at interest rates ranging from 9.10% to 17.90%. In the government bank Canara, gold loans of Rs 5000 to 35 lakh can be availed at an interest rate of 9.25% per annum (MCLR).
Also read: Best FD Rates: Where is the highest interest on FD in September, check the list of banks before investing money
Documents for Gold Loan
If you are considering borrowing money against gold to meet your financial needs, you may require these documents at the time of loan processing.
Aadhar Card or Voter ID Card or Valid Passport or Valid Driving License
PAN card or Form 60
passport size photo
