How to get gold loan
Avail a gold loan from a bank in India with interest rates ranging between 7% p.a. and 29% p.a. You can avail a loan amount of up to Rs.
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Compare Gold Loan by Top Banks in India.
| Gold Loan Providers | Muthoot Gold Loan |
|---|---|
| Interest Rate | 12% p.a. to 27% p.a. |
| Loan Amount | Rs.1,500 with no maximum limit |
| Tenure | 7 days to 36 months |
Which bank is best for gold loan?
List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021
| Gold Loan Providers | Interest Rate | Fee |
|---|---|---|
| HDFC Bank | 9.90% onwards | 1.5% + GST |
| ICICI Bank | 11% p.a. onwards | 1% of the loan amount |
| Canara Bank | 7.65% p.a. onwards | 0.25% of the loan amount |
| Axis Bank | 12.50% p.a. onwards | 1% plus GST |
What is the minimum gold loan amount?
Gold loans are valued against the estimation of gold ornaments; thus, financial institutions have a sanctioning limit and can offer loans within that range only. Yet institutions like Shriram City Union Finance Ltd. have a broad sanction limit, starting from ₹ 10,000 up to ₹ 20 Lakhs.
Is gold loan Safe?
Not checking creditor’s credibility: A gold loan is a secured loan, which implies that it is protected by collateral (gold in this case). This collateral remains with the creditor or lender till the loan amount is completely paid off.
What is SBI gold loan rate?
SBI Gold Loan
| Interest Rate | Up to 7.30% p.a. onwards |
|---|---|
| Loan Amount | Up to Rs.50 lakh |
| Loan Tenure | Up to 3 years |
| Processing Fee | 0.50% of the loan amount + GST subject to a minimum of Rs.500 |
Can we get 1 month gold loan?
Gold Loans is available for tenures starting from 3 months up to 24 months.
Is Bill required for gold loan?
It is possible to get a gold credit without a bill or invoice of jewellery purchase, and there is no rule against it. Here are the steps involved in getting financing against gold coins and other forms of the yellow metal: Fill up the application form and submit it to the branch or online.
Can I take gold loan from any bank?
Any Indian citizen can avail a gold loan from banks or non-banking financial institutions (NBFCs) and generally the age criteria ranges from a minimum of 18 years to a maximum of 75 years.
Which bank gives highest gold loan per gram?
Compare Gold Loan Rate Per Gram of All Banks
| Bank | Interest Rate |
|---|---|
| SBI Gold Loan Eligibility ⊕ Compare | 7.30% |
| Muthoot Gold Loan Eligibility ⊕ Compare | 6.90% |
| Manappuram Gold Loan Eligibility ⊕ Compare | 7.00% |
| HDFC Bank Gold Loan Eligibility ⊕ Compare | 9.00% |
Which bank has lowest interest rate on gold loan?
Low Interest Gold Loan Rates: Top 5 Banks
| Banks | Interest Rate | Tenure |
|---|---|---|
| HDFC Bank | 9.00% | 3 months to 24 months |
| Yes Bank | 9.99% | 6 months to 36 months |
| ICICI Bank | 10.00% | 6 months to 12 months |
| Fincare Small Finance Bank | 10.99% | 3 Months to 9 Months |
What happens if gold loan is not paid?
Gold is Auctioned
Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution. This is now a non-performing asset and will be sold off for recovery.
Can banks auction gold?
In case of a default, the lender will hold the rights to auction the gold against which the loan was availed. The gold acts as a collateral in these cases and thus, the lender will be able to sell the same to cover up for the losses caused due to the non-payment of the gold loan.
Does gold loan affect CIBIL?
When you take a loan against gold, all your EMI repayment data is submitted to the CIBIL at frequent intervals, so that they can update your credit score in your credit report. Pay the EMIs regularly to repay the Gold Loan: Like any other form of a loan, the gold loan is also given at a set interest rate and tenure.