Gold Loan
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Gold Loans by Top Banks in India
Experience the ultimate financial flexibility with our unbeatable gold loan deals offered by the top banks in the industry.
| Gold Loan Providers | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| HDFC Bank | 9.90% onwards | ₹25,000 onwards & ₹10,000 for rural areas | 3 months to 24 months | 1.5% + GST |
| ICICI Bank | 11% p.a. onwards | ₹10,000 to ₹1 crore | 3 months to 12 months | 1% of the loan amount |
| Canara Bank | 7.65% p.a. onwards | ₹5,000 to ₹20 lakh | 6 months to 2 years | 0.25% of the loan amount/td> |
| Axis Bank | 12.50% p.a. onwards | ₹25,001 to ₹25 lakh | From 3 months to up to 3 years | 1% plus GST |
| Bank of Baroda | 8.75% p.a. | Up to ₹25 lakh | Up to 12 months | 0% to 0.50% + GST |
| SBI | 7.50% p.a. onwards | ₹20,000 to ₹50 lakh | Up to 36 months | 0.25% + GST |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
Gold Loan by Top NBFCs in India
Experience the ultimate financial flexibility with our unbeatable gold loan deals offered by the top NBFCs in the industry.
| Gold Loan Providers | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| Muthoot Finance | 12% p.a. onwards | ₹1,500 – No Limit | 7 days to 36 months | 0.25% to 1% of the loan amount |
| IIFL | 9.24% p.a. onwards | ₹3,000 onwards | 3 months to 11 months | NA |
| Manappuram Finance | 9.90% p.a. onwards | ₹1,000 to ₹1.5 crore | 3 months onwards | ₹10 (during loan settlement) |
| Bajaj Finance | 14% p.a. onwards | ₹15,000 to ₹15 lakhs | 6 months to 36 months | 1.90% |
Note- The interest rates mentioned are subject to change. Do visit the website for more information.
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Features & Benefits of Gold Loan
Fulfill your financial requirements effortlessly and address all your expenses with Gold Loan.
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Gold Loan Interest Rates, Fees & Charges
The interest rates for a gold loan often range from 7.50% p.a to 12.50% p.a. Here is the table for gold loan interest rates, fees and charges in India
| Type of Fee | Charges Applicable |
|---|---|
| Processing fee | 0.5% of the loan amount. |
| Valuation fee | ₹500 for a loan amount of up to ₹2 lakh. ₹750 for loan amounts above ₹2 lakh. |
| Penal charge | 2% p.m. applicable. |
| Foreclosure charges | 2% of Gold Loan amount if loan closed within 90 days of disbursal |
| Stamp duty Charges | As per state norms |
| Late Payment Charges | 24% per annum on overdue amount or ₹300, whichever is higher during tenure. |
Factors Affecting Gold Loan Interest Rates
There are various factors that affect your gold loan interest rates. So here are the factors that help you avail lowest gold loan interest rate.
Loan-to-Value (LTV) Ratio: The loan amount sanctioned relative to the value of the gold determines the risk involved for the lender. Lower LTV ratios often lead to lower gold loan interest rates.
Gold Purity: The purity and quality of the gold being pledged as collateral can impact the interest rates. Higher-purity gold may fetch better interest rates due to its higher market value.
Loan Tenure: The duration of the loan can influence the interest rate. Longer loan tenures may attract slightly higher interest rates compared to shorter tenures.
Market Conditions: Fluctuations in the market and the prevailing interest rate environment can influence gold loan interest rates. Lenders may adjust rates based on prevailing economic conditions.
Borrower’s Credit Profile: While gold loans are secured by collateral, some lenders also consider the borrower’s credit history and financial profile. A strong credit profile may result in more favourable interest rates.
Eligibility Criteria For A Gold Loan
The eligibility criteria usually varies from lender to lender. So it is suggested to check if you meet the required criteria mentioned on the lender’s website before applying for a gold loan. Therefore, here are the generalised eligibility gold loan:
| 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 (LTV) | 90% |
Gold Loan EMI Calculator
Easily calculate your monthly payments for a Gold Loan with the help of a Gold Loan EMI (Equated Monthly Installment) calculator. This useful tool considers factors such as the loan amount, interest rate, and loan tenure to determine your monthly EMI. By simply entering your loan amount, loan period, interest rate, and processing fee, you can quickly calculate your EMI.
Take advantage of our Gold Loan EMI calculator and find out your monthly payment amount today.
Ready to calculate your monthly EMI?
EMI Calculator
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Documents Required For Gold Loan
Here is the general list of gold loan documents required:
Identity Proof:
- Passport
- PAN Card
- Aadhaar Card
- Voter’s ID Card
- Driving Licence
Income Proof:
- Salary Slips (last 3 months)
- Bank Statements (last 3 months)
- ITR
- Form-16
Address Proof:
- Aadhaar Card
- Ration Card, Passport
- Bank Account Statement
- Voter’s ID Card
- Telephone Bill/Electricity Bill/Water Bill
Tips Before Applying for a Gold Loan
Now you can increase your chances of gold loan approval by following certain guidelines. Here are some essential do’s and don’ts to improve your chances of getting a gold loan:
| Do’s | Don’ts |
|---|---|
| Check your credit score: Before applying for a gold loan, it’s advisable to check your credit score. | Don’t overlook your credit score. A poor credit score may affect your loan eligibility and interest rates. |
| Research lenders: Take the time to research and compare different lenders offering gold loans. | Don’t rush into borrowing from the first lender you come across. |
| Understand loan terms: Read and understand the terms and conditions of the loan agreement. | Don’t sign the loan agreement without fully understanding its terms. |
| Prepare required documents: Gather all the necessary documents for a gold loan application. | Don’t forget to gather and organize all the required documents. |
| Appraise your gold: Get your gold jewelry or ornaments appraised by a certified gold valuer. | Don’t rely solely on your estimation of the gold’s value. |
| Calculate loan amount and EMIs: Use EMI calculators & determine the loan amount you require and the corresponding EMIs. | Don’t borrow more than you need or can comfortably repay. |
| Maintain clear ownership records: Ensure that the gold you are pledging as collateral has clear ownership records. | Don’t pledge gold with disputed ownership or unclear documentation. |
Steps to Apply for a Gold Loan
Here’s the step-by-step process that you can follow to apply for a gold loan on Buddy Loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
- Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Gold Loan Repayment
Gold loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.
Pre-payment allows borrowers to make an early repayment of a lump sum amount, reducing the loan principal and the interest burden.
Part-payment involves making partial repayments towards the principal amount, helping to lower the overall interest paid and shorten the loan tenure.
Let’s now explore the various modes of payment:
EMI (Equated Monthly Installment): You can repay the loan amount and interest in fixed monthly installments over the agreed tenure.
Online Payment: You can make loan repayments through online platforms or mobile applications using net banking, debit cards, or mobile wallets.
Cheque or Demand Draft: You can also choose to repay the gold loan by issuing a cheque or demand draft in favor of the lender for the specified loan amount.
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Frequently Asked Questions
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