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Top Public Sector Banks for a Gold Loan

Highlights

  • What are some of the top public sector banks that provide gold loans?
  • Know what their interest rates are, how much loan they provide and much more!

A Gold Loan could be the best option for you when you are in need of urgent funds. It is available to everyone who has idle gold sitting in their homes. Yes, this loan facility can be availed by pledging your gold ornaments and specially bank-minted gold coins as security to the lender. According to the overall value of your gold loan, you will get the required loan amount at affordable interest rates. The Gold Loan Interest Rate is the one factor alone that makes individuals opt for this loan without any second thought.

There are several banks both public and private, and financial institutions that provide gold loans to customers who are in need of urgent funds to meet their several purposes. In this article, we will focus on the top public sector banks that provide gold loans to the customers. So if you are someone who is looking to get the funds urgently and confused about which bank you should choose, this article could help you in making the right decision. So, without any further delay, let’s get on to it!

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List of Top Public Sector Banks Providing Gold Loans

When we talk about the top public banks in India, the topmost five in the list are – State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Union Bank of India and Bank of India. We are giving you all the details related to the gold loan facilities provided by these lenders. Have a look!

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State Bank of India Gold Loan

Being the largest public sector bank of India, State Bank of India (SBI) provides an amazing gold loan facility with minimal documentation and affordable interest rates. You can take a minimum loan amount of INR 20,000 and a maximum of INR 20 lakh. State Bank of India provides mainly three types of gold loan schemes which are Gold Loan, Liquid Gold Loan and Bullet Repayment Gold Loan. Anyone above 18 years of age can easily apply for this loan.

You can look at other important details in the table given below.

Loan AspectsDetails
Minimum Loan AmountINR 20,000
Maximum Loan AmountINR 20 lakh
Interest Rate7.50%
Tenure12 to 36 months
Processing Fees0.50% of the Total Loan Amount plus GST charges
Margin25% to 35%

Bank of Baroda Gold Loan

Looking to opt for a gold loan to get the required sum? Well, with the help of Bank of Baroda Gold Loan, you can get up to a maximum loan amount of INR 25 lakhs in a hassle-free manner. Provided by the second-largest lender of India, this loan can be availed by anyone who has got gold ornaments. Bank of Baroda Gold Loan interest rate is fixed at 11.15% per annum which is quite affordable considering the current market.

Do look into the table to know the Bank of Baroda Gold Loan offers at a glance.

Punjab National Bank (PNB) Gold Loan

Coming from one of the most trusted public banks of India, Punjab National Bank gold loan could be the perfect choice for you to fulfill your several financial requirements. The loan can be taken for both agricultural and non-agricultural purposes. The best thing about this loan facility is that there are no prepayment charges on this facility. So you can pay the total outstanding loan amount at any point in your tenure without paying any extra charges.

You can look at the interest rates and other important details in the below table.

Loan AspectsDetails
Minimum Loan AmountINR 20,000
Maximum Loan AmountINR 10 lakh
Interest Rate8.60% - 8.85%
Tenure12 to 18 months
Processing Fees0.75% of the Total Loan Amount plus GST charges
Margin35% for Bullet Repayment Option
25% for Interest Payment Option

Union Bank of India Gold Loan

After its recent merger with Andhra Bank and Corporation Bank, Union Bank of India has emerged as one of the leading public sector banks of India. With the Union Bank of India Gold Loan, you can opt for a maximum loan amount of INR 20 lakh for the priority sector and INR 10 lakh for non-priority sectors.

You can have a look at other aspects of this gold loan facility in the table given below.

Indian Overseas Bank Gold Loan

Indian Overseas Bank could be the best option for you because of its wide range of gold loan schemes. There are a total of five gold loan schemes for various kinds of people – Agricultural Jewel Loan, Agricultural Jewelry Term Loan, Jewel Loan SME, Jewel Loan for Others, and Indian Overseas Bank (IOB) Swarnalakshmi, especially for women borrowers. You can choose any scheme according to your convenience and requirements.

You just need to submit their gold ornaments to get the required loan amount at affordable interest rates. The loan amount will be decided according to the overall value of the gold you submit. We are providing other details related to the Indian Overseas Bank Gold Loan. Do check them!

Loan AspectsDetails
Minimum Loan AmountCustomized
Maximum Loan AmountINR 25 lakh
Interest RateCustomized
Tenure12 to 36 months
Processing FeesCustomized
Repayment Methods
  • Bullet Repayment
  • Interest Payment at Fixed Intervals (Monthly, Quarterly, Half Yearly, Yearly)
  • EMI Payment

So, these are the Gold Loan details provided by the top public sector banks of India. After knowing the details, you would be in a better position to choose the most suitable gold loan for you. Choose wisely!

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC7.55% - 8.45%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI7.35% - 8.00%
Tata Capital9.20% - 9.35%