- Want to know which lender can provide gold loans at the lowest interest rate?
- Read this post that provides extensive details on gold loan interest rates of top lenders
There is no better solution than a gold loan for individuals wanting to meet their various financial needs. Reasons for the same are its easy availability and lower interest rates. To get the loan amount, an individual only has to submit their gold ornaments to the bank and the loan amount is sanctioned against the gold pledged by individuals.
Every individual wants to opt for a gold loan with interest rates as low as possible so that he or she can repay the loan amount easily. Higher the interest rates will be, the higher will be the repayment amount. There are so many banks and financial institutions in India that provide gold loans at affordable interest rates.
Top Lenders That Provide Gold Loans at Affordable Interest Rates
State Bank of India
Interest Rate – 9.15% per annum
Like all other financial products, State Bank of India (SBI) provides an amazing gold loan facility to the individuals who are looking to get quick funds. With the SBI Gold Loan, you can opt for a maximum loan amount of INR 20 lakhs to fulfill your various purposes. Just go through the schemes, compare and choose the one that goes in sync with your repayment capacity. It offers basically three types of schemes – EMI, bullet repayment
Interest Rate – 10% to 17.98% per annum
When it comes to the top private sector banks of India, the name of HDFC Bank comes on the top due to its amazing financial products such as a gold loan. Loaded with features like flexible repayment methods, lowest interest rates and maximum gold loan amount according to your gold value, the HDFC Gold loan is one of the top gold loan facilities in India. You can repay the loan amount in 3 to a maximum of 24 months.
Muthoot Finance Gold Loan
Interest Rate – Starting from 15% per annum (Depends on the Scheme you choose)
You must be familiar with the Muthoot Finance Gold Loan because of the word of mouth by different individuals who benefited from this scheme. Muthoot Finance has a total of five schemes from which you can choose one according to your convenience. These are Blue Guide, Blue Bright, Blue Power, Blue Big, and Blue Smart Gold Loans. Interest rates and maximum loan amounts of all these schemes tend to vary from one another. So you must see closely while choosing the one for you.
ICICI Bank Gold Loan
Interest Rates – 10% to 19.76% per annum
ICICI Bank provides the gold loan facility for those individuals who want to apply for a loan amount upto INR 15 lakh against their gold ornaments and gold coins. You can apply for the loan online, offline, and by giving a missed call on 84448 84448. With this gold loan from ICICI, you will get repayment tenure of 3 to 12 months within which you can pay the loan amount via the Bullet Repayment Method.
Bank of Baroda Gold Loan
Interest Rates – 11.15% per annum
The renowned public lender Bank of Baroda provides a gold loan through which an individual can get a loan as high as INR 25 lakh at lowest interest rates. Anyone who has got gold ornaments can apply for this gold loan in a hassle-free manner. The repayment period is fixed at a maximum of 12 months. So, if you are looking to overcome some crisis and want quick funds, opt for it.
Punjab National Bank Gold Loan
Interest Rates – 9% per annum
Punjab National Bank also finds a place in the list of lenders offering gold loans at an attractive rate of interest. With interest rates as low as 9% per annum, an individual can opt for a maximum loan amount of INR 10 lakh. The loan to value ratio given by the PNB changes according to the repayment method you will opt for. For the Bullet Repayment method, it is fixed at 35%, while for Interest payment, this is 25%.
Manappuram Finance Gold Loan
Interest Rates – 12% to 29% per annum
With the help of Manappuram Finance Gold Loan, you can get as maximum loan amount as INR 1.5 crore and as minimum as INR 5,000. There is one thing that you need to remember that your interest rates on your gold loan will depend on the Loan to value ratio. Higher LTV will automatically fetch higher interest rates on your loan. In order to repay the loan amount, you will get a flexible tenure of 90 to 365 days.
Union Bank of India Gold Loan
Interest Rates – 9.40% to 10.15% per annum
Union Bank of India provides an amazing gold loan facility to the customers to fulfill their various purposes in both the priority and non-priority sectors. The maximum loan and as well as interest rates tend to change according to the loan purpose. For example, the maximum loan amount and interest rates for Priority Sectors are INR 20 lakhs and 9.40% per annum, whereas for non-priority sectors, it is fixed at INR 10 lakhs and interest rates can go upto as maximum as 10.15% per annum.
So, we hope that after knowing all the details about all these top lenders, you must have got the answer to your question about which lender can provide lowest interest rate for gold loans. Choose wisely!