Strike Gold in 2023: Unearth the Best Gold Loan Interest Rate 2023 Today ! Shocking SBI Gold Loan Interest Rate !

Gold Loan Introduction :

Gold Loan In Usa Gold Loan Pnb Gold Loan Interest Rate 2023 Agri Gold Loan Interest Rate Muthoot Gold Loan Rate Per Gram Today Canara Bank Gold Loan Interest Rate 2023

Tags Used

A Gold Loan Is A Type Of Loan Where A Borrower Has To Pledge Your Gold Ornaments, Coins, Or Bars As Collateral To Borrow Money From A Financial Institution Or Lender.

 The Lender May Auction Off The Gold To Recover The Borrowed Amount, If The Borrower Can’t Repay The Loan.

IN SIMPLE WORDS

We Can Also Say That , A Gold Loan Is When A Borrower Give Their Gold As A Promise To Pay Back Money They Borrow. If They Can’t Pay It Back, The Kender May Keep The Gold. 

General Overview Of A Gold Loan :

  • Age: The Age Of Borrowers Should Be Usually Between 18 To 70 Years Old.
  • Ownership: The Gold Being Pledged Should Be Officially Owned By The Borrower With A Proof.
  • Purity: The Purity Of Gold Also Depends On The Loan Amount.
  • Loan Amount: Gold Loan Amounts Are Usually A Percentage Of The Gold’s Value Being Pledged.
  • Interest Rate: Gold Loan Interest Rates Are Generally Lower Compared To Personal Loans And Can Range From Around 7% To 24% Per Annum.
  • Tenure: Gold Loan Tenures Are Generally Of Shorter Time Period, Like From A Few Months To A Few Years.

Lets Take An Example :-

 Let’s Say You Have A Gold Ornaments Worth Of $1,000. You Need Some Money, So You Went To A Bank Or A Lender For A Gold Loan. They Might Offer You A Loan For 70% Or 75% Of The Ornaments Value, Which Would Be Around $700 Or $750.

Lets Say , You Get The $700 As A Loan, And You Leave Your Gold Ornaments With The Lender As Collateral. They’ll Give You A Certain Time Period To Repay The Loan Plus Interest, Which Might Be, Let’s Say, 6 Months Or 1 Year.

If You Can Repay The $700 Plus The Interest Within The Given Time Period, You’ll Get Your Ornaments Back. But If You Can’t Repay The Loan, The Lender Might Keep Your Ornaments And Sell It To Recover The Money You Owe Them.

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In This Article, I Am Going To Explain About Top Gold Loan Companies. In This Article You’ll Get To Know About Features, Benefits, Eligibility Criteria, Loan Tenure nd Interest Rates Of Gold Loan For Various Banks Or NBFC.

There Are Many Banks Or Financial Agency Offering Various Types Of Gold Loans , Lets Discuss Each Or Bye One:-

  1. Muthoot Finance
  2. Manappuram Finance
  3. HDFC Bank
  4. ICICI Bank
  5. Axis Bank
  6. PNB Gold Loan 
  7. Canara Gold Loan 
  8. Capri Gold Loan 
  9. SBI Gold Loan

Muthoot Finance

FEATURES :

  • Fastest & Easiest Loans Approval & Disbursal
  • Customer Oriented Services
  • Quick & Less Documentation
  • Get A Minimum Loan Amount Of  ₹1500 And There Is No Maximum Limit
  • Pre-Repayment Option + Zero Penalty
  • Secured & Safe Custody Of Gold Ornaments

ELIGIBILITY CRITERIA :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Must Be Having A NREGA Job Card.

DOCUMENTS REQUIRED :

  • PAN Card.
  • AADHAR Card.
  • Driving License.
  • Passport
  • Utility Bills
  • Passport Size PhotograpLoan

RATE OF INTEREST :

Name of Gold Loan SchemeInterest Rate (Annual)Loan Amounts(In Lakhs)
RestartIndia Pradhan Gold loan11.99% Minimum Rs.5 Lakh
Easy Pro18% Rs.3 Lakh to Rs.4.9 Lakh
Easy Max21% Rs.1 Lakh to Rs.2.9 Lakh
Super Value Gold Loan23% Any Amount 
Muthoot Gold Loan

Note :

Muthoot Gold Loan

There Is No Minimum Repayment Period For Gold Loan. But Interest Is Charged For Minimum Period Of ½ Weeks.

The Maximum Tenure Is 12 Months.

Manappuram Finances

Features: 

  • Quick & Easy Loan Disbursal By Pledging Your Gold Ornaments And Jewellery.
  • Higher loan amounts
  • Very Low Interest Rates
  • Choose From A Variety Of Range Of Schemes; Suitable For Your Needs.
  • 100% Safety And Security For Gold Jewellery

Eligibility Criteria: 

  • Anyone over the age of 18 can apply for a gold loan .
  •  Borrower Must Be The actual owner of the Gold ornaments they present. 
  • Must Be Having A NREGA Job Card. 

Documents Required: 

  • A certified copy of Passport
  • Driving License
  • Aadhaar number
  • Voters ID 
  • Job card by NREGA 
  • One recent photograph
  • The Permanent Account Number PAN CARD

Rate Of Interest: 

Manappuram Gold Loan Interest RateStarting 5.88% per annum
Manappuram Prepayment ChargesNil
Manappuram Repayment Tenure15 months to 36 Months
Manappuram Gold Loan SchemesBullet Payment Scheme, EMI Scheme

Note :

There Is No Minimum Repayment Period For Gold Loan. But Interest Is Charged For Minimum Period Of ½ Weeks.

The Maximum Tenure Is 15 To 36 Months.

HDFC Bank

Features :

  • Loan Disbursement In 45 Minute
  • Easy Monthly Installments
  • Low Interest Rate 
  • Foreclose Or Prepay Before Tenure

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments. 

Documents Required :

  • Passport (Not expired)
  • Driving license (Not expired)
  • Voters’ ID Card
  • Aadhaar Card issued by UIDAI
  • PAN (Permanent Account Number) Card
  • One Passport Size Photograph

Interest Rate :

GOLD LOAN8.30%11.62%

ICICI Bank

Features 

  • Avail A Gold Loan For A Period Of 6 Months Or 12 Months
  • Get A Loan Amounts Ranging From ₹50,000 To ₹1 Crore 
  • Simple Documentation Process
  • Safety And Convenience Above All Else
  • Instant Loan
  • No Income Proof Required
  • Short Loan Tenure
  • Avail Overdraft Facility
  • Bank Account Not Required
  • Part Repayment Options

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments

Documents Required :

  • Two passport-size photographs
  • Address Proof (any one) & ID Proof (any one)
    • Driving License
    • PAN Card
    • Passport Copy
    • Aadhaar Card
    • Voter ID Card
    • Ration Card

Interest Rate :

Min Interest Rate – 10%. Max Interest Rate -17.95%. *T&C apply.

Axis Bank

Features :

Avail Gold Loans From 25001 To 2500000.

Eligibility :

  • Anyone between the ages of 18 and 75 years.
  • Borrower Must Be The Actual Owner Of Gold Ornaments. 

Documents Required :

  • Passport
  • Voter ID card
  • PAN Card
  • Aadhar Card
  • Signed application form
  • KYC documents
  • Driving Licence
  • Job Card issued by NREGA signed by a State Governments

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments 

Interest Rate :

Fixed Rate Loan1 year MCLRSpread over 1 year MCLREffective Interest RateReset
Gold Loan9.10%7.90%17%No Reset

PNB Gold Loan 

Features :

  • Loan Amount

Advance Against Gold Jewellery/Gold Ornaments:

Minimum – Rs. 25000/-

Maximum – Rs. 25.00 lakh

Advance Against Sovereign Gold Bonds:

Minimum – Rs. 50000/-

Maximum – Need based

  • Margin

Advance Against Gold Jewellery/Gold Ornaments:

i.  Demand loan – Bullet  – 30%

ii.  Demand Loan – EMI  – 25%

iii.  Overdraft – 25%

Advance Against Sovereign Gold Bonds:

Individuals – 25%

Other than individuals – 40%

  • Repayment Period :

Advance Against Gold Jewellery/Gold Ornaments

I.  OD Facility To Be Renewed Every Year

Ii.  Regular Servicing Of Interest  – Emi Based And Overdraft Account

Iii.  Repayment Through Bullet Payment I.E. Payment Of Interest And Principal At Maturity Max. Up To 12 Months

Advance Against Sovereign Gold Bonds:

Till The Date Of Maturity I.E. Maximum 96 Months Or Residual Period Of The Gold Bond Whichever Is Earlier.

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments

Documents Required :

  • Passport
  • Voter ID card
  • PAN Card
  • Aadhar Card
  • Driving License
  • Job Card issued by NREGA signed by a State Governments

Interest Rate :

Sl NoName Of SchemeRevised Rate Of Interest
1Advance against Gold Jewellery/Gold Ornaments(Demand Loan)RLLR+BSP (Presently 9.25%)
2Advance against Sovereign Gold Bonds (Demand Loan)
3Advance against Sovereign Gold Bonds(Overdraft)RLLR+BSP (Presently 9.25%)
4Advance against Gold Jewellery/Ornaments(Overdraft)
5Demand Loan AgricultureOne Year MCLR (Presently 8.10%)

Canara Gold Loan 

Features :

  • Purpose

Only For Medical Expenses And Other Unforeseen Commitment/ Contingencies etc.

  • Loan Amount

Minimum Amount – Rs. 5,000

Maximum Amount – Rs. 35.00 Lakh.

  • Securing Of Gold

Gold Jewellery.

  • Repayment Period

Swarna (Single Transaction Limit):  Loan Shall Be Repaid Within 12 Months . 

Swarna Express (Single Transaction Limit): Loan Shall Be Repaid Within 6 Months .

 Overdraft: 2 Years, Subject To Annual Review. Interest Is To Be Serviced Monthly.

  • Prepayment Penalty :- Nil

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments

Documents Required :

  • Passport
  • Voter ID card
  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Job Card issued by NREGA signed by a State Governments

Interest Rate :

RLLRCredit Risk Premium over RLLREffective Rate of Interest under RLLR
Swarna Loan9.250.359.60
Swarna Overdraft9.250.359.60
Swarna Express9.250.359.60

Capri Gold Loan 

Features :

  • Quick Processing –  Loan Disbursed Within An Hour.
  • Simple Documentation – Only An ID & An Address Proof Is Required.
  • No Income Proof Required.
  • No Credit History Required.
  • Flexible Repayment Option 
  • High Valuation – Get A Loan Amount Up To 75% Of The Total Collateral Value.
  • Safety & Securely Kept Gold Ornaments 

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual  with Steady source of income 
  • Owner : Must Be The Actual Owner Of Pledged Ornaments

Documents Required :

  • Passport
  • Voter ID card
  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Job Card issued by NREGA signed by a State Governments

Interest Rate :

Capri Gold Loan Interest Rate

7.99% P.A. to 16.00% P.A.

SBI Gold Loan

Features :

  • Maximum Loan  : Rs 50.00 lacs
  • Minimum Loan  : Rs 20,000 /-
  • Processing Fee : Loan Amount of Rs. 3.00 lac – NIL
    Above loan Amount of Rs. 3.00 lac –
    •  3 Months Bullet Repayment Gold Loan : Rs. 100+GST
    • 6 Months Bullet Repayment Gold Loan : Rs. 150+GST
    • 12 Months Bullet Repayment Gold Loan : 0.25% of loan amount subject to minimum Rs. 250 and maximum Rs. 5000+ applicable GST.
  • Margin :Gold Loan (EMI): 25%
  • Margin :Liquid Gold Loan (Overdraft): 25%
    • 3 Months Bullet Repayment  *: 30%
    • 6 Months Bullet Repayment *: 30%
    • 12 Months Bullet Repayment *: 35%

Eligibility Criteria :

  • Age : 18 years and above
  • Profession : Any individual with Steady source of income (No Proof of income required)

Documents Required :

To Apply Loan

  • Gold Loan Application With Two Copies Of Photographs.
  • Proof of Identity With Address.

Time of Disbursement

  • Gold Ornaments Take Delivery Letter.
  • Arrangement Letter

Interest Rate :

SBI Gold Loan Interest Rate

Mean Rate of Interest: 9.15%

Scheme1 year MCLRSpread over 1 year MCLREffective Interest Rate
Gold Loan EMI based8.55%1.25%9.80%
Liquid Gold ( Overdraft)8.55%1.25%9.80%
12 Months Bullet Repayment Gold Loan8.55%0.50%9.05%
SchemeThree Month MCLRSpread over 3 Month MCLREffective Interest Rate
3 Months Bullet Repayment Gold Loan8.15%0.55%8.70%
SchemeSix Month MCLRSpread over 6 Month MCLREffective Interest Rate
6 Months Bullet Repayment Gold Loan8.45%0.35%8.80%

Note :

Maximum :

  • Gold Loan (EMI ) : 3 Years
  • Liquid Gold Loan ( Overdraft) : 3 Years
  • 3 Months Bullet Repayment Loan: 3 months 
  • 6 Months Bullet Repayment Loan : 6 months 
  • 12 Months Bullet Repayment Loan: 1 Years

Mean Gold Loan Interest Rate Of All The Banks :

Lowest Gold Loan Interest Rate In Which Bank 2023

Lowest Gold Loan Interest Rate 2023

See Below Table :

BankMean Interest Rate
Manappuram Gold Loan 6.0 %
Capri Gold Loan 8.10 %
HDFC8.5  %
SBI9.15 %
PNB Gold Loan9.25 %
Canara Bank Gold Loan9.5 %
Axis9.5 %
ICICI10 %
Muthoot Gold Loan 12 %

How To Apply For Gold Loan ?

Go To The Official Website Of Your Choice.
Apply For A Gold Loan.
Go To Nearest Branch With Your Gold Ornaments .
Deposit The Gold & Take The Loan Amount.

How Much Is A Muthoot Finance Gold Loan Per Gram ?

Muthoot Gold Loan Per Gram Is ₹ 5,220 As On 30th August 2023

What Is Capri Gold Loan Interest Rate ?

Capri Gold Loan Interest Rate = 8.10 %.

What Is Manappuram Gold Loan Interest Rate ?

Manappuram Gold Loan Interest Rate = 6.0 %.

SBI GOLD LOAN INTEREST RATE ?

SBI GOLD LOAN INTEREST RATE = 9.15 %.

Gold Loan Kaise Milta Hai ?

Refer This Article To Get Full Information.

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