Are you searching for a trustworthy and adaptable solution to unlock the potential of your gold assets? Consider a gold loan as a viable option for accessing funds swiftly while ensuring the safety of your gold. Given the many banks and NBFCs that provide gold loan schemes in India, selecting the most suitable one can be daunting. This guide aims to help you compare India’s leading gold loan options. It provides information on interest rates, LTV ratios, and repayment terms to help you find the loan that best suits your requirements.
Top Banks Offering Gold Loan in India
HDFC Bank Gold Loan
Interest Rate: 9.10% – 17.90% per annum
Loan Details:
– Minimum Loan Amount: ₹25,000
– Maximum Loan Amount: ₹3.5 crores
– Tenure: 6 months to 42 months
– Processing Fee: Up to 1% of the disbursal amount
– Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
– Overdraft Facility: Withdraw and repay as per your needs
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 75 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Quick Disbursal: Fast loan disbursal
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Bank of Baroda Gold Loan
Interest Rate: 8.70% – 9.40% per annum
Loan Details:
– Minimum Loan Amount: ₹25,000
– Maximum Loan Amount: ₹50 lakhs
– Tenure: 12 months to 36 months
– Processing Fee: Nil for loans up to ₹3 lakhs, 0.5% to 1% plus GST for loans above ₹3 lakhs
– Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins: Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
– Overdraft Facility: Withdraw and repay as per your needs
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 75 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Agri-Gold Loan: Special scheme for farmers
– Retail Gold Loan: For individuals
– Quick Disbursal: Fast loan disbursal
– Flexible Repayment: Choose your repayment option
CSB Bank Gold Loan
Interest Rate: 8.99% – 14.99% per annum
Loan Details:
– Minimum Loan Amount: ₹10,000
– Maximum Loan Amount: ₹5 crores
– Tenure: 6 months to 36 months
– Processing Fee: 0.5% to 1% of the loan amount
– Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 22 carat and above
– Gold Jewellery: 22 carat and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
– Overdraft Facility: Withdraw and repay as per your needs
Eligibility Criteria:
– Resident Indian: Yes
– Age: 21 years to 70 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Quick Disbursal: Fast loan disbursal
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Central Bank of India Gold Loan
Interest Rates: 7.35% to 8.55%
Interest Rates:
– For low to medium risk, the interest rate is 8.45% for loans up to Rs. 3,00,000 and 8.55% for loans above Rs. 3,00,000.
The interest rate for agricultural gold loans with interest subvention up to Rs. 3 lakh is 7.00%; for loans with interest subvention other than interest subvention, it is 7.25%.
Loan Amount:
– The minimum loan amount is Rs. 10,000.
– The maximum loan amount is Rs. 40 lakhs.
Processing Fee:
– The processing fee is 0.50% of the loan amount.
– The minimum processing fee is Rs. 250, and the maximum is Rs. 5,000.
Eligibility Criteria:
– Individuals between the ages of 18 and 60 can apply.
– People engaged in commercial activity are eligible.
– Farmers and individuals engaged in agricultural and allied activities can apply.
Tenure:
– The main facility is for short-term production credit, often called CC/CKCC/OD or Demand Loan (single transaction).
– You have a year to pay the debt back.
– However, the duration of the term loan facility is up to 60 months.
Required Documents:
– You need to submit the application form along with the required documents.
– The bank may request additional documents based on individual circumstances.
Other Details:
– The loan is secured by a pledge of gold ornaments of 22 karat purity or gold coins sold by banks.
– The maximum limit of gold pledged is 50 grams per borrower.
– The bank engages certified appraisers to determine the value of the gold offered as collateral.
– The appraiser charges are borne by the borrower and are included in the overall cost of the loan.
IndusInd Bank Gold Loan
Interest Rate: 9.10% – 17.90% per annum
Loan Details:
– Minimum Loan Amount: ₹25,000
– Maximum Loan Amount: ₹3.5 crores
– Tenure: 6 months to 42 months
– Processing Fee: Up to 1% of the disbursal amount
– Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
– Overdraft Facility: Withdraw and repay as per your needs
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 75 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Quick Disbursal: Fast loan disbursal
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Top NBFCs Offering Gold Loan in India
Muthoot Finance
Interest Rate: 12% to 24% per annum
Loan Details:
– Minimum Loan Amount: ₹1,500
– Maximum Loan Amount: ₹50 lakhs
– Tenure: 3 months to 36 months
– Processing Fee: Up to 2% of the loan amount
– Loan-to-Value (LTV) Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 65 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Quick Disbursal: Fast loan disbursal
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Manappuram Finance
Interest Rate: 9.90% to 24% per annum
Loan Details:
– Minimum Loan Amount: ₹1,000
– Maximum Loan Amount: ₹1.5 crores
– Tenure: 90 days to 365 days
– Processing Fee: ₹10
– Loan-to-Value Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 70 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Doorstep Service: Gold loan at your doorstep
– Online Gold Loan: Apply online with minimal documentation
– No Hidden Charges: Transparent charges
– Security: Gold is stored in a secure locker
MAG Finserv
Interest Rate: 9.90% to 24% per annum
Loan Details:
– Minimum Loan Amount: ₹1,000
– Maximum Loan Amount: ₹1.5 crores
– Tenure: 90 days to 365 days
– Processing Fee: ₹10
– Loan-to-Value Ratio: Up to 75% of the gold’s market value
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 70 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Doorstep Service: Gold loan at your doorstep
– Online Gold Loan: Apply online with minimal documentation
– No Hidden Charges: Transparent charges
– Security: Gold is stored in a secure locker
Indel Money
Interest Rate: 12% to 24% per annum
Loan Details:
– Minimum Loan Amount: ₹1,000
– Maximum Loan Amount: ₹1,00,00,000
– Tenure: Flexible
– Processing Fee: Not specified
– Loan-to-Value Ratio: Not specified
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 70 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Doorstep Service: Gold loan at your doorstep
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Trucap Finance
Trucap Finance offers gold loans with the following features:
Interest Rate: 12% to 24% per annum
Loan Details:
– Minimum Loan Amount: ₹1,000
– Maximum Loan Amount: ₹1,00,00,000
– Tenure: Flexible
– Processing Fee: Not specified
– Loan-to-Value Ratio: Not specified
Gold Accepted:
– Gold Ornaments: 18 carat and above
– Gold Jewellery: 18 carats and above
– Specially Minted Gold Coins Sold by banks
Repayment Options:
– EMI: Equal Monthly Installments
– Bullet Repayment: Lump sum payment at the end of the tenure
Eligibility Criteria:
– Resident Indian: Yes
– Age: 18 years to 70 years
– Income: Steady income source required
Documents Required:
– Proof of Residence: Address proof
– Identity Proof: ID proof
– Signature Proof: Proof of signature
– Passport Size Photographs: Recent photographs
Additional Features:
– Doorstep Service: Gold loan at your doorstep
– Flexible Repayment: Choose your repayment option
– Transparent Charges: No hidden charges
– Security: Gold is stored in a secure locker
Conclusion
Ultimately, a gold loan offers a convenient and flexible solution for meeting your financial needs while ensuring the safety of your valuable gold assets. When you compare the various gold loan options in India, you can discover the most favourable interest rates, LTV ratios, and repayment terms that perfectly align with your needs. When deciding, it’s essential to consider factors such as processing fees, loan tenure, and customer support. By choosing the appropriate gold loan, you can tap into your gold’s potential and make significant strides towards your financial goals. It is important to borrow responsibly and repay your debts promptly to fully maximise this opportunity’s benefits.
FAQs
Q: What is the loan-to-value ratio for gold loans in India?
A: The loan-to-value ratio varies from 65% to 75% of the gold’s market value, depending on the lender.
Q: What are the repayment options for gold loans?
A: Repayment options include Equal Monthly Installments (EMI) and Bullet Repayment (lump sum payment at the end of the tenure).
Q: What are the eligibility criteria for gold loans?
A: Eligibility criteria include being a resident Indian, aged 18-70, and having a steady income source.
Q: What documents are required for gold loans?
A: Documents required include proof of residence, identity proof, signature proof, and passport-sized photographs.
Q: Is there a processing fee for gold loans?
A: Yes, some lenders charge a processing fee ranging from ₹10 to unspecified amounts.
Q: How is the gold stored?
A: The gold is stored in a secure locker, ensuring its safety and security.
