Fight Against Coronavirus   1. Wash Your Hands Frequently   2. Maintain Social Distancing   3. Avoid Touching Eyes, Nose and Mouth   4. Practice Respiratory Hygiene   5. Stay Informed and Follow Advice given by Your Healthcare Provider   6. If You have Fever, Cough and Difficulty Breathing, seek Medical Care Early             Dial National Helpline Number +91-11-23978046 or 1075

Gold Loan FAQs

A gold loan is a secured loan which is offered against collateral of gold | gold ornaments. Under such loan, the borrower has to pledge his/her gold | gold ornaments with the bank who lends the funds as gold loan. Gold loans can be a good source of short term cash in case of emergency.

Gold Loan FAQs

A bullet loan is a loan in which the borrower pays the interest on the loan regularly but the principal of the loan is paid to the bank/lender at the end of the loan term. It is also called is an interest-only loan.
Gold loan gets approved very fast, if your application and all the requirements are complete in all respect. It usually takes just few minutes to an hour for the loan amount to be disbursed.
A margin of 20% to 25% on the market price of the gold is generally required by the banks.
It depends on bank. Some banks charge pre-payment or foreclosure fee/penalty which may be 0.25%-3% which applies only to the outstanding amount of your gold loan. Some banks do not charge anything on pre-payment or foreclosure.
You can get back your pledged gold on successful completion of your loan repayment. Please note that the repayment of the loan is done efficiently and you should not default.
If you make any default or failure to repay the loan within the stipulated time, the bank/lender has the right to auction of your gold ornaments in order to recover his loan amount.
There is a penalty in the range of 1% and 5% which the banks levy if there is a delay in repayment of gold loan hence you must make sure that you don't make any delay in repayment.
The valuer evaluates the value of pledged gold on the basis of market rate of gold per gram on the day of submitting the gold loan application. It also involves verification of its purity.
Note that in case of gold ornaments or jewellery, only those parts which are gold are used to calculate the value and the weight of any other stones, gems or metals fixed on the gold ornaments will be deducted for the purpose of valuation.

Following things you need to keep in mind:

  1. Check and compare the interest rates in various banks.
  2. There should be no hidden costs.
  3. Minimal documentation.
  4. Security and Safe custody of pledged gold | gold ornaments | gold coins.
  5. Pre-payment option-without any penalty.
  6. Best customer service with a shorter response time.
Yes, you can continue your loan by renewing your loan after 1 year.

Get Banks Loan Interest Rates

Abhyudaya Cooperative Bank LimitedAhmedabad Mercantile Cooperative Bank
Akola Urban Coop Bank Allahabad Bank
Allahabad Up Gramin BankAmanath Cooperative Bank Ltd. Bangalore
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankApna Sahakari Bank Limited
Arunachal Pradesh Rural BankAssam Gramin Vikash Bank
Au Small Finance Bank LimitedAxis Bank
Bandhan Bank LimitedBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda Up Gramin Bank
Bassein Catholic Cooperative Bank LimitedBharat Cooperative Bank (mumbai) Ltd., Mumbai
Bharati Sahakari BankBharatiya Mahila Bank Limited
Bihar Gramin BankBombay Mercantile Co Op Bank Ltd
Canara BankCapital Small Finance Bank Limited
Catholic Syrian Bank LimitedCentral Bank Of India
Central Madhya Pradesh Gramin BankChaitanya Godavari Grameena Bank
Chhattisgarh Rajya Gramin BankCitizen Credit Cooperative Bank Limited
City Union Bank LimitedCorporation Bank
Dcb Bank LimitedDena Bank
Dena Gujarat Gramin BankDhanalakshmi Bank
Dombivli Nagari Sahakari Bank LimitedEllaquai Dehati Bank
Equitas Small Finance Bank LimitedEsaf Small Finance Bank Limited
Export Import Bank Of IndiaFederal Bank
Fincare Small Finance Bank LtdG P Parsik Bank
Gramin Bank Of AryavartHdfc Bank
Himachal Pradesh Gramin BankIcici Bank Limited
Idbi BankIdfc Bank Limited
Indian BankIndian Mercantile Cooperative Bank Ltd.
Indian Overseas BankIndusind Bank
Jalgaon Janata Sahakari Bank LimitedJammu And Kashmir Bank Limited
Jammu And Kashmir Grameen BankJanakalyan Sahakari Bank Limited
Janalaxmi Coop Bank Janata Sahakari Bank Ltd
Jharkhand Gramin BankKallappanna Awade Ichalkaranji Janata Sahakari Bank Limited
Kalupur Commercial Cooperative BankKalyan Janata Sahakari Bank
Kapol Cooperative Bank LimitedKarnataka Bank Limited
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKhamgaon Urban Co Op Bank Ltd
Kotak Mahindra Bank LimitedLangpi Dehangi Rural Bank
Laxmi Vilas BankMadhya Bihar Gramin Bank
Madhyanchal Gramin BankMahanagar Cooperative Bank
Maharashtra Gramin BankMalwa Gramin Bank
Manipur Rural BankMeghalaya Rural Bank
Mizoram Rural BankNagaland Rural Bank
Nagar Urban Co Operative BankNagpur Nagarik Sahakari Bank Limited
Narmada Jhabua Gramin BankNasik Merchants Cooperative Bank Ltd.
New India Cooperative Bank LimitedNkgsb Cooperative Bank Limited
North East Small Finance Bank LimitedNutan Sahakari Bank Ltd
Odisha Gramya BankOriental Bank Of Commerce
Pallavan Grama BankPandyan Grama Bank
Paschim Banga Gramin BankPragathi Krishna Gramin Bank
Prathama BankPravara Sahakari Bank Ltd
Puduvai Bharathiar Grama BankPunjab And Maharshtra Cooperative Bank
Punjab And Sind BankPunjab Gramin Bank
Punjab National BankPurvanchal Gramin Bank
Rajarambapu Sahakari Bank LtdRajasthan Marudhara Gramin Bank
Rajkot Nagrik Sahakari Bank LimitedRbl Bank Limited
Rupee Cooperative Bank Ltd.Sangli Urban Co Op Bank Ltd Sangli
Saptagiri Grameena BankSaraswat Cooperative Bank Limited
Sardar Bhiladwala Pardi Pepls Co BkSarva Haryana Gramin Bank
Sarva Up Gramin BankSaurashtra Gramin Bank
Shikshak Sahakari Bank LimitedSolapur Janata Sahakari Bank Limited
South Indian BankState Bank Of Bikaner And Jaipur
State Bank Of HyderabadState Bank Of India
State Bank Of MysoreState Bank Of Patiala
State Bank Of TravancoreSuryoday Small Finance Bank
Sutlej Kshetriya Gramin BankSyndicate Bank
Tamilnad Mercantile Bank LimitedTelangana Grameena Bank
The A.p. Mahesh Cooperative Urban Bank LimitedThe Akola Janata Commercial Cooperative Bank Ltd., Akola.
The Cosmos Co Operative Bank LimitedThe Goa Urban Co Op Bank Ltd
The Greater Bombay Cooperative Bank LimitedThe Jalgaon Peopels Cooperative Bank Limited
The Kapol Cooperative Bank LimitedThe Karad Urban Cooperative Bank Limited
The Mapusa Urban Coop Bank Of Goa LtdThe Mehsana Urban Cooperative Bank
The Nainital Bank LimitedThe Shamrao Vithal Cooperative Bank
The Surath Peoples Cooperative Bank LimitedThe Thane Bharat Sahakari Bank Limited
The Zoroastrian Cooperative Bank LimitedTjsb Sahakari Bank Ltd
Tripura Gramin BankUco Bank
Ujjivan Small Finance Bank LimitedUnion Bank Of India
United Bank Of IndiaUtkal Grameen Bank
Utkarsh Small Finance BankUttar Banga Kshetriya Gramin Bank
Uttar Bihar Gramin BankUttarakhand Gramin Bank
Vananchal Gramin BankVidharbha Konkan Gramin Bank
Vijaya BankYes Bank
Zila Sahakari Bank Ltd