Gold Loan Lowest Interest Rate Banks in India

A gold loan in India 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 is available at lower interest rate than personal loan. The gold loan interest rates offered by banks is around 12% to 15% as on 03 Aug 2021 whereas the personal loan rates are in the range from 15% to 24% as on 03 Aug 2021

Gold Loan at lower Interest Rate 03 Aug 2021

BankInterest RateTenure
South Indian Bank10.90% - 15.00%Tenure max. upto 48 Months
Oriental Bank Of Commerce11.20% to 12.95% Maximum Tenure 60 months
Uco Bank11.35% to 11.60%Maximum Tenure 60 months
Central Bank Of India11.40%Maximum Tenure of 48 Months
Kotak Mahindra Bank Limited11.5% to 24%Maximum Tenure 60 months
Andhra Bank11.50% to 13%Contact Bank Branch
Icici Bank Limited11.59% to 22.00%Maximum Tenure 60 months
Dhanalakshmi Bank11.68% to 15.65%Max. Tenure 60 months
Indian Overseas Bank11.80%Maximum Tenure 60 months
Punjab National Bank11.90% to 14.90% Contact Bank Branch
Yes Bank11.99% - 20.00%Maximum Tenure 60 months
Indusind Bank11% to 30.50%Maximum Tenure 60 months
Catholic Syrian Bank Limited12.00% to 19.00%Maximum Tenure 60 months
Idbi Bank12.20%Maximum Tenure 60 months
State Bank Of India12.45%Maximum Tenure of 48 Months
Bharatiya Mahila Bank Limited12.45%Maximum Tenure of 48 Months
State Bank Of Mysore12.45%Maximum Tenure of 48 Months
State Bank Of Hyderabad12.45%Maximum Tenure of 48 Months
State Bank Of Patiala12.45%Maximum Tenure of 48 Months
State Bank Of Travancore12.45%Maximum Tenure of 48 Months
State Bank Of Bikaner And Jaipur12.45%Maximum Tenure of 48 Months
Vijaya Bank12.50% to 13.50%Maximum Tenure 60 months
Bank Of Maharashtra12.75%Maximum Tenure 36 months
Corporation Bank12.75% to 13.75%Maximum Tenure 60 months
Punjab And Sind Bank12.75% to 14%Maximum Tenure 60 months

A Gold loan in India is offered by several banks at a lower interest rate starting at 12% to 15% as on 03 Aug 2021 These loans allow you to repay them in maximum of 1 Years. Banks offer the best Home loan schemes and you can repay the loan through easy EMIs.

While opting for gold loan check the interest rates in various banks and select the best offered rate out of them.

Benefit of Gold Loan

  1. You need not submit any income proof for taking gold loan as it is given against physical security of your gold | gold ornaments. Most of the banks do not ask you any income proof, still some banks may need some documentary income proof.
  2. Minimal documentation is required, in most of the cases, only identity proof and address proof is enough.
  3. Gold Loan is available at lower interest rate than personal loan. The gold loan interest rates offered by banks is around 10.5% as on 03 Aug 2021 whereas the personal loan rates are in the range from 10.5% to 14.75% as on 03 Aug 2021
  4. Fast processing and approval. Whole process does not take more than 15 minutes in many banks. You have to just deposit gold, sign required documents and receive your loan amount.
  5. Processing fee is nil or very negligible. Even if there is some processing fee, if you negotiate, it can be waived off easily.
  6. You can repay the loan and close your loan account anytime.
  7. Guarantor is not required.