Gold loan interest rate in india in India varies depending on the lender, loan amount, and loan tenure. Some top banks and NBFCs offering gold loans in India include the State Bank of India, HDFC Bank, ICICI Bank, Muthoot Finance, and Manappuram Finance. Before applying for a gold loan, borrowers should check with the lender for the latest interest rates and loan terms and conditions.
A gold loan is a secured loan offered against the collateral of gold ornaments or coins. The interest rate for gold loans in India varies depending on the lender, loan amount, and loan tenure. Here is a list of some of the top banks and NBFCs offering gold loans in India and their interest rates:
- State Bank of India (SBI): Interest rate starts from 7.50% per annum.
- HDFC Bank: Interest rate starts from 9.50% per annum.
- ICICI Bank: Interest rate starts from 9.90% per annum.
- Muthoot Finance: Interest rate starts from 7.00% per annum.
- Manappuram Finance: Interest rate starts from 7.15% per annum.
- Federal Bank: Interest rate starts from 8.50% per annum.
It’s important to note that the interest rate for gold loans may vary depending on the borrower’s credit score, loan amount, and loan tenure. Additionally, borrowers should check with the lender for the latest interest rates and terms and conditions before applying for a gold loan.
Gold loan interest rate in India List
Here is a table format listing the interest rates for gold loans offered by some of the top banks and NBFCs in India:
| Lender | Interest Rate Range |
|---|---|
| State Bank of India | 7.50% – 7.75% |
| HDFC Bank | 9.50% – 17.50% |
| ICICI Bank | 9.90% – 16.50% |
| Muthoot Finance | 7.00% – 29.00% |
| Manappuram Finance | 7.15% – 29.00% |
| Federal Bank | 8.50% – 11.75% |
It’s important to note that the interest rate for gold loans may vary depending on the loan amount, tenure, and other factors. Before applying for a gold loan, borrowers should check with the lender for the latest interest rates and loan terms and conditions.
FAQ’s
How much is a gold loan per gram in Indian banks?
The amount of gold loan per gram in Indian banks varies depending on the bank, the prevailing market rate of gold, and other factors such as loan amount and loan-to-value (LTV) ratio. The gold loan per gram in Indian banks can range anywhere from Rs. 2,900 to Rs. 4,500 per gram.
How to check gold at home in Tamil?
To check the purity of gold at home in Tamil, you can follow these steps:
1. Place a glass of water on a flat surface.
2. Place the gold item in the water and observe if it sinks or floats.
3. If the item sinks, it is real gold; if it floats, it is fake or impure.
4. You can also use a gold testing kit, readily available online or at jewellery stores.
How much is the gold loan per gram in Manappuram?
The amount of gold loan per gram in Manappuram Finance varies depending on the loan amount, tenure, and LTV ratio. The gold loan per gram in Manappuram Finance can range anywhere from Rs. 2,500 to Rs. 4,500 per gram.
How to take a gold loan from Muthoot Finance?
To take a gold loan from Muthoot Finance, you can follow these steps:
1. Visit the nearest Muthoot Finance branch with gold ornaments or coins.
2. Submit your KYC documents and the gold items for valuation.
3. The lender will assess the value of the gold and calculate the loan amount that can be sanctioned.
4. If you agree to the terms and conditions, sign the loan agreement and provide your bank account details.
5. The loan amount will be disbursed to your bank account, and you can start repaying the loan as per the agreed schedule.
The benefit of Gold loan interest rate in India
A gold loan is a popular type of secured loan offered against the collateral of gold ornaments or coins. Here are some of the benefits of taking a gold loan:
- Easy availability: Gold loans are readily available with most banks and NBFCs, making them an accessible form of credit.
- Lower interest rates: Gold loans typically have lower rates than other unsecured loans, such as personal or credit cards.
- Quick processing: Gold loans are processed quickly, with most lenders disbursing the loan amount within a few hours to a day.
- No credit score required: Gold loans do not require a high credit score, making it an attractive option for borrowers with a poor credit history.
- Flexible repayment options: Gold loans typically come with flexible repayment options, allowing borrowers to choose a repayment tenure that suits their financial situation.
- High loan amount: Since gold is a valuable asset, lenders offer a high loan amount against the collateral of gold.
- No usage restrictions: Unlike other loans, gold loans do not have any usage restrictions, allowing borrowers to use the funds for any purpose they deem fit.
Overall, gold loans are a convenient and accessible form of credit that offers a host of benefits to borrowers. However, borrowers should ensure they know the loan terms and conditions and the repayment schedule before availing of a gold loan.
Conclusion
In conclusion, gold loans are a popular financing option for individuals who need quick access to funds without the hassle of extensive documentation or credit checks. The interest rates for gold loans in India vary among lenders and can range anywhere from 7% to 29%, depending on the loan amount, LTV ratio, and other factors. Comparing the interest rates and other terms and conditions different lenders offer is essential before choosing a gold loan. Borrowers should also ensure they repay the loan on time to avoid any penalty charges and negative impact on their credit score. Gold loans can be a convenient and cost-effective way to raise funds during financial emergencies or other urgent requirements.