Gold Loan Interest Rate: Most people take gold loan to expand their business and meet their financial needs. Banks give loans against the pledge of gold. You can take gold loan for any kind of emergency like medical expenses, home loan, education loan etc. However, let us tell you that you have to pay interest on gold loan.
Gold Loan Interest Rate : Most people take gold loan to expand their business and meet their financial needs. Banks give loans against the pledge of gold. You can take gold loan for any kind of emergency like medical expenses, home loan, education loan etc. However, let us tell you that you have to pay interest on gold loan. Here we are telling you how much EMI you will have to pay on gold loan up to Rs 5 lakh.
HDFC bank
Private sector bank HDFC Bank is charging interest rate of 8.5 percent on gold loan of Rs 5 lakh for two years. In this case, your monthly EMI installment will be Rs 22,568.
Indian Bank
Indian Bank is giving gold loan at the rate of 8.65 percent on gold loan of Rs 5 lakh for 2 years. Then the monthly installment becomes Rs 22,599.
Union Bank of India
Union Bank of India is offering the cheapest gold loan at 8.7 percent. In this, EMI on gold loan of Rs 5 lakh for a period of two years will be Rs 22,610.
Bank of India
Bank of India is charging 8.8 percent interest on gold loan of Rs 5 lakh for a period of two years. In this, EMI of Rs 22,631 will have to be paid.
Canara Bank
Canara Bank and Punjab National Bank are offering 9.25 percent interest on gold loan for two years. EMI on gold loan of Rs 5 lakh will be Rs 22,725.
Bank of Baroda
Bank of Baroda is charging 9.4 percent interest on two-year gold loan of Rs 5 lakh. The bank will charge monthly EMI of Rs 22,756 on this.
State Bank of India
State Bank of India (SBI) is charging 9.6 percent interest on gold loan of Rs 5 lakh for two years. Monthly EMI of Rs 22,798 will have to be paid on this.
ICICI Bank
ICICI Bank charges 10 percent interest on gold loan of Rs 5 lakh with a tenure of two years. Borrowers will have to pay EMI of Rs 22,882.
Axis Bank
Axis Bank charges an interest rate of 17 percent on a gold loan of Rs 5 lakh with a tenure of two years. The EMI of the borrowers will be Rs 24,376.
Gold loan rate
| Gold loan banks | Interest rate | Loan amount | Loan period |
| Manappuram Gold Loan | up to 28% per annum | Rs 1,000 to Rs 1.5 crore | Starting from 3 months onwards |
| SBI Gold Loan | Starting from 9.8% per annum | Rs 20,000 to Rs 20 lakh | up to 36 months |
| hdfc gold loan | Starting from 12.04% per annum | Starting from Rs 50,000 (Rs 10,000 for rural areas) | 6 months to 48 months |
| ICICI Gold Loan | Starting from 11% per annum | Rs 10,000 to Rs 15 lakh | 6 months / up to 12 months |
| Axis Gold Loan | 15% to 17.5% per annum | Rs 25,001 to Rs 20 lakh | 6 months to 36 months |
| Canara Gold Loan | Starting from 11.95% per annum | Rs 10,000 to Rs 10 lakh | up to 12 months |
| Bank of Baroda Gold Loan | Starting from 11.65% per annum | Rs 25,000 to Rs 10 lakh | up to 12 months |
| Karnataka Bank Gold Loan | Starting from 10.65% per annum | Maximum Rs 5 lakh per account | up to 12 months |
| pnb gold loan | 10.05% to 11.05% per annum | up to Rs 10 lakh | As per the terms and conditions of the lender |
| India Infoline | 9.24% to 24% per annum | Starting from Rs 3,000 | 3 to 11 months |
| Kotak Mahindra Gold Loan | 10.5% to 17% per annum | Rs 25,000 to Rs 25 lakh | 3 to 36 months |
| Federal Bank | Starting from 13.25% per annum | Starting from Rs 1,000 | As per the terms and conditions of the lender |
| Central Bank of India | Starting from 10.65% per annum (floating) | Up to 50 grams of gold can be pledged as collateral. | up to 12 months |
(Note- This data has been taken from bankbazaar.com.)
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