Finding out the lowest gold loan interest rate is crucial before applying for a gold loan as it can save you significant money and will also help in reducing the Equated Monthly Instalment (EMI) amount. Currently, IDBI Bank, HDFC Bank, and UCO Bank offer low interest gold loan in India.
Below is the table of comparison of gold loan interest rates of all top lenders in India. The information will help you identify the lowest gold loan interest rate in which bank.
|Bank||Rate of Interest (p.a.)||Loan Amount||Processing Fee||Tenure|
|Karnataka Bank Gold Loan||9.23% p.a. onwards||Up to Rs. 25 Lakhs||0.25% (minimum Rs. 250) + applicable tax||6 months - 1 year|
|IDBI Bank Gold Loan||5.88% p.a. onwards||Rs. 10,000 - Rs. 20 Lakhs||1%||3 months - 1 year|
|UCO Bank Gold Loan||7.40% - 7.90% p.a.||No upper limit||Up to 0.20%||Decided by the bank|
|PNB Gold Loan|
|Rs. 25 000 to Rs. 25 Lakhs||0.30% or Rs. 500 + GST, whichever is higher||Up to 1 year|
|Bank of Baroda Gold Loan||9.20% - 9.30%||Up to Rs. 25 Lakhs||Up to 0.50% + GST||1 year - 3 years|
|Canara Bank Gold Loan||13% onwards||Rs. 5,000 - Rs. 35 Lakhs||1%||6 months - 1 year|
|HDFC Bank Gold Loan||7.60% - 16.81%||Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets)||1%||3 months - 2 years|
|SBI Gold Loan||8%||Rs. 20,000 - Rs. 50 Lakhs||Nil till 31.01.2023||Up to 3 years|
|Indian Bank Gold Loan||8.25% onwards||No upper limit||0.50%||Up to 35 months|
|ICICI Bank Gold Loan||10% - 17.95%||Rs. 50,000 - Rs. 1 Crore||1%||6 months - 1 year|
|Kotak Mahindra Bank Gold Loan||8% - 17%||Rs. 20,000 - Rs. 1.5 Crores||Up to 2% + GST||Up to 4 years|
|Axis Bank Gold Loan||17% - 19%||Rs. 25,001 - Rs. 25 Lakhs||Up to 0.50%||6 months - 3 years|
|Muthoot Finance Gold Loan||12% - 26%||Rs. 1,500 onwards||Rs.50/loan onwards||1 - 3 years|
Rupeek Gold Loans are instant secured loans with no EMI option at interest rate starting at 8.88% p.a. You can avail of emergency loan ranging from Rs 50000 to Rs 20 Lakhs against gold jewellery, coins & ornaments. With bullet repayment option you repay entire loan at the end of the tenure.
Following are some common factors that affect the interest rate on loan against gold:
Currently, IDBI Bank, HDFC Bank, and UCO Bank offer the lowest gold loan interest rate in India, starting from 5.88% p.a., 7.60%, and 7.40% p.a.
Yes. In many cases, you may get a low interest gold loan if you have a good credit score.
Yes. In most cases, the bigger the gold loan amount, the higher will be the rate of interest you have to pay on loan.
Apart from the interest rate, the other fees and charges that can be applied on a gold loan are processing fees, documentation charges, late payment charges, penalties for non-payment of interest, valuation fees, etc.