Top 5 Banks For Gold Loan In India
Finance

Top 5 Banks For Gold Loan In India

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We do not know about our future as the future is unpredicted. Every human does some saving and does some investment in gold and bonds. From ancient times, gold attracts a lot especially women. We as an Indians always keep gold for future uncertainty. There are almost all the banks and NBFCs are providing gold loans very easily. Why easily because no one will ask for your income proof and no CIBIL required. If you have gold with you, you are always welcome at any banks or NBFCs.

Advantage of Gold Loan:

  • Hassle-free and quick loan
  • Shorter processing times
  • No salary proofs required
  • No Income Tax return required
  • No CIBIL required
  • Repayment is flexible

Here are the top 5 banks for gold loan in India:

Almost every bank in India are providing gold loans. Some of the banks are providing offers also. If you take the loan from the same bank in which you hold an account, you may be eligible for special offers such as processing fee waiver and better interest rates with minimum documentation. Gold loans involve some charges like application process fees, in-house gold valuator’s fees, pre-payment penalty or late payment penalty but all the fees and penalty vary between providers, some may waive it off.

Listed below are the top 5 banks for Gold Loan in India:

State Bank of India (SBI) Gold Loan: – State Bank of India is the largest bank and lender in India and ranked among the leading banks in the country. SBI Gold Loan is a flexible loan scheme of Gold Loan. Here are the details of SBI Gold Loan:

Minimum age of an individual

21 years and above

Minimum Loan Amount               

₹ 10000/- for Rural and ₹ 20000/- for Urban

Maximum Loan Amount

₹ 20 Lakh

Loan Tenure

2.5 years (30 Months)

Processing Fees

0.50% of the loan amount + applicable GST,

minimum Rs.500/-+ applicable GST

Prepayment Charges

Nil / Zero

The rate of interest starts at 11.5%. Bank’s existing customers can get a special rate and can avail a loan up to ₹ 20 Lakhs by pledge of gold ornaments including gold coins sold by Banks.

HDFC Bank Gold Loan: – HDFC Bank’s gold loan’s name is ‘Sampoorna Bharosa Gold Loan’. HDFC is the only bank offering gold loans without documentation. They also offer the convenience of over-the-counter loan disbursement. Here are the details of HDFC Bank Sampoorna Bharosa Gold Loan:

Minimum age of an individual

18 years and above

Minimum Loan Amount               

Less than ₹ 50000/- for Rural and ₹ 50000/- for Urban

Maximum Loan Amount

₹ 50 Lakh

Loan Tenure

2 years (24 Months)

Processing Fees

0.50% of the loan amount + applicable GST

Prepayment Charges

Nil / Zero

Interest rates start at 10%. For HDFC customers, even lower interest rates are available. Moreover, special rates are offered to women customers and preferred banking customers such as Imperia and Classic. Additionally, HDFC has a valuation charge, stamp duty, applicable service charges, and up to 1% charges for prepayment/late payment.

 Axis Bank Gold Loan: – The Gold Loans offered by Axis bank is available with multiple payment options and longer tenure. The Two variants of Gold Loan Schemes offered by Axis bank are: Axis Gold Loan and Axis Power Gold Loan. Here are the details of Axis Bank Gold Loan:

Minimum age of an individual

18 years and above

Minimum Loan Amount               

₹ 25001/-

Maximum Loan Amount

₹ 20 Lakh

Loan Tenure

3 years (36 Months)

Processing Fees

1% of the loan amount + applicable GST

Prepayment Charges

Nil / Zero

Axis Bank Gold Loan interest rates start from 14.50% going up to 17% per annum. The bank collects ₹ 500/- as valuation charges and levies 1% processing fee. In case of late payments, a 2% charge per month is levied on the overdue amount.

ICICI Bank Gold Loan: – ICICI Bank is one of the leading banks in India. ICICI Bank also provides gold loan very quick and with minimum documentation. Here are the details of ICICI Bank Gold Loan:

Minimum age of an individual

18 years and above

Minimum Loan Amount               

₹ 10000/-

Maximum Loan Amount

₹ 15 Lakh

Loan Tenure

1 year (12 Months)

Processing Fees

1% of the loan amount + applicable GST

Prepayment Charges

1% of loan outstanding

ICICI Bank Gold Loan Interest Rate starts from 10.00% to 16.70%. Lowest EMI per lakh on Gold Loan from ICICI Bank is ₹ 8,792 offered at the lowest interest rate of 10.00% at the longest loan tenure of 12 months. The bank required only basic KYC documents for address proof. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.

Federal Bank Gold Loan: – Federal Bank offers one of lowest gold loan rate of 11.75%; both for its existing bank customers as well as new borrowers. Federal gold loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Here are the details of Federal Bank Gold Loan:

Minimum age of an individual

18 years and above

Minimum Loan Amount               

₹ 1000/-

Maximum Loan Amount

₹ 75 Lakh

Loan Tenure

1 year (12 Months)

Processing Fees

Nil

Prepayment Charges

Nil

Federal Bank Gold Loan Interest Rate starts from 11.75% to 13.50% with no processing charges. Borrowers are free to repay the loan either as a lump sum amount or in installments. Federal Bank does not levy any hidden charges or heavy penalties, while also offering hassle-free loan processing within just a few minutes.

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