Gold loan interest rates 2024: Check latest rates from SBI, HDFC, ICICI, PNB, Axis, BoB

TOI Business Desk / TIMESOFINDIA.COM / May 20, 2024, 17:04 IST

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Gold loans offer quick funds with minimal paperwork, fair interest rates, and repayment options like bullet repayment, monthly EMI, and monthly interest repayment. Loan appraisal charges vary based on the loan amount. Indian residents aged 18-75 are eligible to apply. The loan approval process is swift, and funds are disbursed promptly. Interest rates range from 8.25% to 18%.

Gold loan interest rates 2024: Check latest rates from SBI, HDFC, ICICI, PNB, Axis, BoB

Gold loan interest rates 2024: Gold loans can provide a quick and hassle-free solution for individuals in need of immediate funds. Unlike other loans, such as home loans, which involve extensive paperwork and complicated approval processes, gold loans offer a simpler approach. With a gold loan, you can pledge your gold ornaments or jewellery to any bank or lender for security.
According to ET, the process for obtaining a gold loan is swift, requiring minimal documentation, and funds are disbursed promptly.

You can pledge gold ornaments, including coins sold by banks, to secure a gold loan with minimal paperwork and a fair interest rate.

Latest Gold Loan Interest rates

Gold loan interest rates typically vary from 8.25% to 18%, and repayment periods can range from 6 to 36 months, depending on the lender.
ALSO READ | How much gold can you buy in cash and are PAN, Aadhaar details mandatory? Here’s what legal experts say

SBI gold loan interest rates

Gold Loan EMI based	8.65%	1.25%	9.90%
12 Months Bullet Repayment Gold Loan	8.65%	0.50%	9.15%
3 Months Bullet Repayment Gold Loan	8.20%	0.55%	8.75%
6 Months Bullet Repayment Gold Loan	8.55%	0.35%	8.90%

PNB gold loan interest rates

Sr	Name Of Scheme	Revised Rate Of Interest
1	Advance against Gold Jewellery/Gold Ornaments	RLLR+BSP (Presently 9.25%)
1	(Demand Loan)
2	Advance against Sovereign Gold Bonds (Demand Loan)

Bank of Baroda gold loan interest rates

For Retail Loans, the applicable BRLLR is 9.15% effective from 14.02.2023. This consists of the Current RBI Repo Rate at 6.50% plus a Markup/Base Spread of 2.65%.

Product	Conditions	Repo Rate + Spread	Effective Rate of Interest
Retail Gold Loan	LA180 (demand loan)	BRLLR+SP	9.40%
	LA241 (EMI)	BRLLR+SP	9.40%
	OD043 (overdraft)	BRLLR+SP	9.40%

HDFC Bank gold loan interest rates

Rates offered to customer during the period of Jan'24- Mar'24*
Product Group	Bank IRR
Product Group	Min	Max	Avg
GOLD LOAN	9.00%	17.65%	11.98%

Annual Percentage Rate offered to customer during the period of Jan'24- Mar'24*
Product Group	Bank APR
Product Group	Min	Max	Avg
GOLD LOAN	9.00%	17.67%	11.98%

ICICI Bank gold loan interest rates

Minimum	Maximum	Mean
9%	18.00%	14.65%

Axis Bank gold loan interest rates

Fixed rate loan	1 Y- MCLR	spread over 1Y mclr	interest rate
Gold loan	9.30%	7.70%	17%

ALSO READ | What are gold, silver hallmarking charges? Check details and importance

Eligibility

Indian residents aged between 18 and 75 can apply for a Gold Loan. These loans are granted based on your gold or jewellery assets.

Repayment options

Three repayment schemes are available:
1. Bullet repayment: Pay back your loan with one final payment, including both the principal and interest, at the end of the loan term.
2. Monthly EMI repayment: Repay your loan through monthly instalments.
3. Monthly interest repayment: Pay the interest monthly, and the principal amount at the end of the loan term.

Appraisal charges

According to ET, for loans up to Rs 5.00 lakhs, Union Bank of India charges 0.40% of the loan amount, with a minimum of Rs 100/- and a maximum of Rs 500/- per case, plus GST. For loans between Rs 5.00 lakhs and Rs 10.00 lakhs, the charge is Rs 600/- per case plus GST. For loans above Rs 10.00 lakhs, the charge is Rs 750/- per case plus GST.

About the Author

TOI Business Desk

The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.

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