If you are considering buying gold to meet your financial needs such as emergency, medical bills, education, shop or personal needs, then you can approach the banks or financial institutions listed below.
Gold loan interest rates in June 2024: Gold loan is a better option to meet all financial needs from foreign travel to medical emergencies. There is no need to run around much to get a loan from a bank or financial institution and there is also less paperwork. The loan gets approved in less time and one does not have to wait long for the loan amount. That means in gold loan, funds can be received soon in exchange of gold.
What is a Gold Loan?
A gold loan is a secured category loan option that gives you the freedom to leverage the value of your gold jewellery or ornaments to borrow money. It is a quick and hassle-free way to borrow money. It is an immediate and hassle-free way to access cash while keeping your precious asset safe. Unlike unsecured loan options that are not assets, gold loans are backed by collateral, which often leads to lower interest rates, making it an attractive option for borrowers.
Gold Loan Tenure and Interest Rates
The tenure of gold loans can vary depending on the banks. Usually, banks or financial institutions offer gold loans with tenures ranging from 6 months to 48 months. Interest rates on gold loans range between 8% to 26% per annum. This rate is used to calculate the loan amount and the total interest. Borrowers must pay interest during their chosen gold loan tenure in two ways – in installments or lump sum.
Gold loan is a type of secured category loan option in which you get the facility to borrow money by pledging gold ornaments as collateral. In this, the bank or financial institution does not need your income proof or bank details to assess the eligibility of the person taking the loan. Gold loan has become very popular due to its easy availability, fast processing and various benefits.
When there is a great need for money, then it is considered to be the most effective way to borrow. If you are considering taking gold to meet all the financial needs like emergency, medical bills, education, shop or personal, then you can knock the doors of the banks or financial institutions listed below.
| बैंक का नाम | गोल्ड लोन ब्याज दर |
| State Bank of India | 8.85%-10.00% |
| Indian Bank | 8.80%-10.45% |
| Canara Bank | 9.00% |
| Muthoot Finance Limited | 10.50% onwards |
| Manappuram Finance Limited | 9.90% onwards |
| Bank of India | 8.80% onwards |
| Punjab National Bank | 9.25% |
| ICICI Bank | 10% onwards |
| Axis Bank | 17%-19% |
| South Indian Bank | 14.80%-15.05% |
| Rates as of 25th June 2024 | |
| Source: Paisabazaar.com | |
Note- These updates related to gold loan interest rates are till June 25. The list of banks has been prepared by Paisa Bazaar.com. People considering borrowing money against gold are advised to be sure about some important information like processing fees, GST and other charges before applying in these banks included in the list. Banks keep changing their rates from time to time, so before going ahead with the gold loan option, get accurate information from the branch of the concerned bank or their official website.
Documents for Gold Loan
If you are considering the gold loan option to meet your financial needs, you may need these documents at the time of loan processing.
Valid passport
Valid driving license
Voter ID card
Aadhaar card
PAN card or Form 60
Passport size photo
