Table of Contents
What is the minimum gold loan amount?
Gold loans are valued against the estimation of gold ornaments; thus, financial institutions have a sanctioning limit and can offer loans within that range only. Yet institutions like Shriram City Union Finance Ltd. have a broad sanction limit, starting from ₹ 10,000 up to ₹ 20 Lakhs.
Is gold loan available in SBI?
SBI Gold Loan is offered with loan amount up to Rs. 50 lakh and interest rate going up to 7.30\% p.a. The repayment tenure is up to 3 years with processing fee charged at 0.50\% of the loan amount.
Which bank gives highest gold loan per gram?
Gold Loan Per Gram – SBI, Manappuram, Muthoot, HDFC, Axis, Yes Bank & IIFL
| Bank / NBFC | Rate Per Gram | Interest Rate |
|---|---|---|
| ICICI Gold Loan | ₹ 3,506 to ₹ 4,621 | 10.00\% |
| Muthoot Finance Gold Loan | ₹ 3,506 to ₹ 4,621 | 12.00\% |
| Manappuram Gold Loan | ₹ 3,506 to ₹ 4,621 | 12.25\% |
| Canara Bank Gold Loan | ₹ 3,506 to ₹ 4,621 | 10.25\% |
What is the gold loan rate per gram in SBI?
SBI issues a Gold Loan per gram rate of ₹ 3,506 to ₹ 4,621 in line with the current gold rate….SBI Gold Loan Key Features – Apply Online.
| SBI Gold Loan Interest Rate | 7\% per annum – Updated Dec 15 2021 |
|---|---|
| The purity of Eligible gold | 18 carat to 22-carat gold |
Which bank is best for gold loan 2021?
List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021
| Gold Loan Providers | Interest Rate | Fee |
|---|---|---|
| HDFC Bank | 9.90\% onwards | 1.5\% + GST |
| ICICI Bank | 11\% p.a. onwards | 1\% of the loan amount |
| Canara Bank | 7.65\% p.a. onwards | 0.25\% of the loan amount |
| Axis Bank | 12.50\% p.a. onwards | 1\% plus GST |
Which is the best bank for gold loan in India?
1 Best Banks Which Offers Gold Loans in India: Muthoot Finance Gold Loan. Manappuram Gold Loan. SBI Gold Loan. HDFC Gold Loan. ICICI Bank Gold Loan. PNB 2 What are the minimum and maximum loan amounts? 3 What is the gold loan tenure option? 4 What are the documents that I need to submit? 5 Do I have to pay any additional fee?
How to get a gold loan?
Relationship with the bank – Most lenders offer gold loans to their existing customers, though, in some cases, individuals who have no history with the bank can also avail gold loans. However, existing customers of banks/lending institutions are typically in a better position to negotiate for a lower interest rate.
What is the interest rate on Gold Loans?
Bajaj Finance’s gold loan rates start at 11 percent, while the two major players in this space – Muthoot and Manappuram – levy interest rates of 11.9 percent and 12 percent, respectively. Bankbazaar has considered interest rate on gold loans for all listed (BSE) public as well as private banks and selected NBFCs for the data compilation.
Which NBFCs offer the cheapest Gold Loans?
Non-banking financial companies (NBFCs) that are highly active in this space offer loans at comparatively higher rates. IIFL Finance’s gold loans come at an interest of 9.24 percent, which is the cheapest amongst NBFC gold loans.