A gold loan is a loan against gold. To avail of this loan, one has to deposit the gold jewelry or coins as security with a bank providing the loan. The bank after examining the gold provides a loan amount to the customer as per the market value of gold. Even when your earning is not stable and you don’t own any property, you can avail of loans at lower interest rates. The gold loan interest rates lie between 10%-12% which is lower than the interest rates of other types of loans. One can fulfill their exorbitant emergency expenses by pledging their gold jewelry or coins. Customers can also apply for loans from non-banking financial institutes to arrange funds for their startups.
The different banks provide different loan amounts, interest rates, and tenure. As a customer, you need to check, compare, calculate the EMIs and then apply for a gold loan online. Various banks offer different gold loan rates. Get the Best Gold Loan in India with a low-interest rate. You can get up to Rs.1.5 crore by keeping your gold as collateral and repayment tenure between 3 months to 3 years which depends on the loan scheme you opt for. Once you choose the bank, you can easily apply for the loan on the Eazy bank loan platform.
|Bank||Interest Rate||Processing Fee||Max Tenure||Max Loan Amount|
|Up to 7.30% p.a. onwards||"0.50% of the loan amount + GST subject to a minimum of Rs.500"||Up to 3 years||Up to Rs.50 lakh||Apply|
|11% p.a. onwards||1% of loan amount||Up to 3 years||10,000 to 1 crore||Apply|
|9.90% p.a. onwards||1.5% of the loan amount||Up to 30 years||25,000 to Unlimited||Apply|
|Up to 7.25% p.a.||"0.5 % of the loan amount + GST subject to a minimum of Rs.500"||Up to 2 years||Up to Rs.35 lakh||Apply|
|from 7% p.a. and up to 7.50%.||"1.0% of the Principal Loan Amount"||Up to 3 years||"Any amount from Rs.1,000 to Rs.10 crore*"||Apply|
|9.50% to 28% p.a.||1% of loan amount||Up to 3 years||Up to Rs.25 lakh||Apply|
|8.05% p.a. - 8.4% p.a.||0.75% of loan amount||"As per the lender’s terms and conditions"||"Rs.25,000 to Rs.10 lakh"||Apply|
Calculate your gold loan interest rate and Gold Loan Equated Monthly Installments (EMIs) by using a gold loan EMI calculator. The gold loan calculator can help you save your time by giving an exact calculation by adding the current gold prices. You can adjust your monthly budget and pay your loan EMIs with ease. All you need to do is add your details like bank name, type of loan, loan amount, interest rate, and loan tenure and within a few seconds, you will get the results.
|Year||Principal(A)||Interest(B)||TOTAL PAYMENT(A + B)||BALANCE|
There are many banks in India that are offering gold loans by keeping gold jewelry and coins from customers as a security deposit and offering the lowest gold loan interest rate. These loans are for short to the medium duration and processed at very little time. Here is the list of banks and their features to help you choose the right bank to avail of gold loans.
|Gold loan eligibility age||Occupation||Gold articles||Gold Purity||LTV Ratio|
|18 -75 years||Anyone who is salaried or self-employed, businessman, Farmer, or Trader||Ornaments, jewelry, coins||18k, 22k, 24k||65% - 90%|
Here are the steps to follow to avail Gold loan:
Visit the bank’s or NBFCs mobile application or official website and fill their application form.
Visit your lender to deposit the gold articles.
Register at the lender’s customer portal or application.
Link your bank account with the portal/application.
The loan amount will be disbursed into your bank account.
If you have the required documents, you can avail of the loan easily by submitting the documents from any banks or NBFCs.
|Your Identity Proof like your Passport Copy/PAN/ Aadhaar Card/ Voter’s ID.||Your Address Proof like your Rent agreement/residence certificate/utility bills||Passport size photographs|
Here is the list of factors that one must consider before applying for a Gold loan in India:
LENDER’S CREDIBILITY: Before giving your loan to the lender, one must check their authenticity. There are many situations when the lenders don’t return the gold, even after getting the full loan amount. Check the lender’s reviews and always choose the lender from a public/ private bank or Non-Banking Financial Companies (NBFCs).
THE AMOUNT OF LOAN: Never choose a lender in a hurry. Different banks offer different interest rates. Always compare and choose the one which has a lower interest rate.
THE TENURE OF LOAN: The tenure to repay the gold loan is short that is within 12- 48 months. Choose the tenure according to your repayment capacity.
MODES OF REPAYMENT: Always check the methods of loan repayment.
SECURITY NEEDED: Check whether you are getting any kind of insurance or safety for your property.
In simple terms, a gold loan is a loan provided in lieu of gold for a specific period of time. The borrower needs to pay the loan amount along with the interest within the tenure period.
Anyone having gold jewelry or coins can apply for the loan. They can be of different professions like a trader, farmer, salaried employee, or self-employed. The age limit for the loan lies between 18-60 years of age.
Here is the list of documents that you need to deposit:
You can easily calculate the gold loan interest rate by using the online gold loan calculator.
You can use eazy bank loan online EMI calculator. If you calculate the EMIs manually, you can commit mistakes, so it’s better that you use an Online calculator for ease and convenience. You can calculate the interest rate, the loan amount, and the loan tenure.
It can spoil your record and will be reflected on your credit score. Your loan provider can report this to the credit bureaus and your CIBIL score will be hampered.
Yes, there is an option available for people to apply for a gold loan with a co-applicant like a spouse or parents.
With the help of Eazybankloan, you will be able to choose the right bank for you and we will help you to connect with banks offering loans. You can avail loans quickly due to the quick disbursement of gold loans that is within 1-2 hours.
Gold Loans amount ranges in between Rs 10,000 to a maximum of Rs. 15 Lakhs per customer.