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Top 5 Lenders With The Cheapest Interest Rates On Gold Loans
When it comes to covering financial emergencies or fulfilling any short-term personal finance goal instantly, availing of a gold loan can be a good move. Gold loans are also called secured loans implying that you can apply for a loan from any bank or Non-Banking Financial Companies (NBFC) by pledging your gold articles as collateral or security which should be between 18-24 carats. To approve the loan application, the concerned lender would first check the quality and carat of the pledged gold after which the loan amount will be sanctioned depending on the market price of gold which is calculated according to the prevailing price.
Generally, lenders will give a gold loan for up to 75% of the market price of the pledged gold article. So if you have a short-term personal finance goal and want to take a gold loan with the cheapest rates, then here are the top 5 public sector banks, private sector banks, and NBFCs that are currently offering the lowest or best affordable interest rates on gold loans.
Top 5 Public Sector Banks With The Cheapest Interest Rates On Gold Loans
Among the commercial banks, Punjab & Sind Bank followed by Bank of India and Canara Bank are currently promising the cheapest rates on gold loans. Here are the top 5 government banks which are currently promising the lowest interest rates on gold loans depending on the loan amount.
| Banks | Rate of interest in% |
|---|---|
| Punjab & Sind Bank | 7.00 to 7.50 |
| Bank of India | 7.30 to 8.95 |
| Canara Bank | 7.35 |
| State Bank of India | 7.5 |
| Andhra Bank | 7.60 onwards |
| Source: Bank Websites |
Top 5 Private Sector Banks With The Cheapest Interest Rates On Gold Loans
Among the leading private sector banks of India, HDFC Bank followed by Dhanlaxmi Bank are currently offering the best interest rates on gold loans. Here are the top 5 private sector banks of India that are providing the cheapest interest rates on gold loans:
| Banks | Rate of interest in% |
|---|---|
| HDFC Bank | 8.95 to 17.20 |
| Federal Bank | 8.50 onwards |
| Karur Vysya Bank | 8.60 to 9.60 |
| ICICI Bank | 9.00 to 19.76 |
| Dhanlaxmi Bank | 9.65 |
| Source: Bank Websites |
Top 5 NBFCs Offering The Cheapest Interest Rates On Gold Loans
Here are the top 5 non-banking financial companies that are currently promising the cheapest interest rates on gold loans depending on the minimum to the maximum loan amount.
| NBFCS | Rate of interest in% |
|---|---|
| IIFL Finance | 9.24 to 24 |
| Shriram Transport Finance Company Limited | 11.5 onwards |
| Muthoot Finance | 11.99 |
| Bajaj Finance Ltd. | 11.99 onwards |
| Manappuram Finance Ltd. | 12.00 onwards |
| Source: Official Websites |
