A gold loan or loan against gold is a loan provided by banks or NBFCs against the gold jewellery submitted by borrower, as collateral. You can pledge gold ornaments and only bank-purchased gold coins. The funds can be utilized to fulfil any financial needs. You can take loan for travel trips, wedding expenses, home repair, vehicle purchase, education, shopping essentials, medical expenses, etc.
On loanbaba.com you will find all information about gold loans. You can compare and apply for a loan against gold on the website.
Below given are features of Gold Loan:
|Type of Loan on Gold||Gold Loan Features|
|1) Gold Loan for Women||
Low interest rate charged that charged to other customers.
The loan is offered only to women customers.
Both salaried and self-employed women can apply for gold loan.
|2) Agriculture Gold Loan||
This loan is given to agriculturists and farmers to pay for farming and agriculture needs.
The loan tenure is up to 2 years.
The loan amount maximum is Rs. 5 lakhs but can differ from a financial institution to other.
|3) Personal Gold Loan||
The funds are provided to meet any financial needs. Minimal paperwork.
The disbursal of loan happens the same day. Anyone above 18 years of age can apply for this loan and repay in 2 years.
Interest rate is below 13% to 14%.
|4) MSME Gold Loan||
These loans are given to small and medium sized enterprises.
It is meant to fulfil needs of rural borrowers and extended to MSMEs.
Loan amount is based on gold value at current market rate of the gold asset submitted.
|5) Gold Loan Overdraft||
This loan is given against gold jewellery invested in the bank. This jewellery can then be pledged with the same bank to avail a loan.
Borrower can withdraw the amount with ATM card. The borrower should have at least a gold overdraft account with the chosen bank or NBFC.
The loan tenure is renewable, but is 2 years at the most for every loan period.
|6) Term Loan on Gold||
Term loan against gold is a loan which has special offers for borrowers, based on loan tenure chosen.
Some banks and NBFCs can provide discounted rate of interest for loan on gold valid for a shorter period.
The loan amount also depends on the chosen tenure.
|Bank||Loan Amount||Gold Loan Interest Rates*||Lowest EMI per lakh for Max Tenure|
|Catholic Syrian Bank Gold Loan||Up to Rs. 50 Lakhs||9.10% to 13.50%||12 Months|
|State Bank of India||Up to Rs. 50 Lakhs||7.50%||36 Months|
|HDFC Bank||Up to Rs. 1 Crore||9.90% to 17.90%||24 months|
|ICICI Bank||Up to Rs. 1 Crore||11%||12 Months|
|Axis Bank||Up to Rs. 25 Lakhs||13%||36 Months|
|Andhra Bank||Up to 75% of the pledged gold||One-year RLLR + 2.00%||12 months|
|Muthoot Finance||Up to Rs. 5 Lakhs or no maximum limit||12.00% onward||36 Months|
|Canara Bank||Up to Rs. 20 Lakhs||7.65%||12 months|
Given below is a set of eligibility criteria for online gold loan apply with Loanbaba.
The loan against gold interest rate is between 10.50% and 13.50%. But these rates are subjected to changes as per the policy of RBI and bank/NBFC.
Both banks (private and public sector) and non-banking financial companies provide loan against gold India. However, some of the major providers you can check out are: Muthoot Finance, Allahabad Bank, HDFC Bank, SBI (State Bank of India), ICICI Bank, Bajaj Finserv, Axis Bank, etc. If you need gold loan from these or any other providers, you can compare gold loan, select, and apply for it on our website.
Gold loan India can be repaid in many ways, as mentioned below:
You can access free-of-cost Gold Loan EMI calculator at our website to check for the exact EMI amount to be paid.
At Loanbaba, you can access unbiased comparison of loan against gold across leading NBFCs and banks. Here is why you should apply for a gold loan on our website.
Given below are some of the important questions you may have about Loanbaba Gold Loan.
During an urgent financial need, your gold ornaments can easily unlock easy cash for you. You can use the funds for any financial purpose.
Very safe reliable and convenient process. Pooja madam and her team assisted very professionally and completed the loan process. Thanks team and loan baba. BR Sahana Ragavendra
Thank you for your support. I never seen this type of good service. You are (Loanbaba) the best in the industry . I have taken short term loan from other NBFC and they are rude. Great experience and great help Thank you...
Rajendra prasad Gangapatla
It has been great. Hope I will avail the facility I have applied for.