{"id":5452,"date":"2022-07-01T11:47:34","date_gmt":"2022-07-01T11:47:34","guid":{"rendered":"https:\/\/bankkaro.com\/blog\/?p=5452"},"modified":"2022-08-10T12:07:09","modified_gmt":"2022-08-10T12:07:09","slug":"best-banks-nbfcs-for-gold-loans-in-india","status":"publish","type":"post","link":"https:\/\/bankkaro.com\/blog\/best-banks-nbfcs-for-gold-loans-in-india\/5452\/","title":{"rendered":"5 Best Banks and NBFCs For Gold Loans in India"},"content":{"rendered":"\n
A short-term money crisis can be a nightmare, and in such times of emergency, a gold loan acts as a saviour. While loans are difficult to repay, such types of loans provide flexible repayment choices, making them easy to pay back. Also, they are easy to get and ensure instant money disbursement. This makes the gold loan a popular choice among borrowers. <\/p>\n\n\n\n
Since numerous banks and financial organisations like NBFCs have entered the market and started offering gold loans at a competitive interest rate and with an easy application process, it becomes difficult to find the best option. <\/p>\n\n\n\n
If you are looking for the best lender in the market to get a loan against your gold, read this article. Here is a list of the best banks and NBFs for gold loans in India. <\/p>\n\n\n\n
What Is a Gold Loan?<\/strong><\/h2>\n\n\n\n
Gold Loan, also known as a loan against gold, is a secured loan that is obtained by the borrower by surrendering the gold they are holding. The gold can be in any form like coins, jewellery, or bars and is required to be kept as collateral to a leading bank or financial institution. <\/p>\n\n\n\n
In simpler words, it is a type of loan where gold is kept as a mortgage with the lending agency, and a loan is taken against that. <\/p>\n\n\n\n
Factors Affecting the Interest Rate of Gold Loan<\/strong><\/h2>\n\n\n\n
There are different factors that are considered by the lender for approving the loan and finding the loan amount you are eligible for. These factors determine the per gram rate of your gold loan. <\/p>\n\n\n\n
Loan Amount<\/strong><\/li><\/ul>\n\n\n\n
The principal loan amount has a major influence on the interest rate and depends on the value of the gold that you are ready to pledge. Some banks or NBFCs provide lesser interest rates on a higher amount, while others provide higher rates on a higher amount. <\/p>\n\n\n\n
Credit Score<\/strong><\/li><\/ul>\n\n\n\n
The credit score or CIBIL score is an important parameter that defines the credit worthiness of an individual. A higher score indicates good repayment history and makes an individual eligible for a loan at a lower interest rate. <\/p>\n\n\n\n
Gold Price<\/strong><\/li><\/ul>\n\n\n\n
The interest rates vary according to the price of the gold in the market. A higher price implies a higher value of the pledged gold which means lower associated risk and lower interest rate. <\/p>\n\n\n\n
List of 5 Best Banks for Gold Loan<\/strong><\/h2>\n\n\n\n
Gold Loan Providers<\/strong><\/td>
Interest Rate<\/strong><\/td>
Loan Amount<\/strong><\/td>
Tenure<\/strong><\/td>
Processing Fee<\/strong><\/td><\/tr>
HDFC Bank <\/strong><\/td>
9.90% onwards<\/td>
Rs 25,000 onwards(Rs 10,000 for rural area)<\/td>
3 months to 24 months<\/td>
1% of disbursal amount<\/td><\/tr>
ICICI Bank <\/strong><\/td>
10% to 19.8%<\/td>
Rs 50,000 to Rs 10,000,000<\/td>
6 months to 12 months<\/td>
1% of the loan amount<\/td><\/tr>
Axis Bank<\/strong><\/td>
14.5%<\/td>
Rs 25,001 to Rs 25,00,000<\/td>
6 months to 36 months<\/td>
0.50%<\/td><\/tr>
Punjab National Bank<\/strong><\/td>
7.5% to 9.05%<\/td>
Rs 25,000 to Rs 10,00,000<\/td>
Up to 18 months<\/td>
0.75% of the loan amount<\/td><\/tr>
State Bank of India<\/strong><\/td>
7.70%<\/td>
Rs 20,000 to Rs 50 lacs<\/td>
Up to 36 months<\/td>
0.25% of the loan amount<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
1. HDFC Bank <\/strong><\/h3>\n\n\n\n
HDFC Bank <\/figcaption><\/figure>\n\n\n\n
You can make the most of your idle gold with HDFC bank’s gold loan. It is an attractive solution to meet your imperative financial needs. <\/p>\n\n\n\n
![\"HDFC](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Untitled-design-69-1-1024x512.jpg\")
![\"ICICI](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Untitled-design-68-1-1024x512.jpg\")
![\"Axis](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Axis-Bank-Logo-2-1024x512.jpg\"){kind=logo}
![\"Punjab](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Untitled-design-59-3-1024x512.jpg\")
![\"State](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Untitled-design-70-2-1024x512.jpg\")
![\"Muthoot](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Muthoot-Finance-1024x512.jpg\")
![\"IIFL](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/IIFL-1024x512.jpg\")
![\"Manappuram](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Manappuram-Finance-1024x512.jpg\")
![\"Bajaj](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Bajaj-Finserv-1024x512.jpg\")
![\"Shriram](\"https:\/\/bankkaro.com\/blog\/wp-content\/uploads\/2022\/06\/Shriram-City-1024x512.jpg\")