- Date : 19/04/2023
- Read: 3 mins
Leading banks such as Union Bank of India, Central Bank of India, and other banks/NBFCs offer you the best interest rates on your gold loans.
The price of gold (24 karats) has increased from Rs. 50,000 per 10 grams at the beginning of 2023 to over Rs. 61,000 per 10 grams currently. In the last three and half months, the price of gold has skyrocketed by over 20%. Some gold holders are contemplating the idea of liquidating idle gold. Many others consider mortgaging their gold holdings to meet emergencies or critical needs. Are you looking for a gold loan at an affordable rate to meet your critical needs? If yes, check out the list of banks and NBFCs offering gold loans at the lowest rates.
5 Lowest Gold Loan Rates Offered By Banks And NBFCs In April 2023 And Beyond
1. Central Bank Of India
This state-owned bank in India offers one of the lowest interest rates on its gold loans. You can get a gold loan at just 8.45% p.a. Suppose you have taken a gold loan of Rs. 5 lakhs from the Central Bank Of India at the prevailing rate for a two-year tenure. Your monthly EMI will be Rs 22,716.
Also Read: Gold Loans: Top 14 Frequently Asked Questions (FAQs)
2. Union Bank of India
This is another public sector bank offering gold loans at an annual rate of 8.65%. If you take a gold loan of Rs. 5 lakhs for a 2-year tenure, your monthly instalment will be Rs. 22,762.
3. UCO Bank
UCO Bank is currently known as one of India's cheapest gold loan lenders. Its yearly interest rate on gold loans is 8.8%. For an Rs. 5,00,000 gold loan of 2 years, your EMI will be 22,797.
4. Punjab & Sind Bank
The gold loan rate at Punjab & Sind Bank is just 8.85%. You must pay a monthly instalment of Rs. 22,808 if you take a gold loan of Rs. five lakhs for two years.
5. HDFC Bank
The gold interest rate of HDFC Bank varies from 7.20-to-11.35%. Remember that you'll be required to pay a processing fee of 1% on your disbursal amount.
Also Read: What Does Falling Gold Prices Mean For Those Looking For Gold Loans?
Final Words
Besides the above-mentioned five banks, other major banks that offer gold loans at the lowest interest rates include:
- Indian Bank
- Bank Of Baroda
- PNB
- Kotak Mahindra Bank
- Bajaj Finserv, and many more
You can get EMI-based gold loans from the banks mentioned above at an yearly interest rate of below 9%.]
The price of gold (24 karats) has increased from Rs. 50,000 per 10 grams at the beginning of 2023 to over Rs. 61,000 per 10 grams currently. In the last three and half months, the price of gold has skyrocketed by over 20%. Some gold holders are contemplating the idea of liquidating idle gold. Many others consider mortgaging their gold holdings to meet emergencies or critical needs. Are you looking for a gold loan at an affordable rate to meet your critical needs? If yes, check out the list of banks and NBFCs offering gold loans at the lowest rates.
5 Lowest Gold Loan Rates Offered By Banks And NBFCs In April 2023 And Beyond
1. Central Bank Of India
This state-owned bank in India offers one of the lowest interest rates on its gold loans. You can get a gold loan at just 8.45% p.a. Suppose you have taken a gold loan of Rs. 5 lakhs from the Central Bank Of India at the prevailing rate for a two-year tenure. Your monthly EMI will be Rs 22,716.
Also Read: Gold Loans: Top 14 Frequently Asked Questions (FAQs)
2. Union Bank of India
This is another public sector bank offering gold loans at an annual rate of 8.65%. If you take a gold loan of Rs. 5 lakhs for a 2-year tenure, your monthly instalment will be Rs. 22,762.
3. UCO Bank
UCO Bank is currently known as one of India's cheapest gold loan lenders. Its yearly interest rate on gold loans is 8.8%. For an Rs. 5,00,000 gold loan of 2 years, your EMI will be 22,797.
4. Punjab & Sind Bank
The gold loan rate at Punjab & Sind Bank is just 8.85%. You must pay a monthly instalment of Rs. 22,808 if you take a gold loan of Rs. five lakhs for two years.
5. HDFC Bank
The gold interest rate of HDFC Bank varies from 7.20-to-11.35%. Remember that you'll be required to pay a processing fee of 1% on your disbursal amount.
Also Read: What Does Falling Gold Prices Mean For Those Looking For Gold Loans?
Final Words
Besides the above-mentioned five banks, other major banks that offer gold loans at the lowest interest rates include:
- Indian Bank
- Bank Of Baroda
- PNB
- Kotak Mahindra Bank
- Bajaj Finserv, and many more
You can get EMI-based gold loans from the banks mentioned above at an yearly interest rate of below 9%.]
