If the length of the loan is too short for your financial situation and monthly expenses, it may be difficult to repay. Plan ahead and choose a company that offers a variety of repayment options. It’s not uncommon for these gold loan firms to provide a broad range of products and services. The quality of the loan alternatives provided is also influenced by this component.
Gold loans are being offered by a growing number of financial institutions at reasonable interest rates and a streamlined application process. Gold lending firms play an important role in attracting Indian clients who need fast cash to cover upcoming expenses.
List of Top 7 Gold Loan Companies In India
Here is the list of the top 7 gold loan companies in India:
1. IIFL Gold Loan
In only five minutes, you may acquire a loan from IIFL for your gold. Bring your gold, a photo ID, and proof of residence to any IIFL Gold Loan location and you’ll be approved right away.
- Interest Rate- 9.24% p.a.
- Loan Amount- Up to 1 Crore
- Tenure- Up to 24 month
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2. Muthoot Finance
With a low-interest rate beginning at 12% per year, Muthoot Finance Ltd. provides gold loans to individuals and businesses.
- Interest Rate- 12% p.a.
- Loan Amount- Start from Rs. 1,500 – Maximum No limit
- Loan Tenure- Up to 36 months
- Processing Fee- Up to 1% of Loan Amount
3. Axis Bank gold loan
The value of a gold loan from Axis Bank goes from Rs. 25,001 to Rs. 25 lakh, with the smallest loan amount being Rs. 25,001 and the highest loan amount is Rs. 25 lakh.
- Interest Rate- 12.50% p.a.
- Loan Amount- Up to 25 Lakh
- Tenure- Up to 3 yr.
- Processing Charges- 1% of the loan amount
4. Manappuram Gold Loan
When it comes to loans for gold, Manappuram is the most popular. Gold loans of up to Rs.1.5 crore are available from this company.
- Interest Rate- Up to 29% p.a.
- Loan Amount- From Rs.1,000 to Rs.1.5 crore
- Tenure- Minimum 3 months
5. ICICI Bank
A loan of up to Rs.1 crore may be obtained from ICICI Bank against your gold jewelry.
- Interest Rate- 11% p.a.
- Loan Amount- Up to Rs.1 crore
- Tenure- 3 months to 12 months
- Processing Fee- 1% of the loan amount
6. SBI Gold Loan
Gold loans up to Rs.50 lakh are available from the State Bank of India. Also, the SBI gold loan is one of the lowest-interest gold loans available in the Indian market.
- Interest Rate- 7.50% p.a.
- Loan Amount- Rs.20,000 to Rs.50 lakh
- Tenure- Up to 36 months
- Processing Charges- Rs. 250 + GST
7. HDFC Bank Gold Loan
The loan amount for gold from HDFC Bank might be up to 80% of the market value of your gold.
- Interest Rate- 9.90% p.a.
- Loan Tenure- 3 months to 24 months
- Loan Amount- starting at Rs.25,000
- Processing Fee- 1.5% + GST
This is the top 7 gold loan companies list. You can take a gold loan through this NBFC/bank. This company provides attractive interest rates with higher loan amounts.