Gold Loan: Interest Rates and EMI on a ₹5 Lakh Loan Across Major Banks

Gold loans are simpler and quicker to obtain compared to home or car loans. By pledging your gold or gold jewelry, you can secure a loan with minimal paperwork.

Below are the details on interest rates and monthly EMIs for gold loans offered by different banks:

HDFC Bank

HDFC Bank offers a two-year gold loan of ₹5 lakh at an interest rate of 8.5%. The monthly EMI for this loan is ₹22,568. This rate is one of the lower options among banks, making it a competitive choice.

Indian Bank

Indian Bank charges an interest rate of 8.65% for a ₹5 lakh gold loan. The monthly EMI on this loan comes to ₹22,599, which is slightly higher than HDFC Bank.

Union Bank of India

Union Bank of India provides the most affordable option, with an interest rate of 8.7%. The monthly EMI for a ₹5 lakh loan is ₹22,610.

Bank of India

Bank of India charges an interest rate of 8.8% for a two-year gold loan, with a monthly EMI of ₹22,631.

Canara Bank and Punjab National Bank (PNB)

Both Canara Bank and PNB have an interest rate of 9.25% on a ₹5 lakh gold loan. The monthly EMI for this loan is ₹22,725.

Bank of Baroda

Bank of Baroda offers a two-year gold loan with an interest rate of 9.4%. The EMI for this loan is ₹22,756 per month.

State Bank of India (SBI)

SBI charges an interest rate of 9.6% on a ₹5 lakh gold loan, resulting in a monthly EMI of ₹22,798.

ICICI Bank

ICICI Bank offers a gold loan at a 10% interest rate, with a monthly EMI of ₹22,882.

Axis Bank

Axis Bank has the highest interest rate among these banks, at 17%. The monthly EMI for a ₹5 lakh loan is ₹24,376, which is significantly higher than other options.

If you’re considering a gold loan, it’s essential to compare interest rates and EMIs from various banks before making a decision.

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