Private Banks Offering Competitive Gold Loan Rates (Top Offers)

As gold prices soar to unprecedented heights, reaching Rs 66,000 per 10 grams due to weakening US economic indicators, individuals seeking financial flexibility are presented with a lucrative opportunity.

Leveraging the value of gold through loans can be an effective strategy for addressing immediate cash needs or asset relocation.

Exploring Gold Loan Options:

Bankbazaar.com data reveals compelling interest rates offered by private sector banks for gold loans, providing borrowers with an array of choices to suit their financial requirements.

Top Offers:

1. HDFC Bank: Leading the pack, HDFC Bank extends gold loans at a competitive 8.5% interest rate for a two-year tenure on loans up to Rs 5 lakh, translating to a monthly EMI of Rs 22,568.
2. Indian Bank: Offering a competitive rate of 8.65%, Indian Bank provides gold loans up to Rs 5 lakh for two years, with monthly installments amounting to Rs 22,599.
3. Union Bank of India: Setting a new standard for affordability, Union Bank of India offers gold loans at an attractive 8.7% interest rate, resulting in a monthly EMI of Rs 22,610 for a two-year tenure on loans up to Rs 5 lakh.
4. Bank of India: With a slightly higher interest rate of 8.8%, Bank of India extends gold loans up to Rs 5 lakh for two years, requiring borrowers to pay a monthly EMI of Rs 22,631.
5. Canara Bank and Punjab National Bank: Offering loans at 9.25% interest, both Canara Bank and Punjab National Bank present an option for borrowers, with monthly EMIs of Rs 22,725 for a two-year tenure on loans up to Rs 5 lakh.
6. Bank of Baroda: With an interest rate of 9.4%, Bank of Baroda provides gold loans up to Rs 5 lakh for a two-year tenure, with borrowers paying a monthly EMI of Rs 22,756.
7. State Bank of India (SBI): SBI extends gold loans at 9.6% interest, requiring borrowers to pay a monthly EMI of Rs 22,798 for a two-year tenure on loans up to Rs 5 lakh.
8. ICICI Bank: Offering loans at 10% interest, ICICI Bank provides a solution for borrowers, with monthly EMIs of Rs 22,882 for a two-year tenure on loans up to Rs 5 lakh.
9. Axis Bank: Despite competitive rates elsewhere, Axis Bank stands out with a higher interest rate of 17% on gold loans up to Rs 5 lakh for a two-year tenure, resulting in a monthly EMI of Rs 24,376.