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.
