With gold prices soaring, many are considering leveraging their gold assets through loans. In most cities across the country, the price of 10 grams of gold has surpassed Rs 74,000.
This presents an opportune moment for those seeking gold loans, as the high market value of gold can translate into substantial loan amounts.
While this surge in gold prices might pose challenges for gold buyers, it holds promise for individuals exploring gold-backed loans.
Here’s an overview of the current interest rates offered by major banks for gold loans:
HDFC Bank
HDFC Bank, a leading private sector bank, offers a gold loan at an interest rate of 8.5 percent for a loan amount of Rs 5 lakh over a two-year tenure. This translates to a monthly EMI installment of Rs 22,568.
Indian Bank
Indian Bank extends gold loans at an interest rate of 8.65 percent for a loan amount of Rs 5 lakh over a two-year period, resulting in a monthly installment of Rs 22,599.
Union Bank of India
Union Bank of India stands out with the most competitive interest rate of 8.7 percent on gold loans. Borrowers opting for a loan amount of Rs 5 lakh over two years would pay an EMI of Rs 22,610.
Bank of India
Bank of India offers gold loans at an interest rate of 8.8 percent for a loan amount of Rs 5 lakh over a two-year period. The monthly EMI for this loan stands at Rs 22,631.
Canara Bank and Punjab National Bank
Both Canara Bank and Punjab National Bank offer gold loans at an interest rate of 9.25 percent for a two-year tenure on a loan amount of Rs 5 lakh. The monthly EMI for this loan is Rs 22,725.
Bank of Baroda
Bank of Baroda charges an interest rate of 9.4 percent on a two-year gold loan of Rs 5 lakh, resulting in a monthly EMI of Rs 22,756.
State Bank of India (SBI)
SBI imposes an interest rate of 9.6 percent on a gold loan of Rs 5 lakh over a two-year period, with a monthly EMI of Rs 22,798.
ICICI Bank
ICICI Bank offers gold loans at an interest rate of 10 percent for a two-year tenure on a loan amount of Rs 5 lakh, with borrowers paying an EMI of Rs 22,882.
Axis Bank
Axis Bank stands out with a higher interest rate of 17 percent on a gold loan of Rs 5 lakh over a two-year period, resulting in a monthly EMI of Rs 24,376.
