Are you considering taking a gold loan to buy a house or for other financial needs?
A gold loan is a quick and easy way to secure funds by pledging your gold or gold jewelry with a bank.
This type of loan requires minimal paperwork, and the money is disbursed quickly.
Interest Rates on Gold Loans from Different Banks
Here’s a comparison of interest rates offered by various banks on a gold loan of ₹5 lakh for a tenure of two years:
1) HDFC Bank: Charges an interest rate of 8.5%, with a monthly EMI of ₹22,568.
2) Indian Bank: Offers a gold loan at 8.65% interest, resulting in a monthly EMI of ₹22,599.
3) Union Bank of India: Provides the lowest interest rate at 8.7%, with an EMI of ₹22,610.
4) Bank of India: Charges 8.8% interest, with a monthly EMI of ₹22,631.
5) Canara Bank and Punjab National Bank: Both banks offer gold loans at 9.25% interest, with an EMI of ₹22,725.
6) Bank of Baroda: Offers a gold loan at 9.4% interest, with an EMI of ₹22,756.
7) State Bank of India (SBI): Charges 9.6% interest, with a monthly EMI of ₹22,798.
8) ICICI Bank: Offers a gold loan at 10% interest, with an EMI of ₹22,882.
9) Axis Bank: Charges the highest interest rate at 17%, with a monthly EMI of ₹24,376.
Comparing these rates can help you choose the most cost-effective option for your gold loan needs.
