These Banks Offering the Lowest Interest Rates on Gold Loans (See List)

Gold loans serve as a convenient financial tool for meeting various needs, from business expansion to managing emergencies like medical expenses or education fees.

However, choosing the right lender with favorable interest rates is crucial for borrowers.

Here’s a comparison of interest rates offered by leading banks on gold loans up to Rs 5 lakh for a tenure of two years.

Interest Rate Comparison:

1. HDFC Bank: 8.5% interest rate, EMI: Rs 22,568 per month.
2. Indian Bank: 8.65% interest rate, EMI: Rs 22,599 per month.
3. Union Bank of India: 8.7% interest rate, EMI: Rs 22,610 per month.
4. Bank of India: 8.8% interest rate, EMI: Rs 22,631 per month.
5. Canara Bank: 9.25% interest rate, EMI: Rs 22,725 per month.
6. Bank of Baroda: 9.4% interest rate, EMI: Rs 22,756 per month.
7. State Bank of India (SBI): 9.6% interest rate, EMI: Rs 22,798 per month.
8. ICICI Bank: 10% interest rate, EMI: Rs 22,882 per month.
9. Axis Bank: 17% interest rate, EMI: Rs 24,376 per month.

Additional Insights:

Manappuram Gold Loan: Offers loans at interest rates up to 28% per annum, catering to various loan amounts and periods.

SBI Gold Loan: Starting from 9.8% per annum, with loan amounts ranging from Rs 20,000 to Rs 20 lakh for up to 36 months.

HDFC Gold Loan: Starting from 12.04% per annum, with flexible loan amounts and durations.

ICICI Gold Loan: Starting from 11% per annum, with loan amounts up to Rs 15 lakh for up to 12 months.

Axis Gold Loan: Offers loans at interest rates ranging from 15% to 17.5% per annum, with flexible repayment periods.