Top 10 Banks and Non-Banking Financial Companies (NBFCs) Offering Gold Loans in India: A Comparative Analysis

Top 10 Banks and Non-Banking Financial Companies (NBFCs) Offering Gold Loans in India: A Comparative Analysis

Top 10 Banks and Non-Banking Financial Companies (NBFCs) Offering Gold Loans in India: A Comparative Analysis

May 26, 2021 | Gold Loan

Gold loans have gained popularity as a secure form of credit, with individuals using their gold jewellery and ornaments as collateral. Both banks and NBFCs provide this service, with renowned financial institutions such as SBI, ICICI Bank, and HDFC Bank offering gold loans alongside companies like Muthoot Finance and Manappuram Finance.

The loan amount available against your gold articles depends on factors such as the purity of the gold, Loan-to-Value (LTV) ratio, and the lender's internal policies. Each institution sets a minimum and maximum limit for their offerings. For example, ICICI Bank offers gold loans ranging from Rs. 10,000 to Rs. 1 crore, while SBI offers loans between Rs. 20,000 and Rs. 20 lakh. On the other hand, Muthoot Finance has no maximum limit, starting their gold loans from a minimum amount of Rs 1,500.

To help you make an informed decision, it's essential to compare interest rates, eligibility criteria, and loan amounts offered by various banks and NBFCs.

Here is a list of the top 10 Banks and NBFCs providing gold loans in India for 2021:

1. Muthoot Finance: Interest Rate- 12% p.a. onwards, Loan Amount- Rs 1,500 – No Limit, Tenure- 7 days to 36 months, Processing Fee- 0.25% to 1% of the loan amount.

2. IIFL: Interest Rate- 9.24% p.a. onwards, Loan Amount- Rs.3,000 onwards, Tenure- 3 months to 11 months, Processing Fee- Not available.

3. HDFC Bank: Interest Rate- 9.90% onwards, Loan Amount- Rs.25,000 onwards, Tenure- 3 months to 24 months, Processing Fee- 1.5% + GST.

4. ICICI Bank: Interest Rate- 11% p.a. onwards, Loan Amount- Rs.10,000 to Rs.1 crore, Tenure- 3 months to 12 months, Processing Fee- 1% of the loan amount.

5. Canara Bank: Interest Rate- 7.65% p.a. onwards, Loan Amount- Rs.5,000 to Rs.20 lakh, Tenure- 6 months to 2 years, Processing Fee- 0.25% of the loan amount.

6. Axis Bank: Interest Rate- 12.50% p.a. onwards, Loan Amount- Rs.25,001 to Rs.25 lakh, Tenure- 3 months to 3 years, Processing Fee- 1% plus GST.

7. Manappuram Finance: Interest Rate- 9.90% p.a. onwards, Loan Amount- Rs.1,000 to Rs.1.5 crore, Tenure- Minimum of 3 months, Processing Fee- Rs.10* at the time of loan settlement.

8. Federal Bank: Interest Rate- 8.50% onwards, Loan Amount- Rs.1,000 to Rs.1.5 crore, Tenure- Minimum of 6 months, Processing Fee- Varies for different schemes.

9. Bank of Baroda: Interest Rate- 8.75% p.a., Loan Amount- Up to Rs.25 lakh, Tenure- Up to 12 months, Processing Fee- 0% to 0.50% + GST.

10. SBI: Interest Rate- 7.50% p.a. onwards, Loan Amount- Rs.20,000 to Rs.50 lakh, Tenure- Up to 36 months, Processing Fee- 0.25% + GST.

Each institution has unique features and offerings, so it's important to explore these options before making a decision.

Top 10 Banks and Non-Banking Financial Companies (NBFCs) Offering Gold Loans in India: A Comparative Analysis

May 26, 2021 | Gold Loan

Gold loans have gained popularity as a secure form of credit, with individuals using their gold jewellery and ornaments as collateral. Both banks and NBFCs provide this service, with renowned financial institutions such as SBI, ICICI Bank, and HDFC Bank offering gold loans alongside companies like Muthoot Finance and Manappuram Finance.

The loan amount available against your gold articles depends on factors such as the purity of the gold, Loan-to-Value (LTV) ratio, and the lender's internal policies. Each institution sets a minimum and maximum limit for their offerings. For example, ICICI Bank offers gold loans ranging from Rs. 10,000 to Rs. 1 crore, while SBI offers loans between Rs. 20,000 and Rs. 20 lakh. On the other hand, Muthoot Finance has no maximum limit, starting their gold loans from a minimum amount of Rs 1,500.

To help you make an informed decision, it's essential to compare interest rates, eligibility criteria, and loan amounts offered by various banks and NBFCs.

Here is a list of the top 10 Banks and NBFCs providing gold loans in India for 2021:

1. Muthoot Finance: Interest Rate- 12% p.a. onwards, Loan Amount- Rs 1,500 – No Limit, Tenure- 7 days to 36 months, Processing Fee- 0.25% to 1% of the loan amount.

2. IIFL: Interest Rate- 9.24% p.a. onwards, Loan Amount- Rs.3,000 onwards, Tenure- 3 months to 11 months, Processing Fee- Not available.

3. HDFC Bank: Interest Rate- 9.90% onwards, Loan Amount- Rs.25,000 onwards, Tenure- 3 months to 24 months, Processing Fee- 1.5% + GST.

4. ICICI Bank: Interest Rate- 11% p.a. onwards, Loan Amount- Rs.10,000 to Rs.1 crore, Tenure- 3 months to 12 months, Processing Fee- 1% of the loan amount.

5. Canara Bank: Interest Rate- 7.65% p.a. onwards, Loan Amount- Rs.5,000 to Rs.20 lakh, Tenure- 6 months to 2 years, Processing Fee- 0.25% of the loan amount.

6. Axis Bank: Interest Rate- 12.50% p.a. onwards, Loan Amount- Rs.25,001 to Rs.25 lakh, Tenure- 3 months to 3 years, Processing Fee- 1% plus GST.

7. Manappuram Finance: Interest Rate- 9.90% p.a. onwards, Loan Amount- Rs.1,000 to Rs.1.5 crore, Tenure- Minimum of 3 months, Processing Fee- Rs.10* at the time of loan settlement.

8. Federal Bank: Interest Rate- 8.50% onwards, Loan Amount- Rs.1,000 to Rs.1.5 crore, Tenure- Minimum of 6 months, Processing Fee- Varies for different schemes.

9. Bank of Baroda: Interest Rate- 8.75% p.a., Loan Amount- Up to Rs.25 lakh, Tenure- Up to 12 months, Processing Fee- 0% to 0.50% + GST.

10. SBI: Interest Rate- 7.50% p.a. onwards, Loan Amount- Rs.20,000 to Rs.50 lakh, Tenure- Up to 36 months, Processing Fee- 0.25% + GST.

Each institution has unique features and offerings, so it's important to explore these options before making a decision.

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