Checkout the Lowest Gold Loan Interest Rate in banks 2023 especially by the Government Banks in India. Gold loans are the cheapest source of the bank finance with easy rate of interest and bullet payments. Almost all the banks in India are offering the Quick Gold Loan through their branches. The Gold Loan interest rates are varies between 7% to 24% per annum.
The Repayment period of the Gold Loan ranges between 6 Months to 10 Years with one time payment option also. The loan amount are varies from bank to bank and it may go up to Rs 2.00 Crore also.
Also Read – Compare Rate of Interest on Home Loan by Banks in India
Gold Loan Details
| Interest Rate | 7.00% p.a. onwards |
| Loan Amount | Up to Rs.2.00 crore |
| Loan Tenure | Up to 10 years |
| Processing Fee | Varies as per banks |
Lowest Gold Loan Interest Rate in 2023
| Name of the Bank | Interest Rate (Per Year) | Loan Amount |
| Central Bank of India | 8.10% | Rs 5 lakh with Two Years Tenure |
| Union Bank of India | 8.20% | Maximum |
| Punjab & Sindh Bank | 8.25% | Maximum |
| UCO Bank | 8.50% | Maximum |
| Indian Bank | 8.65% | Rs 5.00 Lacs & 2 Years |
| Federal Bank | 8.99% | Maximum |
| Axis Bank Gold Loan | 13.50% to 16.95% | Rs.25,001 to Rs.25 lakh |
| HDFC Gold Loan | 11% to 16% | Rs.10,000 onwards |
| Canara Bank Gold Loan | 9.15% | Rs.5,000 to Rs.35 lakh |
| Muthoot Gold Loan | 12% to 26% | Rs.1,500 onwards |
| SBI Gold Loan | 8.30% | Rs 5.00 Lacs & 2 Years |
| Kotak Mahindra Gold Loan | 10.00% to 17.00% | Rs.20,000 to Rs.1.5 crore |
| IndusInd Bank Gold Loan | 11.50% to 16.00% | Up to Rs.10 lakh |
| Manappuram Gold Loan | 9.90% to 24.00% | As per the requirement of the scheme |
| Bank of Maharashtra Gold Loan | 7.10% | Up to Rs.20 lakh |
| PNB Gold Loan | 8.65% | Rs.25,000 to Rs.10 lakh |
| Bank of Baroda Gold Loan | 8.50% | Rs 5.00 Lacs & 2 Years |
Benefits of Gold Loan
- Gold Loans are easily available at the bank branches
- It is the quickest loan and banks are offering funds against the gold within 10 minutes.
- One time repayment option, no need to pay in EMIs
- No much documentations and other formalities.
NOTE: Really need of gold loan at cheapest rate, put it it comment.