GOLD LOAN

Are you in need of quick and hassle-free financing? A gold loan might be the perfect solution for you. At CredBharat, we understand the value of your assets and offer a secure and convenient way to leverage your gold to meet your financial needs.

A gold loan, also known as a loan against gold, is a secured loan where you use your gold jewelry, coins, or ornaments as collateral to secure funds from a lender. It's a straightforward and efficient way to access instant cash without the need for a lengthy approval process or credit checks.

Top Banks Offering Gold Loan In India

Discover unparalleled financial flexibility through our exceptional gold loan offerings provided by industry-leading banks.

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Gold Loan Providers Interest Rate Loan Amount Tenure Processing Fee
HDFC Bank 9.90% onwards Rs. 25,000 onwards & Rs. 10,000 for rural areas 3 months to 24 months 1.5% + GST
ICICI Bank 11% p.a. onwards Rs. 10,000 to Rs. 1 crore 3 months to 12 months 1% of the loan amount
Canara Bank 7.65% p.a. onwards Rs. 5,000 to Rs. 20 lakh 6 months to 2 years 0.25% of the loan amount/td>
Axis Bank 12.50% p.a. onwards Rs. 25,001 to Rs. 25 lakh From 3 months to up to 3 years 1% plus GST
Bank of Baroda 8.75% p.a. Up to Rs. 25 lakh Up to 12 months 0% to 0.50% + GST
SBI 7.50% p.a. onwards Rs. 20,000 to Rs. 50 lakh Up to 36 months 0.25% + GST
Note- Please note that the rates mentioned above are subject to fluctuations in the financial market and may slightly vary depending on the specific bank's policies.

Top NBFCs Offering Gold Loan In India

Enjoy unparalleled financial flexibility with our unmatched gold loan offers provided by the industry's leading NBFCs.

Gold Loan Providers Interest Rate Loan Amount Tenure Processing Fee
Muthoot Finance 12% p.a. onwards Rs. 1,500 – No Limit 7 days to 36 months 0.25% to 1% of the loan amount
IIFL 9.24% p.a. onwards Rs. 3,000 onwards 3 months to 11 months NA
Manappuram Finance 9.90% p.a. onwards Rs. 1,000 to Rs. 1.5 crore 3 months onwards Rs. 10 (during loan settlement)
Bajaj Finance 14% p.a. onwards Rs. 15,000 to Rs. 15 lakh 6 months to 36 months 1.90%
Note- Please note that the rates mentioned above are subject to fluctuations in the financial market and may change at the lender's discretion.

Why Choose CredBharat for Gold Loans?

Easily meet your financial needs and manage all your expenses with the help of a Gold Loan.

  • Secure approval for your loan in a matter of minutes.
  • Access funds without putting your assets at risk.
  • Competitive Interest Rates commencing at just 11.99% p.a.
  • Suitable for a wide range of purposes.
  • Convenient repayment, select your desired schedule.
  • No Prepayment Fees or additional penalties.

Gold Loan Interest Rates & Fees

Gold loan interest rates typically vary from 7.50% p.a. to 12.50% p.a. Below, you'll find a comprehensive table outlining gold loan interest rates, as well as associated fees and charges in India.

Type of Fee Charges Applicable
Processing fee 0.5% of the loan amount.
Valuation fee Rs. 500 for a loan amount of up to Rs. 2 lakh.
Rs. 750 for loan amounts above Rs. 2 lakh.
Penal charge 2% p.m. applicable.
Foreclosure charges 2% of Gold Loan amount if loan closed within 90 days of disbursal
Stamp duty Charges As per state norms
Late Payment Charges 24% per annum on overdue amount or Rs. 300, whichever is higher during tenure.

Benefits of Having a Gold Loan

Choosing a gold loan can prove to be a prudent choice for several compelling reasons.

  • Quick and Easy Approval: Obtaining a gold loan is typically faster and less complicated compared to other forms of loans. The process involves minimal documentation, making it convenient for borrowers.
  • No Credit Check: Your credit score doesn't play a significant role in securing a gold loan. Lenders primarily consider the value of the pledged gold, making it accessible to individuals with poor or no credit history.
  • Flexible Loan Amount: The loan amount you can obtain is directly related to the value of the gold you pledge. This flexibility allows borrowers to choose an amount that suits their needs.
  • Shorter Tenure: Gold loans typically have shorter tenures, which means you can repay the loan relatively quickly. This can help you avoid long-term debt commitments.
  • Secured Loan: Since the loan is secured by your gold, lenders are more willing to offer it, and they may provide better terms and conditions compared to unsecured loans.
  • Minimal Risk: If you fail to repay the loan, the lender can auction the gold to recover the outstanding amount. This reduces the risk for the lender and may result in more lenient terms for the borrower.
  • Appreciating Asset: Gold is a valuable asset that tends to appreciate over time. While you use it as collateral, you can still benefit from its potential long-term value increase.
  • Financial Privacy: Gold loans do not involve disclosing the purpose of the loan, providing borrowers with financial privacy.
  • Liquidity without Selling Assets: You can access liquidity without selling your precious gold jewelry or coins, allowing you to retain ownership of your valuable assets.

Gold Loan Eligibility Criteria

Eligibility criteria typically vary among different lenders. It is advisable to review the specific requirements stated on the lender's website before proceeding with your gold loan application. With that in mind, here are the generalized eligibility criteria for a gold loan:

Factors Eligibility Criteria
Age 18 to 75 years
Profession Salaried, Self-employed, businessman
Gold Articles Gold jewellery, ornaments or coins
Gold Purity Minimum 18 carats & Above
Loan To Value
(LTV)		 90%

Gold Loan EMI Calculator

Effortlessly determine your monthly installment for a Gold Loan using a Gold Loan EMI (Equated Monthly Installment) calculator. This handy tool takes into account variables like the loan amount, interest rate, and loan tenure to compute your monthly EMI. By inputting your loan amount, loan duration, interest rate, and processing fee, you can swiftly obtain your EMI calculation.

Documentation For Gold Loan

Here is a standard list of documents needed for a gold loan application:

Identity Proof:

  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence

Income Proof:

  • Salary Slips (last 3 months)
  • Bank Statements (last 3 months)
  • ITR
  • Form-16

Address Proof:

  • Aadhaar Card
  • Ration Card, Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Telephone Bill/Electricity Bill/Water Bill

Enhance Your Odds of Securing a Gold Loan

You can enhance your likelihood of gold loan approval by adhering to specific guidelines.

  • Check Your Credit Score: It's advisable to assess your credit score before applying for a gold loan.
  • Research Lenders: Take the time to research and compare different lenders offering gold loans.
  • Understand Loan Terms: Read and comprehend the terms and conditions outlined in the loan agreement.
  • Prepare Required Documents: Gather all the necessary documents needed for a gold loan application.
  • Appraise Your Gold: Have your gold jewelry or ornaments appraised by a certified gold valuer.
  • Calculate Loan Amount and EMIs: Utilize EMI calculators to determine the loan amount you require and the corresponding EMIs.
  • Maintain Clear Ownership Records: Ensure that the gold you are pledging as collateral has clear ownership records.

Steps to Apply for a Gold Loan

Below are the steps you can take to apply for a gold loan on CredBharat:

  1. 1. Visit our website and create an account.
  2. 2. Fill out the online application form with your personal and financial details.
  3. 3. Choose your desired loan amount and repayment term.
  4. 4. Submit the application, and our team will review it promptly.
  5. 5. Upon approval, the funds will be disbursed to your account quickly.

Gold Loan Repayment

Gold loan repayment entails the process of returning the borrowed amount along with the accumulated interest within the agreed-upon loan tenure. Lenders offer various payment options to facilitate convenient and straightforward repayment, including pre-payment and part-payment.

Pre-payment enables borrowers to make an early lump-sum repayment, effectively reducing the loan principal and diminishing the interest burden.

Part-payment allows borrowers to make partial repayments towards the principal amount, contributing to an overall reduction in interest payments and a shorter loan tenure.

Explore the diverse payment methods available:

  • EMI (Equated Monthly Installment): Repay the loan amount and interest through fixed monthly installments over the specified loan tenure.
  • Online Payment: Make loan repayments effortlessly through online platforms or mobile applications, using options like net banking, debit cards, or mobile wallets.
  • Cheque or Demand Draft: Opt for the convenience of repaying the gold loan by issuing a cheque or demand draft in favor of the lender for the specified loan amount.

Ready to move forward?

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