Gold Loans
| Loan Amount | Up to Rs. 1 Crore (With Income Proof) |
| Gold Loan Interest Rate | 7.0% per annum |
| Gold Loan Per Gram | Rate Per Gram Today is ₹ 5,268 |
| Processing Fee | 1.50% of the Principal Loan Amount |
| Prepayment Charges | 2%+GST (Within 3 Months), 0 (After 3 months) |
| Repayment Tenure | 3 Months to 24 Months |
| Repayment Scheme | Bullet Payment Scheme, Overdraft Scheme |
About Gold Loan
Gold Loan is the best way to get money in a short span. This loan is secured against Gold Ornaments. MagicBanks.in will give you the Best Gold Loan at your Local place. The Gold loan portfolio is the largest in India as well as all around the globe. It is humbling to know that more than 80,000 people avail of our trusted services on a daily basis. We offer Doorstep and Personalized services. Fulfill all your needs with Loan Against Gold at Lowest Interest Rates. Earn money against your gold in just 3 minutes rather than keeping it idle at home.
Major Gold Loan Providers
|
Feature |
HDFC Bank | ICICI Bank | Muthoot Finance |
|
Interest Rate |
9.90% |
10.50% |
12% |
|
Min Loan Amt |
Metro : 25000, Non : 15000 |
25000 |
15000 |
| Max Loan Amt | 1 Cr | 1 Cr |
1 Cr |
|
Loan Tenure |
3 months to 24 months | 9 months to 24 months | 1 month to 24 months |
| Processing Fee | 0.25% to 1.50% of the Loan Amt | 0.25% to 1.50% |
Nil |
|
Preclosure Chgs |
2%, Nil foreclosure charges after 3 months | 2%, Nil foreclosure charges after 9 months | Nil |
| Overdraft Facility | Yes | Yes |
Yes |
|
Pay Only Interest Facility |
Yes | Yes | Yes |
| Gold Rate Per Gram | 2500 | 2600 |
2700* |
Why Gold Loan?
With gold loan services, it takes no more than a few minutes for your gold to generate cash. The simple procedure that we follow allows:
- Faster loan – Our loan sanction and disbursal are one of the quickest with easy documentation and doorstep service.
- Competitive pricing – Our loan rates and charges are very attractive
Gold Loan Documents
Documents Required for Gold Loan
- Proof of Identity – (Passport / Voter’s ID / Driving License/PAN Card/Aadhar Card)
- Signature Proof (Passport /Driving License/Banker’s verification)
- Address Proof- (Ration card /Driving License/ Voter’s ID / Utility Bill (anyone within last 3months) / Registered Rental Agreement. / Credit Card Statement / Passport )
- Date of Birth Proof ( Driving Licence / PAN Card / Passport / Birth Certificate / 10th / 12th mark sheet bearing a date of birth)
- 2 passport size photographs
Eligibility Criteria For Gold Loan
- Minimum age of applicant: 21 years
- Maximum age of applicant at loan maturity: 65 years
- Gold jewelry should be owned by the applicant or any of the family members.
Processing & Prepayment Fee on Gold Loan
|
Bank |
Processing Fee |
Prepayment Charges |
|
HDFC Bank Gold Loan |
0.25% to 1.50% | 2%, Nil foreclosure charges after 3 months |
|
Axis Bank Gold Loan |
0.50% to 1.50% |
Nil |
| ICICI Bank Gold Loan | 0.25% to 1.50% |
2%, Nil foreclosure charges after 9 months |
|
SBI Gold Loan |
500/- to 0.50% | Nil |
| Kotak Gold Loan | 1% to 2% |
2.25% of foreclosure amount if closed 1 month ahead of the tenure. |
|
IIFL Gold Loan |
Nil | Nil |
| Muthoot Gold Loan | Nil |
Nil |
|
Manappauram Gold Loan |
Nil | Nil |
| PNB Gold Loan | 0.70% to 1% |
Nil |
|
Canara Bank Gold Loan |
1% | Nil |
| Andhra Bank Gold Loan | Nil |
Nil |
Gold Loan Interest Rate of Major Banks
|
Bank |
Interest Rates |
|
7.00% – 14.50% |
|
| 7.00% – 16.10% | |
| Muthoot Finance Gold Loan |
7.00% – 24.00% |
| 7.00% – 17.00% | |
| Manappuram Gold Loan |
7.00% – 26.00% |
| 7.00% – 15.99% | |
| Bank of India Gold Loan |
7.00% – 26.00% |
| 7.00% – 13.50% | |
| IIFL Gold Loan |
7.00% – 12.00% |
| 7.00% – 14.65% | |
|
7.00% – 12.65% |
|
| Allahabad Bank Gold Loan |
7.00% – 10.45% |
| 7.00% – 15.75% | |
| PNB Gold Loan |
7.00% – 11.75% |
| 7.00% – 26% | |
| SBI Gold Loan |
7.00% – 15.99% |
| 7.00% – 15.99% | |
| UCO Bank Gold Loan |
7.00% – 26.00% |
| 7.00% – 13.50% | |
| Syndicate Bank Gold Loan |
7.00% – 12.00% |