A gold loan is secured loan where borrower gives specified amount of gold in exchange for loan amount for set period. gold serves as collateral. Learn more about top 5 banks offering cheapest gold loan rates.
Interest Rate
8.45% to 8.55%
Processing Fees
0.50% of loan amount
The Central Bank of India offers one of lowest gold loan interest rates, making it attractive option for borrowers.
Interest Rate
8.00% to 24.00%
Processing Fees
Up to 2% + GST
Kotak Mahindra Bank provides competitive rates, starting as low as 8%, with flexible processing fees.
Interest Rate
8.50% to 17.30%
Processing Fees
1% of disbursal amount
HDFC Bank combines reasonable interest rates with minimal processing fees, making it viable choice for gold loans.
Interest Rate
8.50%
Processing Fees
₹ 250 to 5000 max
Bank of Maharashtra combines low interest rates with zero processing fees, making it cost-effective option for home loan seeker
Interest Rate
8.70%
Processing Fees
0.50% + GST
SBI provides competitive interest rate & nominal processing fee, making it one of top choices for gold loans.
You can manually calculate EMI for your gold loan using formula: \[ \text{EMI} = \frac{P \times R \times (1+R)^N}{(1+R)^N-1} \] Where P is principal amount, R is rate of interest, & N is number of installments.
No CIBIL score is required for gold loans; only basic KYC documents are needed. Gold loans can also be availed against 24-carat gold coins issued by banks.