Looking to apply for a gold loan? Look no further than Buddy Loan! We offer hassle-free solutions for loan against gold in India. Unlock the power of your gold assets and enjoy our attractive gold loan interest rates starting at just 11.99% p.a. With Buddy Loan, you can easily obtain a gold loan by submitting your gold, gold ornaments/jewellery/coins as collateral. Our flexible repayment options ensure that you can repay the loan at your convenience. Experience the trusted and reliable gold loan service provided by Buddy Loan and meet your urgent cash requirements today.
Experience the ultimate financial flexibility with our unbeatable gold loan deals offered by the top banks in the industry.
| Gold Loan Providers | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| HDFC Bank | 9.90% onwards | ₹25,000 onwards & ₹10,000 for rural areas | 3 months to 24 months | 1.5% + GST |
| ICICI Bank | 11% p.a. onwards | ₹10,000 to ₹1 crore | 3 months to 12 months | 1% of the loan amount |
| Canara Bank | 7.65% p.a. onwards | ₹5,000 to ₹20 lakh | 6 months to 2 years | 0.25% of the loan amount/td> |
| Axis Bank | 12.50% p.a. onwards | ₹25,001 to ₹25 lakh | From 3 months to up to 3 years | 1% plus GST |
| Bank of Baroda | 8.75% p.a. | Up to ₹25 lakh | Up to 12 months | 0% to 0.50% + GST |
| SBI | 7.50% p.a. onwards | ₹20,000 to ₹50 lakh | Up to 36 months | 0.25% + GST |
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Note- The interest rates mentioned are subject to change. Do visit the website for more information.Experience the ultimate financial flexibility with our unbeatable gold loan deals offered by the top NBFCs in the industry.
| Gold Loan Providers | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| Muthoot Finance | 12% p.a. onwards | ₹1,500 – No Limit | 7 days to 36 months | 0.25% to 1% of the loan amount |
| IIFL | 9.24% p.a. onwards | ₹3,000 onwards | 3 months to 11 months | NA |
| Manappuram Finance | 9.90% p.a. onwards | ₹1,000 to ₹1.5 crore | 3 months onwards | ₹10 (during loan settlement) |
| Bajaj Finance | 14% p.a. onwards | ₹15,000 to ₹15 lakhs | 6 months to 36 months | 1.90% |
Fulfill your financial requirements effortlessly and address all your expenses with Gold Loan.
Get your loan approved
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Choose your preferred
repayment tenure.
Can be used for a
variety of purposes.
Interest rates starting from
11.99% p.a. & avail a gold
loan with better credibility
The window for repayment
of the gold loan extends
upto 60 months
No hidden charges
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The interest rates for a gold loan often range from 7.50% p.a to 12.50% p.a. Here is the table for gold loan interest rates, fees and charges in India
| Type of Fee | Charges Applicable |
|---|---|
| Processing fee | 0.5% of the loan amount. |
| Valuation fee | ₹500 for a loan amount of up to ₹2 lakh. ₹750 for loan amounts above ₹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 ₹300, whichever is higher during tenure. |
There are various factors that affect your gold loan interest rates. So here are the factors that help you avail lowest gold loan interest rate.
Loan-to-Value (LTV) Ratio: The loan amount sanctioned relative to the value of the gold determines the risk involved for the lender. Lower LTV ratios often lead to lower gold loan interest rates.
Gold Purity: The purity and quality of the gold being pledged as collateral can impact the interest rates. Higher-purity gold may fetch better interest rates due to its higher market value.
Loan Tenure: The duration of the loan can influence the interest rate. Longer loan tenures may attract slightly higher interest rates compared to shorter tenures.
Market Conditions: Fluctuations in the market and the prevailing interest rate environment can influence gold loan interest rates. Lenders may adjust rates based on prevailing economic conditions.
Borrower's Credit Profile: While gold loans are secured by collateral, some lenders also consider the borrower's credit history and financial profile. A strong credit profile may result in more favourable interest rates.
The eligibility criteria usually varies from lender to lender. So it is suggested to check if you meet the required criteria mentioned on the lender’s website before applying for a gold loan. Therefore, here are the generalised eligibility 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% |
Easily calculate your monthly payments for a Gold Loan with the help of a Gold Loan EMI (Equated Monthly Installment) calculator. This useful tool considers factors such as the loan amount, interest rate, and loan tenure to determine your monthly EMI. By simply entering your loan amount, loan period, interest rate, and processing fee, you can quickly calculate your EMI.
Take advantage of our Gold Loan EMI calculator and find out your monthly payment amount today.
Ready to calculate your monthly EMI?
Here is the general list of gold loan documents required:
Identity Proof:
Income Proof:
Address Proof:
Now you can increase your chances of gold loan approval by following certain guidelines. Here are some essential do's and don'ts to improve your chances of getting a gold loan:
| Do's | Don'ts |
|---|---|
| Check your credit score: Before applying for a gold loan, it's advisable to check your credit score. | Don't overlook your credit score. A poor credit score may affect your loan eligibility and interest rates. |
| Research lenders: Take the time to research and compare different lenders offering gold loans. | Don't rush into borrowing from the first lender you come across. |
| Understand loan terms: Read and understand the terms and conditions of the loan agreement. | Don't sign the loan agreement without fully understanding its terms. |
| Prepare required documents: Gather all the necessary documents for a gold loan application. | Don't forget to gather and organize all the required documents. |
| Appraise your gold: Get your gold jewelry or ornaments appraised by a certified gold valuer. | Don't rely solely on your estimation of the gold's value. |
| Calculate loan amount and EMIs: Use EMI calculators & determine the loan amount you require and the corresponding EMIs. | Don't borrow more than you need or can comfortably repay. |
| Maintain clear ownership records: Ensure that the gold you are pledging as collateral has clear ownership records. | Don't pledge gold with disputed ownership or unclear documentation. |
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Here’s the step-by-step process that you can follow to apply for a gold loan on Buddy Loan:
Gold loan repayment refers to the process of repaying the borrowed amount along with the accrued interest within the agreed-upon tenure. Lenders provide different modes of payment to facilitate easy and convenient repayment options for borrowers: pre-payment and part-payment.
Pre-payment allows borrowers to make an early repayment of a lump sum amount, reducing the loan principal and the interest burden.
Part-payment involves making partial repayments towards the principal amount, helping to lower the overall interest paid and shorten the loan tenure.
Let's now explore the various modes of payment:
EMI (Equated Monthly Installment): You can repay the loan amount and interest in fixed monthly installments over the agreed tenure.
Online Payment: You can make loan repayments through online platforms or mobile applications using net banking, debit cards, or mobile wallets.
Cheque or Demand Draft: You can also choose to repay the gold loan by issuing a cheque or demand draft in favor of the lender for the specified loan amount.
Taking a gold loan is generally considered safe since it involves pledging your gold assets as collateral. However, it is important to approach reputable and trusted lenders to ensure a secure transaction. Extensive research can help you further.
Gold loans can be beneficial for various individuals, with limited or no credit history, who prefer minimal documentation or credit checks & flexible repayment options.
Yes, gold loans are generally easier to obtain compared to other types of loans. Since gold serves as collateral itself, lenders are often more lenient with eligibility criteria and credit history checks.
To apply for an instant personal loan online, you can check if you arepre-approved for a personal loan on our website.
Yes, a PAN (Permanent Account Number) card is typically required when applying for a gold loan. It is mandatory, as it helps lenders verify the borrower's identity and maintain transparency in financial transactions.
Gold loans can be considered profitable depending on the borrower's specific circumstances and financial goals. They offer quick access to funds, often at lower interest rates compared to unsecured loans. However, profitability may vary based on factors such as the fluctuating price of gold, interest rates, and repayment capacity.
The best bank for a gold loan can vary depending on factors such as interest rates, loan-to-value ratio, repayment terms, customer service, and other features. It is advisable to research and compare different banks, including public and private sector banks, as well as non-banking financial institutions (NBFCs), to find the one that offers the most favorable terms and suits your specific requirements.
The interest rates and loan amounts for gold loans can vary among different lenders. With Buddy Loan, you can compare the loan offerings from various banks and NBFCs to find the lowest interest rate and best loan terms that suit your needs. The lowest gold loan can vary based on factors such as the borrower's creditworthiness, loan-to-value ratio, and prevailing market conditions.
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