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Gold loan interest rates: Here are the lenders offering lowest rate

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Gold loans are the best bet if you are looking for a short-term loan and have clarity on how soon you will be able to repay.

Gold loans are the best option if you are looking for a short-term loan and have clarity that you will soon be able to repay it.

Demand for gold loans has been growing following the outbreak of coronavirus as people face a cash crunch brought on by the loss of employment, salary cuts, or a downturn in business thanks to restrictions.
If you'll repay quickly, then gold loans are the simplest option but there are other things that you simply should confine in mind aside from interest rates.

According to data from, lenders that provide low-interest rates include Punjab & Sind Bank (7-7.5 percent), depository financial institution of India (7.5 percent), and Canara Bank (7.65 percent).

Bandhan Bank charges up to 18 percent, Muthoot Finance up to 27 percent, and Manappuram Finance up to 29 percent. The rate of interest is often as high as 29 percent with some lenders.

The total interest that you simply can pay will come to Rs 4,109. The equated monthly installment is going to be Rs 8,676 if you're taking a Rs 1 lakh loan at 7.5 percent for a year.

If the rate of interest is eighteen percent, the EMI is going to be Rs 9,168 and therefore the total interest outgo is going to be Rs 10,016. At a 29 percent rate of interest, you'll find yourself paying Rs 14,053 in interest for an equivalent loan.

Punjab & Sind Bank, Canara Bank, Punjab commercial bank, IIFL Finance, and Manappuram Finance offer tenures for a year or less, so, before taking a loan, check the utmost tenure that the lender is willing to supply you.

State Bank of India, Bandhan Bank, and Muthoot Finance offer a maximum tenure of up to 3 years. Kotak Mahindra Bank can provide a loan for up to four years.

Some lenders charge a processing fee as a percentage of the loan amount. Punjab commercial bank, for instance, charges 0.75 percent, which can be Rs 750 for a Rs 1 lakh loan.

Lenders could sell the gold to recover their money if they're unable to repay on time. Lenders could also ask you to pledge more gold if prices fall.

Due to a fall in gold prices recently, many lenders issued notices to borrowers to pledge more gold. Gold might be auctioned if they fail to try to to so, lenders said.

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