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Gold loan interest rates March 2024: Check full list of banks' latest gold loan interest rates
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Gold loan interest rates vary with bankbanksthatpurposes; however, one should be aware of other charges which will be applicable when availing gold loan. The charges include processing fees, foreclosure charges, valuation charges, documentation charges, Overdue Handling Charges (delinquent accounts) are some o them.
Latest gold loan interest rates
Bank / NBFCGold Loan Interest RateProcessing FeeKotak Mahindra Bank8.00% to 24.00%Upto 2% + GSTHDFC Bank8.50% to 17.30%1% of disbursal amountCentral Bank of India8.45% to 8.55%0.50% of loan amountUco Bank8.50%Rs.250 to 5000 maxIndian Bank8.65% to 9.00%Union Bank8.65% to 9.90%SBI8.70%0.50% + GSTBandhan Bank8.75% to 19.25%1% + GSTPunjab & Sind Bank8.85%Rs.500 to 10000 maxFederal Bank8.99%South Indian Bank9.01% to 22%Bank of Baroda9.15%Applicable charges + GSTPunjab National Bank9.25%0.75% of loan amountBank of Maharashtra9.30%Rs.500 to Rs.2000 + GST.City Union Bank9.50%NilCanara Bank9.60%Rs.500 to Rs.5000Indusind Bank9.60% to 16.00%1% of loan amountJ & K Bank10.00%Rs 500 + GSTICICI Bank10% to 17.95%1% of loan amountKarur Vysya Bank10.25%0.50% (inclusive of Appraisal charges)Karnataka Bank11.23%Axis Bank17.00%0.5% + GSTMuthoot Finance22% p.a. with 2% rebate if 100% interest is paid monthlyAU Small Finance BankUpto 24.00%1% + GST
Source: Compiled by ETIG; interest rates as February 29, 2024.
What happens if a Gold Loan is not paid?
According to the HDFC Bank website, “In the situation of a Gold Loan non-repayment, the bank begins with sending reminders via email and texts
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