Rs 2 lakh gold loan EMIs starting at Rs 6175: Check out latest offers from top lenders

Rs 2 lakh gold loan EMIs starting at Rs 6175: Check out latest offers from top lenders

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Before applying for a gold loan, borrowers must check whether the value of their pledged security would be enough to meet their financing requirements.

Gold loans are often the preferred financing facility for countless cash-strapped borrowers in the country. These secured loans could help not just in fulfilling the financial goals of the borrower but could also be extremely helpful during a financial emergency.

High availability of loan collateral (household gold ornaments or coins), typically lower interest rates than unsecured loan products like a personal loan, and the possibility to secure quick and hassle-free loan disbursal are usually the major reasons behind the popularity of gold loans. This financing facility could also be very useful for borrowers with an average-to-low credit score that might leave them ineligible for good personal loan offers.

That being said, before applying for a gold loan, borrowers must check whether the value of their pledged security would be enough to meet their financing requirements. Lenders usually lend up to 75% of the pledged gold’s market value in gold loans. They should also compare different gold loan offers online to find the deal that best meets their requirements, according to BankBazaar.

Furthermore, aspiring borrowers should also consider the associated charges like the processing fee and the foreclosure charges (if applicable) before finalizing their decision. Most importantly, they should carefully evaluate the affordability of their gold loan EMIs before taking a decision as any laxity in repayments could lead to a potential loss of their precious asset.

So, if you’re looking for a gold loan, here are the current offers by some of the leading banks and NBFCs in the country. We have also provided the indicative EMIs for Rs 2-lakh gold loans taken for 3 years for each of the lenders mentioned in the table below.

Do note, we have only considered the lowest advertised gold loan interest rate for each of the lenders, have not considered processing fee or any other charges for EMI calculation, and the rates applicable to you could be higher depending on your loan amount, LTV ratio, loan tenure or any other terms and conditions of your chosen lender.

Interest Rates and Indicative EMIs for Rs. 2 lakh Gold Loans With 3-year Tenures

Disclaimer: Interest rates on gold loans for all listed (BSE) public and private banks and selected NBFCs have been considered for data compilation. Banks for which data is not available on their website are not considered. Data collected from the respective websites on June 29, 2021. Lenders have been listed in ascending order on the basis of interest rate i.e. bank/NBFC offering the lowest interest rate on gold loans (for various loan amounts) is placed at top and highest at the bottom. The lowest advertised rate offered by the lenders has been considered in the table. Indicative EMIs have been calculated on the basis of the interest rate mentioned in the table for Rs 2 lakh gold loan with tenure of 3 years (processing fee and other charges are assumed to be zero for EMI calculation). *Minimum APR for Quarter January to March 2021.

Data compiled by BankBazaar.com, an online marketplace for loans, credit cards and more.

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