Top 6 Best Gold Loan Companies in India
As we know that in past India was known as the golden bird and since then people are still fascinated about gold. The Gold is considered very auspicious and is the symbol of social status that is why India has been the top consumer of gold worldwide and is also the hub of top gold loan finance companies.
Gold in India is used in many forms, such as it is used for the religious purpose, as a gift option, and also in the form of investment. Here in India people decorate their brides with gold jewelry from top to bottom. Heaps of gold is also offered in temples. People in the country love to display jewelry as social status, the more gold you have the wealthier you are. Here, gold is also used as an investment and during the time of financial crisis, it is used as a mortgage or sold to enhance one’s family condition. One can easily avail loan against gold jewelry from the top gold loan finance companies in India. Following is the list of top 6 best gold loan companies in India.
6. Axis Bank Gold Loan
In order to avail a hassle-free gold loan, Axis Bank is one of the best companies in India which provides the gold loan to customers at a very low interest rate. Here loan is approved quickly. Here is the list of features and benefits a customer can get while applying for the loan at Axis Bank.
• Quick disbursement
• Loan value ranges from Rs 25,001 to 20,00000
• Minimum Loan amount is Rs 25,001
• Documents required to apply for a gold loan are ID, 2 passport size photos, address, PAN card, and signature proof.
• Interest rate ranges from 14.5 % to 17%
• Loan repayment period ranges from 6 months to 36 months
5. Achiievers Quick Gold Loan
Achiievers Quick Gold Loan is the brand name of the company named Achiievers Finance India (P) Ltd. It is located in Kolkata and has 7 branches in West Bengal. The company provides quick loan against gold jewelry at a very low interest rate. Here are the list of benefits and features you can avail while applying for the gold loan at Achiievers Quick Gold Loan
• Minimal documentation
• Low processing fees
• Interest rate starting from 12%
• There is no limit for applying for the loan
• Quick and hassle free process
4. SBI Gold Loan
SBI is also known as the State Bank of India is the largest National bank in India. It has been providing loan against gold for many years at a very low interest rate. Any individual with a steady source of income including pensioners and bank’s employee can easily apply for the gold loan.
Here is the list of features which you can avail while applying for a loan against gold. These are:
• Loan Values ranges from Rs 20,000/- to Rs 20.00 Lacs
• The loan repayment period is up to 30 months (Demand Loan) and 36 months (Overdraft).
• Depending on schemes interest rate varies from 12.55% to 16.65%.
• Document required: Identity proof, Proof of address, application form along with two passport size photographs.
• 18 years or above can apply for the gold loan.
3. Manappuram Finance Gold Loan
This company was established in the year 1949, it has more than 3200 branches all over India. The company provides gold loan up to 1.5 Crores. With Manappuram you can get instant cash by pledging your gold jewelry and ornaments. It provides higher loan value based on purity and net weight of the gold. Here are a few important highlights of the company.
• Minimum documentation required: one recent ID-Voter ID/ Ration Card/ Driving License/ Passport.
• Interest rates are in between 12% to 26% depending on various schemes offered.
• Loan repayment tenure up to 12 months.
• Loan disbursal is quick and fast.
2. Muthoot Finance Gold Loan
It is one of the oldest companies in India and is serving the interest of customers for the last 132 years. With Muthoot, Customer can get gold loan services, it only takes a few minutes to avail loan against gold. The simple procedure that the company follows to provide gold loan services are:
• Minimal documentation with in-house gold evaluation
• Quick loan disbursal
• Safe custody for gold ornaments
• No limit in loan amount. Loan amount starts from Rs 1500 with no limit
• Loan repayment tenure up to 15 months
• Interest rates vary from 14% to 24% accordingly to various schemes offered.
1. ICICI Bank Gold Loan
With ICICI Bank customer can get an instant gold loan against your gold jewelry with the lowest interest rate at any division of ICICI Bank in India. The company offers a safe, secured gold loan with a simple procedure for personal or business requirements. The ICICI BANK Loan features include:
• Quick and hassle-free processing
• Loan values start at Rs 10,000/- and goes up to 15,00000/-
• Interest rate may vary from 10% to 16.5%
• Loan repayment period ranges from 6 months to 12 months
• Documents required: Identity proof, Address roof, two passport size photographs and Proof of land holding in case of agriculture loan of more than Rs 1 lac.
So above mentioned are the top 6 Best Gold Loan Companies In India. As far as you are not emotionally attached to your gold ornaments or jewelry this is the best option where you can avail loan against gold.