Compare Gold Loan Interest Rates on eJOHRI
When you’re in need of cash, there are many ways to get the funds you need. You can take a personal loan, break your Fixed Deposits, redeem your mutual funds, etc. But in doing so, you stand to pay high interest rates or lose profits you otherwise might have made. If you opt for a gold loan instead, you can get an instant loan without having to pay a high interest on it.
Gold loans have an easy eligibility criteria and benefits like quick loan sanction, disbursal within hours, no extra collateral required, no need to show proof of income, easy EMIs and low gold loan interest rates too. What’s more? You can even get a loan with low CIBIL or credit scores.
The great thing about taking a Gold Loan from eJOHRI, is that we have partnered with some of the most trusted and leading financial institutions to give you a choice of Jewel Loan interest rates.
Our Banking and NBFC partners are:
- HDFC Bank
- Fincare Small Finance Bank
- Muthoot Finance
- Mangal Credit & Fincorp Limited
Loan Against Gold Interest Rates 2021
It’s always a good option to opt for a gold loan, since the loan against gold interest rates are almost always lower than those offered against home or personal loans.
Here’s a look at the average interest rates and processing fees offered by our partners:
|Bank/NBFC||Interest Rates||Processing Fees on Loan amount||Tenure|
|HDFC Bank||0.83% – 1.21%||1%||12 months|
|Fincare Small Finance Bank||12.99% - 22.99%||0.50%||6 months|
|Indiagold||4.50 % to 7.50 %||NA||6 months|
|IIFL||0.83 % to 1.83 %||NA||9 months|
|Muthoot Finance||14 % to 23 %||NA||12 months|
|Mangal Credit & Fincorp Limited||1 % to 2 %||NA||12 months|
Some tips to get the lowest Jewel Loan Interest Rates:
- Compare: Typically, banks offer lower interest for higher loan amounts, and vice versa. Moreover, NBFCs charge higher interest rates, but offer quicker disbursal. They also offer loan amounts as low as 1500.
- Loan to Value Ratio: Higher the loan to value ratio, the higher is the interest rate charged. As per the latest RBI mandate, as a relief to gold loan borrowers, banks can lend up to 90% of the value of the gold.
- Existing Bank Account customer: Sometimes, banks may offer special schemes to their existing customers, like lower interest rates or waiving off processing charges.
- Special Offers: Before applying, always check for special offers run by various banks.
Frequently Asked Questions (FAQs)
All of our banking partners are reputable institutions with numerous years of experience in handling gold loans. They keep your gold in highly secure vaults to ensure the utmost safety and security of your ornaments.
Most banks offer fixed interest rates, that is decided at the time of loan disbursal. Although, some banks may charge a floating rate of interest.
If you want to know the amount of interest applicable, here’s how to calculate it: You have to calculate the total loan amount to be paid at the end of the tenure, then subtract that amount from the principal amount to know the interest.