Gold loan company

Introduction to Union Bank of India Gold Loan

Union Bank of India offers loan against gold at competitive
interest rates. Being one of the major gold loan providers, Union
Bank of India understands the needs of the customers and
disburses the loan amount in an hour. The gold pledged is safely
locked in the bank locker and you do not have to worry about its
safety. The gold rates and all other charges are intimated to you
upfront in a transparent manner before sanctioning the loan
amount. Hence you do not have to worry about the hidden
charges and fees on the gold loan.

Union Gold Loan provides alternate source of credit to needy farmers as well as
individuals.

Eligibility:-

All individuals are eligible to avail loan under this scheme.

Quantum of loan:-

Priority sector: Maximum up to Rs.20.00 lacs

Non-Priority Sector: Maximum up to Rs.10.00 lacs

LENDING RATE:-

Assessment of loan amount

Loan amount requested by Applicant/ assessed amount on declaration/

75% of the appraised value of Gold Ornaments of 22 carat fineness/ Loan
amount assessed based on scale of finance for production/ actual amount
of credit requirement for other than crop production, as the case may be
Whichever is lower

Rate of Interest:-

nterest Rate One-year MCLR + 2.40%

Eligibility All creditworthy individuals

Loan Amount Maximum of INR 20 lakhs

SBI PERSONAL GOLD LOANS

Product

SBI Gold Loan can be availed by pledge of gold ornaments including gold coins sold by
Banks with minimum paper work and low interest rate.
Features
 ELIGIBILITY
Age : 18 years and above
Profession : Any individual (singly or jointly) with Steady source of income including:
Bank’s Employees, Pensioners. (No Proof of income required)
LOAN AMOUNT

MAXIMUM : Rs 20.00 lacs

MINIMUM : Rs 20,000/-

REPAYMENT :
Repayment Mode
Gold Loan – The repayment of Principal and Interest will be commenced from the month
following the month of disbursement.
Liquid Gold Loan – Overdraft Account with transaction facility and monthly interest is to
be served.
Bullet Repayment Gold Loan – On or before the term of the loan/ on closure of
account.
Repayment Period
Maximum :
Gold Loan - 36 months
Liquid Gold Loan - 36 months
Bullet Repayment Gold Loan - 12 months
MARGIN :
Gold Loan - 25%
Liquid Gold Loan - 25%
Bullet Repayment Gold Loan - 35%
SECURITY :
Pledge of gold ornaments duly verified for quality & quantity.
Interest Rate & Processing Fees

Processing Fees : 0.50% of the Loan amount + applicable GST, minimum Rs.500/-+
applicable GST
INTEREST RATE : 1.25% above the MCLR-1yr,
Others : Gold appraiser charges will be paid by the Applicant.
Documents Required

To Apply Loan:
 i) Application for Gold Loan with two copies of
photographs.
 ii) Proof of Identity with proof of Address
 iii) Witness Letter in case of illiterate
borrowers.
Time of Disbursement
 i) DP note and DP Note Take Delivery Letter.
 ii) Gold Ornaments Take Delivery Letter.
 iii) Arrangement Letter.

 About Muthoot Finance

The story of Muthoot Finance dates back to over seven decades,
when a trading business was established by Shri. Ninan Mathai
Muthoot in 1887. Almost 5 decades later, his son, Shri. M. George
Muthoot, founded the Gold Loan business in 1939.
Today, we are India's No.1 Most Trusted Financial Services Brand,
according to the Brand Trusted Report, 2016, 2017, 2018 & 2019
consecutively. We are also India’s largest gold financing company
in terms of loan portfolio. We are a reputed ‘Systemically
Important Non-deposit taking NBFC’. As part of our core business,
we provide personal and business loans secured by gold
jewellery, or gold loans. We primarily cater to individuals who
possess gold jewellery but cannot access formal credit within a
reasonable time, or for whom credit may not be available at all.
We help our customers meet unanticipated or other short-term
liquidity requirements.
Our decades-rich experience and expertise inspire trust and
customer loyalty. Our core banking solution connects all branches
to a central server on a real-time basis. This ensures enhanced
control, scalability, and faster response to meet the evolving
needs of our customers.

With a family business legacy of over 800 years, The Muthoot

Group is a multi-faceted business conglomerate comprising 20
diversified divisions including -
Financial Services, Wealth Management, Money Transfer, Forex,
Securities, Vehicle & Asset Finance, Media, IT, Healthcare,
Housing & Infrastructure, Education, Power Generation, Leisure &
Hospitality, Plantation & Estates, Precious Metals, Travel Services,
Housing Finance & Overseas Operations. Each of these 20
divisions has set benchmarks for quality products and services,
customer relationships and management processes in their
respective sectors.
Two of the Group’s divisions – Muthoot Healthcare & Muthoot
Education are run purely for not-for-profit reasons and have been
doing great work for many years now. The Muthoot Group has
also been involved in a plethora of CSR initiatives across the
country ranging from Public Welfare, Disaster Relief, Healthcare
and Education.
The Group has a network of 5000+ branches with a dominant
presence in all States & Union Territories of India. It also has its
presence in USA, UK, UAE, Sri Lanka and Central America. Since
inception, The Muthoot Group has been transforming lives of
millions of Indians across the country, giving wings to their
dreams and creating successful realities. Having served over 62
crore customers till date (including repeat customers) and serving
over 2 Lakh customers daily, The Muthoot Group has not only
grown exponentially but has also facilitated growth for a sizeable
population of the country that falls in the underprivileged
category.

The State Bank of India offers gold loan of up to Rs.20 lakhs to its existing customers
against their gold valuables. So anyone having gold assets which are laying idle can
pledge these assets to avail ready cash for meeting any kind of business or personal
needs for which the individual is facing a cash shortage. SBI Gold Loan is a multi-
purpose loan which can be used for several of requirements. The only prohibitive use of
the loan is in speculative purposes or illegal acts. The loan amount can also be used for
personal expenses like marriage, education of child, building a property, going on a
leisurely vacation, etc. The features of the SBI gold loan scheme are as follows:

o The existing customers of the SBI BANK can avail this loan and it is not sold to
anybody else.
o Loan can be availed for a maximum amount of Rs.20 lakhs. The minimum
amount of loan which can be availed is Rs.10,000 in rural and semi-urban areas
and Rs.20,000 for metros and urban areas. So the applicant can borrow any
amount of the loan as per his requirement as long he stays within the specified
minimum and the maximum limits of the loan
o Gold ornaments or jewelry are to be pledged to the bank for availing the loan.
Gold coins issued by SBI can also be pledged to avail a loan under this scheme
o The process of sanctioning the loan and disbursing of the amount is fast and
simple. Very simple documents which are easily available with the individual are
asked to be submitted and once submitted, the loan is issued instantly
o The rate of interest charged on the loan is low which can suit the pockets of the
borrowers when they are making the payment of the loan instalment
o The bank maintains a margin of 25% of the VALUE of the gold Thus, the applicant
ends up receiving 75% of the value of his gold pledged with the bank while the
remaining 25% is retained by the bank as margin.
o The maximum tenure for repaying the loan instalments is 30 months for demand
loan and 36 months for overdraft. The instalment payment would commence one
month post the date the disbursement of the loan is made and would be required
 to be paid off within the stipulated tenure. The individual may choose a lower
tenure of repayment like 1 or 2 years but the period or repayment cannot exceed
2.5 years and the loan has to be repaid within 30 months or 36 months
depending on loan type
o The security required for availing the loan is the gold ornaments including gold
coins which are issued by the bank

Interest Rate 2% + 1yr. MCLR = 11.05%

Minimum Loan Amount Rs. 20,000
Max. Loan Amount Rs. 20 Lakhs
Gold Loan Margin 25%
Maximum Repayment Tenure 30 months (36 months for overdraft)
Processing Fees Hallmarked Jewellery/Special
0.50% of loan sanctioned + ST
Bank Gold Coins
  For Loan amounts not exceeding Rs.
25000 – Rs. 250 + ST
  For Loans amounts > Rs. 25000 – higher
among  0.5% of loan amount sanctioned +
Processing Fees of non-hallmarked ornaments ST or Rs. 500 + ST

Manappuram Finance limited is a non-banking financial company founded in 1949 in

Valapad, Kerala by P.V Padmanbhan. Presently, the company is headed by V.P
Nandakumar, it has over 3200+ branches in over 25 states. The flagship company
MAGFIL, commenced its operation in 1992. Earlier the company’s services included
money lending and pawn broking on a modest scale. Now the company offers a range
of services which include vehicle finance insurance, gold loans, distribution of mutual
funds, foreign exchange services and other financial products.

Gold loan is the most suitable option when you have instant need of funds. Loan is
sanctioned on the basis of the gold you pledge. Nowadays people prefer it requires
minimal documentation and it is available with comparatively lower interest rates. With
the rise in gold rates, the demands of gold loans have risen significantly.
 Manappuram gold loan can always be considered in the times of financial crunch such
as wedding expenses, children’s education or medical emergency. It is available with
attractive interest rates and loan amount can be as high as 1 crore manappuram you
multiple loan schemes based on your requirements.

Here are some key features of Manappuram gold loan:

 Low interest rates: Lower interest rates are the primary reason, why
manappuram gold loan is among the most preferred options of gold loan. Also
you just need to pay interest for the exact period of loan tenure up to exact
number of days.
 Minimal documentation: There are no time-consuming formalities involved, you
can avail Manappuram gold loan with minimum requirements. Only one recent ID
and adress proof is required.
 Quick disbursement: With Manappuram gold loan, you can avail instant cash.
As soon as you pledge your gold, you will be allowed to draw cash instantly. Loan
gets sanctioned to you within few seconds.
 High loan amount: You can avail high loan amount depending on the purity and
weight of the gold which you have pledged. Maximum loan amount to be
sanctioned is 1 crore.
 No prepayment charges: Manappuram gold loan does not levies any
prepayment charges. So if you decide to prepay your loan before due date, then
you do not need to pay any extra prepayment charges for doing so.
 Multiple schemes: Manappuram Finance understands the needs of different
people with different incomes. That is why it offers a range of gold loan schemes
to choose from. You can always choose the one which fits your budget and
financial needs.

Manappuram Finance ltd. offers Manappuram gold loan at attractive interest rates, which
makes it highly affordable. The base rate is 12% and because of high loan to value
(LTV), additional interest which ranges from 3% to 12% is charged above base rate.
Maximum interest rate is fixed at 26% P.A. and if you miss your scheduled loan
payments then a penal interest of 3% P.A. (above the actual rate of interest) would be
charged on the overdue amount.  The interest rates will vary from time to time.
How Rate of Interest is Calculated?

 Manappuram gold loan interest rate will be calculated based on 360 days of a
year
 Interest amount is calculated depending upon the daily outstanding balance of
loan account.
 Rate of interest is estimated on annually basis only.
 Manappuram gold loan rate of interest remains fixed throughout the loan tenure

Gold loan processing charge Rs.10/-

Gold delivery against the lost pawn ticket
First instance Rs.75/-
Subsequent instance Rs.100/-
Statement of account
Within 30 days NIL
After 30 days Rs.25/-
Stamp duty
Rajasthan Karnataka Others
Pledge value <= 1 lac 0.1% of the pledge value NIL NIL
Pledge value  >1lac 0.1% of the pledge value 0.1% of the pledge value NIL
Charges of intimation letters
Date of notice Type of letter Charge
Intimation of due date (15 days before maturity) Ordinary Rs.10/-
Intimation of auction after maturity Registered Rs.30/-

 Compound interest rates will be provided in specific Manappuram gold loan

schemes only

Q. How long does it takes to auction off the gold jewellery in case of constant late
payments of loan EMIs?
A. If a borrower is constantly making late payments of his/her loan payments, then the
auction of gold jewellery will take place only after sufficient notices have been sent to the
applicant. The company sends multiple reminder SMS to borrowers telling them about
their overdue payments and if payments are still not made, then they issue a notice
regarding auction of the jewellery.
Q. Does Manappuram gold loan require any guarantor? Do I need to have a bank
account to take a gold loan?
A. There is no need of a guarantor or introducer to get a gold loan. And unlike other
traditional loans, it does not requires an applicant to have a bank account also.
Q. What will happen if my ornaments get damaged in the valuation process?
A. Appraising of ornaments is done in the presence of applicant or borrowers only. The
company takes good care of the ornaments while doing valuation. So there is no risk of
ornament being damaged in the process.
Q. Can I make Manappuram gold loan online payment?
A. Yes, you can always make Manappuram online interest payment through Paytm or
Express pay portal.
 

Muthoot Finance is a well established and reputed Indian financial corporation. It is the
largest gold financing company in the entire world. While its headquarters are located in
Kerala, India, it has over 4,400 branches all over the country. Muthoot Finance even has a
global presence, with branches located in the United Kingdom, the United States of America
and the United Arab Emirates. Muthoot Finance has been serving its customers for 128 years.
It has over 81,000 customers who avail their services on a daily basis.

Muthoot Gold Loan promises cash against the value of gold, which is very easy to avail and
affordable to be paid back. Muthoot Finance provides the convenience to customers in the
form of affordable installments payable monthly, low rates of interest and the facility to
liquidate one’s gold any time.

Hence, with such a scheme no one has to worry about financial deficits as the gold assets
possessed by a person can be pledged in order to get a loan. Muthoot Finance will give loan
applicant cash against the gold assets that is pledged by him or her. The finance which is
obtained from the loan can be used for meeting business related expenses like paying off the
creditors, purchasing new equipment, maintaining the working capital requirement of the
business cycle, etc. Alternatively, one can also use the finance from the loan for meeting
expenses of a personal nature which may include taking a much-needed vacation, marriage
expense of the child, meeting medical expenditure of the self or family, etc. However, loan
does limit the use of the funds availed. They cannot be used for purchasing new gold jewelry
or gold coins or for any other speculative purposes. Only legal and genuine financial needs
are to be met using loan funds.

Additionally, Muthoot finance would have the sole discretion of granting or rejecting any

application for the Gold Loan subject to its analysis of the application form. If the institution
feels that the application is not sound enough or if the borrower’s repayment capacity is
questionable, the company can reject the loan application. Under these circumstances, the
applicant would have to legal right to bring the company’s judgement under question. The
company’s decision would be final and binding on the applicant and would have to be
honored.

Features of Muthoot Gold Loan

The gold loan offered by Muthoot Finance has the below-mentioned features:

 In the Muthoot Finance Gold Loan, a loan applicant can pledge any type of gold jewellery or
ornaments. This includes various jewellery items such as necklaces, bangles bracelets, rings,
kardahs, etc.
 In the Muthoot Gold Loan, a loan applicant cannot pledge against gold bars, gold funds (gold
Exchange Traded Funds), gold coins, and specially minted gold coins of banks that weight an
excess of 50 grams.
 The minimum age of the loan applicant for the gold loan has to be 18 years.
 The purpose of the Muthoot Gold Loan is simple; it is to provide instant cash to overcome
the short-term financial requirements of a person. These requirements may be such as
money needed to fund a wedding or thread ceremony, money needed to fund medical
expenses, money needed to fund school or college fees, money needed to pay for consumer
durables or electrical or household items, etc.
 Muthoot Finance processes the application made for availing the loan and disburses the loan
in the fastest possible time-frame. For sanctioning of the loan, the documents of the
applicant are of utmost importance and the requirements in terms of documents are simple.
Documents such as the applicants’ Passport or Pan Card or Voter’s ID card, or Driving License
are the kind of documents which are required. These are easily available with most of the
applicants and thus the documentation process becomes simple. Muthoot Finance has in-
house gold valuation experts at their branches, so the processing time of the loan can be as
short as one hour.
  Gold Loan from Muthoot Finance levies a reasonably priced processing fee and ensures that
its customers are not subjected to any hidden charges as they inform their customers about
all fees and charges from the beginning.
 The minimum amount for which one can take a Gold loan is Rs.1500 and thereafter for
higher amounts.  The loan limit is stretched to Rs.1 crore for the Muthoot Gold loan.
 The loan has a feature of easy liquidity of the gold pledged to take the loan. By liquidity it
means that the applicant can obtain his gold assets back anytime by paying off the loan in
full. This is called prepayment and there is no prepayment penalty charged on the loan. After
completing the outstanding requirement of the loan, the gold can be liquidated.
 Walk-in customers who choose to visit the bank’s branch to avail of the loan armed with the
proper and required documents can avail a loan within an hour. Since the required
documents for taking the loan are easily available and simple in nature, they can be
submitted along with the application form and the loan can be availed within the shortest
duration of 3 minutes only.
 The bank provides utmost security of the gold assets which are pledged with it. The pledged
gold is kept under a three-layered security which makes the gold completely secure and risk-
free
 The interest rate that Muthoot Finance charges is somewhat similar with that charged by
other banks and financial institutions. The rates of interestthat are charged are completely
competitive so that customers may prefer Muthoot Finance rather than other banks or
banking institutions.
 Borrowers of the gold loan from Muthoot Finance have the option of pre-payment. There
are no penalty charges if the pre-payment option is availed by the borrower.
 Muthoot Finance boasts of in-house gold evaluation at its branches. Thus, the processing
time for issuing the loan is significantly expedited.
 The response time for customer service is shorter and quicker as compared to other banks
and banking institutions.
 The tenure can be as low as one day to 15 months for normal schemes and 36 months for
EMI-based schemes. It varies from scheme to scheme.
 There are no fixed margins in the Muthoot Gold Loan scheme.
 There are two options open for repayment to gold loan applicants. One is Bullet Repayment,
in this option, simple interest is paid at monthly or quarterly intervals and the principal is
repaid on the maturity date. The other option is repayment by EMIs or Equated Monthly
Installments. In this option, equal instalments comprising of the interest on a declining basis
and a portion of the principal amount is paid every month by the borrower.
 The processing fees are to a maximum limit of 1% of total loan amount sanctioned.

Documentation Required for Muthoot Finance Gold Loan

To avail of a Muthoot Finance Gold Loan, the loan applicant has to submit the following
documents so that his or her loan application is accepted and processed.

o A Passport which should be valid – the passport of the applicant would contain all the
required information of the customer like the name, address, age, etc. and as such is an
important document. A valid passport is one which is not expired.
o Driving License which is valid – apart from the passport, the driving license also contains the
important details of the customer and is accepted as a valid document for the loan. The
license should however, be valid and not expired.
 o Election Card –also called a voter’s ID card which is issued by the Election Commission of
India can also be accepted as a valid identity proof of the applicant
o Aadhar Card – the card is issued by the UIDAI and it contains the required personal details of
the customer including his biometrics. The card can be taken as a vlaid identity proof for the
loan
o PAN Card –as per the relevant KYC norms which have been mandated by the RBI, the PAN
number of the individual would be required when availing of the loan. This number is
verified from the individual’s PAN card.

Fees and Charges for Muthoot Gold Loan

Mentioned hereunder is the list of the fees and charges applicable upon availing the Muthoot
Gold Loan:

Fees Amount to be paid

Loan Processing Charges Up to 1% of total loan amount
Foreclosure Charges Nil
Stamp Duty & other Statutory Charges Corresponding to the applicable State Law
Pre-payment or Part-payment charges Nil
The above-mentioned fees and charges does not include the service taxes and any other
Government taxes which would be additionally charged on the loan.

Muthoot Gold Loan Interest Rates

There are different rates based on different schemes that are offered by Muthoot Finance.
Muthoot Finance offers its gold loans on a fixed rate basis. Fixed rate basis means that the
rate of interest remains fixed over the entire loan tenure.

Loan Tenure of the Muthoot Finance Gold Loan Rate of Interest (%)
Loan Tenure of up to 1 month 12.0% onwards
Loan Tenure of over 1 month to 3 months 15.0% onwards
Loan Tenure of over 3 months to 12 months 20% onwards
Loan Tenure of more than 12 months 21.0% onwards

HDFC Bank offers gold loan under its Sampoorna Bharosa Gold Loan which is available
instantly from any of the HDFC’s Bank branch. The loan promises cash against gold which is
easy to avail and also easy to pay. The bank charges easy and affordable EMIs, affordable
interest rates and the opportunity to liquidate the gold loan at any time.

So now no one needs to worry about cash shortages as the gold assets possessed by anyone
can be pledged to take a loan. The bank will give you cash against the gold assets pledged by
you. The cash received can be used for any sort of business purpose like purchase of an asset
or paying off a liability or for working capital requirements. The loan amount can also be
used for personal expenses like marriage, education of child, building a property, going on a
leisurely vacation, etc. However, the loan amount cannot be used to buy gold coins or jewelry
or for any other speculative purposes as it is prohibited by the bank issuing the loan.

Check: Today’s Gold Rate in India

Moreover, the Sampoorna Bharosa Gold Loan issued by the bank is completely at the sole
discretion of the bank which reserves the power to even deny the granting or disbursal of the
loan if it feels that the application is not sound enough. The applicant will have no power to
question the decision of the bank because the bank’s decision to grant or not grant the loan is
absolute and binding.

Features of HDFC Gold Loan

The loan offered by the bank has the following features:

 The loan sanction and disbursal process is fast and simple. The documents required are
simple in nature and after submitting the necessary documents, the loan is issued instantly.
The documents required to avail the loan are easily available documents like a Passport,
Driving License, Voter’s ID Card, Aadhar Card and PAN Card. These documents are found
with most of the individuals which causes no worries at the time of submission.
 Complete transparency in granting the loan. It means that there are zero hidden charges,
reasonable processing fees and complete clarity on the loan process with up-to-date
information about loan application status at each stage. So when you avail a loan, you can
rest assured that there are no hidden charges which may burn a hole in your pocket and
which are not informed to the customer at the time of loan application. The processing fees
is not proportionately high but corresponds to the amount of loan availed.
 Loans are issued for a minimum amount of Rs.50, 000 and thereafter for higher amounts.
However, in keeping with the requirements of the rural market, loans of values lower than
Rs.50, 000 are also offered to rural customers.
 The loan promises easy liquidity which means that the customer can repay the entire loan
anytime without worrying about the foreclosure charges. Thus, the foreclosure charges are
nil and your gold can be availed any time by repaying the loan.
 The approval of the Gold Loan is made within 1 hour of application both through the online
feature and also for walk-in customers. Walk-in customers are those who choose to visit the
nearest branch of the bank and complete the loan application process. On the contrary,
online customers are those who choose to apply for the loan from the comfort of their
homes without having to undertake the responsibility of visiting the branch and getting the
loan. Loan is granted instantly with minimal documentation and easy application process
  The gold deposited with the bank is kept with utmost security with no fear of theft or
damage. There is a unique triple layered protection for your gold assets like jewelry and gold
coins.
 Interest rates are competitive with special offers and rates for existing accountholders of the
bank. The interest rate that the bank charges is in tandem with that charged by other banks
and is completely competitive so that customers may prefer HDFC Bank rather than other
banks. Individuals who already have a Savings or Current Account with the bank are offered
differentiated rates and also given the privilege of availing special offers if they choose to
avail a Gold Loan form the bank itself. Moreover, Preferred, Imperia, Classic and Women
customers are also given special and preferential interest rates.
 The loan is granted for agricultural or business or personal purposes. The customer cannot
avail the loan amount to buy gold coins, gold jewels or for other speculative purposes
 The loan is issued for tenure of 6 months up to 4 years. Thus the individual who avails the
loan needs to make sure that the EMI payments will start after 6 months of availing the loan
and has to be completed within 4 years. The individual may choose a lower tenure of
repayment like 2 or 3 years but the period or repayment cannot exceed 4years and the loan
has to be repaid within 48 months or 4 years.
 The bank gives special interest rates and priority processing for the agricultural or the
priority sector. It means that the priority sector or the agricultural sector customers are
serviced with a  faster processing time and the rate of interest charges from them is also
lower compared to that charged form other customers.

HDFC Gold Loan Interest Rate

Interest Rate 11.00% onwards

Repayment Period 6 months to 4 years

Min./Max. Loan Quantum Rs. 0.5 lakhs/Rs.10 lakhs

Gold Loan Processing Fees Ranges from Zero to 0.5% of loan sanctioned

Prepayment Charges Ranges from Nil to 1 % of loan principal prepaid

Penal Charges 2% over original loan interest rate on overdue amount

Documentation Required

To avail a gold loan, the HDFC Gold Loan has the added advantage that only the servicing of
interest is required to continue the loan. This can result in a monthly outflow of a minimal
amount of Rs.1000 per lakh calculated at a basic indicative rate of 11.84% per annum.

customer needs to submit the following documents.

  A valid Passport - by a valid passport one means the passport which is not yet expires and is
valid. The passport is an important document because it contains the name, age, address
and photograph of the customer.
 A valid Driving License – a valid Driving License is one which has not been expired and is still
valid. The Driving License also contains a host of details of the customer like the photograph,
name, address, date of birth, etc.
 Voter’s ID Card – a voter’s ID card issued by the Election Commission of India is also required
which serves as a valid Identity proof of the customer.
 Aadhar Card issued by the UIDAI which contains all the relevant details of the customer
including biometrics like name, age, address, date of birth, details about the parents, etc.
 PAN Card – a Permanent Account Number Card is a very important document in the Know
Your Customer (KYC) formality because it contains a PAN number which goes in preventing
money-related frauds.

Fees and Charges for HDFC Bank Gold Loan

Here is the list of the fees and charges levied upon availing the Sampoorna Bharosa Gold
Loan from HDFC Bank:

Fees Amount to be paid

Up to 0.5%
Loan Processing Charges
Option of nil processing fee also available
Rs.250 for loan amounts up to 1.5 lakhs and Rs.500 for loan
Valuation Fees
amounts over and above Rs.1.5 lakhs

Up to 1%

Option available for nil foreclosure charges

Foreclosure Charges
Foreclosure charges are to be paid when a loan is closed
before the tenure is completed or a minimum of 1 year
tenure. The bank will levy a certain percentage on
outstanding loan amount as a penalty for foreclosing the
loans.
2% per annum as penal interest over and above the
Charges for late payment of Loan amount
applicable rate of interest

Stamp Duty & other Statutory Charges As per applicable laws of the state

Renewal Processing Fees Up to Rs.250

Pre -payment or Part-payment charges Up to 1%

Service Tax and other Government taxes or levies etc. as applicable as per the prevailing rate
will be charged extra over and above the charges and fess mentioned above.

ICICI bank understands the value of its customer’s assets and hence provides the real worth
of it at the time of need through its Gold Loan Facility. It’s an easy loan facility with no
Equated Monthly Installment worries and instant approval.Through this facility not only does
the bank ensure easy fund availability to its customers,it also promises security to their gold
by ways of safety storage in its vault. Gold loans provide funds for expenses like child’s
education, agricultural need, vacations, working capital requirements and all other small
essentials. In short, it’s a smart way to fulfill ones immediate financial requirements at a
shorter period of time. In order to avail Gold loan from ICICI BANK , the customer needs to
visit the nearest branch and get the necessary details.

ICICI Gold Loan: Features

 Instant Gold Loan: ICICI bank sanctions instant gold loans against one’s jewelry. The loan
amount ranges from Rs.10000 to Rs.15 lakhs. Loan can be availed across the counter
instantly.
 Gold Coins: The loan can also be availed against the security of 24 carat gold coins with
99.99% purity issued only by banks operating in India. However, the weight of the gold
cannot exceed more than 50 grams per customer. These rules are laid down by RBI and are
subject to change.
 Loan Tenure: Gold loans can be availed for a minimum period of 6 months to a maximum of
12 months.
 Attractive interest rates: Provides the most attractive rate per gram of gold.
 Value for Gold: The valuation of one’s gold is done by an expert valuer.
 Safety: After having analyzed the value of the gold, the valuer places the gold in a tamper
proof pouch,seals it and stores it in the bank’s vault. This process is done in the customer’s
presence. This ensures safety and security of the gold.
 Approval period: Its takes a minimum of 30 minutes for the bank to approve the loan.

Documentation Required

 Identity Proof: Copy of Driving License/PAN Card / Form 60/61 / Passport Copy / Voter ID
card / Aadhaar Card / Ration Card.Any one of the documents is required to be submitted at
the time of availing gold loan. These documents carry a photograph of the applicant which
acts as a proof of the applicant’s identity.
 Residence Proof: Copy of Driving License/Ration Card/Aadhar Card/Rental lease agreement
with a utility bill in the name of the landlord, not more than three months old. Any one of
 the documents can be submitted. These documents state the correct address of the
applicant, thus making the verification process easy.
 Proof of Land holding in case of agricultural loan of more than Rs.1 lakh.
 Two Passport Size Photographs.

ICICI Bank Gold Loan Interest Rate

Interest Rate Starting from 10.0% to 16.5%

Processing Fees 1% of loan amount sanctioned

Repayment Period 6 months to 12 months

Min./Max. Loan Amount Rs.10,000/Rs.15 lakhs

1%, If a/c is closed within 11 months 1%, If a/c is closed within 5 months
(for 12 months tenure) (for 6 months tenure)
Prepayment Charges
NIL, If a/c is closed after 11 months NIL, If a/c is closed after 5 months
(for 12 months tenure) (for 6 months tenure)

Penal Charges 6% p.a. over original loan interest rate on overdue amount

The rate of interest also changes according to the product variants.The bank charges fixed
simple rate interest which is calculated on a monthly reducing balance basis.ICICI bank
provides attractive interest rates on Gold loan based on the prevalent market situations on
Gold Loan ranges from a minimum of 10% to 16.5%. The penal interest rate is kept at 6%.
However, the penal interest rate is not charged for agricultural loans up to Rs.25000 per
customer.

Fees & Charges

The bank levies certain charges on the loan that it offers. These charges differ depending
upon the tenure of the loan i.e. whether it’s a six months loan product or a twelve months
loan product.

 Processing Fee: The bank charges a minimal amount of processing fee i.e. the charge levied
at the time of processing of the loan application. These charges stand at 1.0% of the loan
amount for both six months product and twelve months product.
 Pre-Payment Fee: Prepayment is a facility offered by the bank wherein the customer can
repay the entire loan amount before completion of the original tenure. However, certain
things are to be kept in mind before opting for this option.Pre-payment fees for six months
will be charged in case of closure of the account within 5 months and a pre-payment fee for
twelve months will be charged in case of closure of account within 11 months. The general
 pre-payment fee is kept at 1% of the principal outstanding amount for both six months and
twelve months products. Partial pre-payment of the loan amount can also be opted for;
however, the Gold jewelry will be released only after the full payment of the outstanding
amount is done.
 Documentation Charges: The bank levies Rs.199 if the loan is applied for a period of 12
months and no charge if the loan is availed for a period of 6 months.
 Renewal Fees: The bank charges certain renewal fees in case the applicant wants to renew
his existing loan with the bank. However, the charges vary depending upon the amount of
the loan. The bank charges Rs.250 for a loan amount up to Rs.1 lakh, Rs 350 for loans lying
between Rs.1 lakh to Rs.2 lakhs and Rs.500 for loans above Rs.2 lakh.
 The bank also charges Stamp Dutyand other statutory charges as applicable by Law. Service
tax and other charges are also applicable.
 The above fee charges are not applicable for agricultural loans up to Rs.25000 per customer.

Annual Percentage Rate (APR):

The Annual percentage rate is a method used to calculate the annual credit cost including
interest rate and processing fee. However, it excludes prepayment charges. The bank provides
its customers with an APR calculator to get a clear picture of the total charges and expenses
to be borne by the customer in order to avail the loan.

Mode of Repayment: The loan amount can be repaid through cash, cheque or funds transfer.
However, the Gold jewelry will be released only after total realization of the outstanding loan
amount.

Terms and Conditions

 An individual lying between the age group of 18-70 years can apply for a loan with the bank.
 In the event of change of an address due to shifting, relocation or any other reasons, the
applicant must notify the bank within 7 days of change in address in writing with details of
the changes in the address or the new location.

Axis bank gold loan offers a quick and hassle free financial solution to those who are in
sudden financial exigency and own any gold ornament. The Gold Loans offered by Axis bank
is available with multiple payment option and longer tenure. The Two variants of gold loan
scheme offered by Axis bank are: Axis Gold Loan and Axis Power Gold Loan.
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Axis Bank Gold Loan Interest Rate

Interest Rate Starting from 14.50% to 17%

Gold Loan Processing Fees 1% of loan sanctioned

Repayment Period 6 months to 3 years

Min./Max. Loan Amount Rs.25001/Rs.20 lakhs

Prepayment Charges ZERO

Penal Charges 2% over original loan interest rate on overdue amount

Axis Gold Loan Scheme

 High quantum of Loan amount from minimum Rs.25001 up to Rs 20,00,000/-

 The Loan is offered against pledged Gold Ornaments
 The tenure for axis bank gold loan is between 6 months to 36 months
 The gold loan in Axis Bank is offered only against gold jewellery and no loan is provided
against gold coins.
 Having a co-applicant is not mandatory while applying for axis bank our Loan Against gold.
 Same day disbursal of gold loans post receiving the loan application and all the requisite
documents and Gold jewellery as pledged security.
 A non-refundable charge in form of processing fee and Valuation fee is applicable for every
Gold Loan application.
 Axis Bank calculates simple interest on Gold Loan
 Quick and hassle free processing with same day Loan sanction.
 The loan is available to anyone aged between 18 years and 75 years
 The minimum amount offered on Axis Bank Gold loan is Rs.25,001 up to Rs. 20 lakhs.
 Axis bank ensures safety of the Gold at bank’s vaults and state of the art security systems.
 Customer may earn  over the Gold Loans availed from axis bank
 150 reward points when applicant takes a gold loan
 Currently the Rate of Interest on Axis bank gold loan is between 14.50% up to  17.00%

Quantum of Loan
 The key factors for considering quantum of loan in axis bank are
 Applicant’s requirement and the gross valuation of Gold excluding value and weight of ant
stone attached
 Applicant’s repayment capacity
 Any existing relationship with axis bank.

Applicable Fees & Charges

 1 % Processing Fee & Nil Foreclosure charges
 Rs. 500 /- as Valuation charges
 Other Charges such as Part Payment charges is Nil and the Penal Interest for any Emi default
is 2% on overdue amount per month.
Interest Rate
 Axis banks offers gold loan on interest rate for both option i.e. fixed and floating rate.
 The Interest rate varies between 14.50% and 17%.
 The interest component includes various components such as Rate of interest i.e. fixed rate
or floating rate and is finally computed on factors such as amount of loan availed , existing
relationships of customer with the bank etc
 The Mean rate offered is the sum of rate of interest offered of all loan accounts divided by
the number of total loan accounts.
 The APR (Annual Percentage Rate ) is a way to derive annualized cost of credit including
interest rate and the loan origination fee.

Repayment Option
 Axis Bank provides customers with two options towards the repayment of their gold loan.
Applicant may opt for the most convenient option as per their choice.
 Upfront Interest payment and principal repayment on the maturity date
 Interest payment on monthly basis and principal repayment on the maturity date
 EMI (Equated monthly Installment) payment option

Part-Payment & Foreclosure

Axis bank understands the value and emotional attachment one holds with their gold.
Keeping this in mind, the bank offers part payment and pre payment option for their gold
loan products . Customer may either partially or fully closes their loan account and retain the
gold ornaments back. Customers can make the part-prepayment for a min amount Rs. 10000/-
towards their Gold Loan account, thrice the entire tenure   . Part payment can be done by
visiting any of the nearest Bank Branch offering Gold loans. No part payment charges are
currently be levied for part-prepayment of gold loan

For pre closure customer should clear all outstanding dues as on date. Customers are
requested to first check and clear any of the remaining due amount that he /she is liable to pay
towards the loan account. This can be done by obtaining a foreclosure statement for their
Loan account.

Post clearance of all outstanding dues customer may submit a Pre-Closure request at bank
branch from where customer has availed the loan against gold Branch.

Documents Required
 Duly Signed Loan Application Form
 2 recent Passport Sized colored Photographs
 Identity and address proof and signature proof
 Pan card or Form 60
 Proof of age
 Post Disbursement Documents (if any)
Axis Power Gold Loan Scheme

Axis Bank's Power Gold Loan is a distinctive gold loan offered to cater the financial
exigency of those individuals who are either directly engaged in agricultural activities or any
allied agricultural activities. The loan is offered on easy terms against gold ornaments.

The key Feature of Axis Power gold loan is:

 Higher loan amount on per gram of the gold

 Attractive rates of interest
 Quick disbursal with Minimum documentation
 Suitable repayment schedule
 Quick disbursal through direct Account Credit /RTGS/ NEFT or Demand Draft.
 For loan amount up to 1 lakh, Cash Disbursal for Customer holding Non Axis Bank SB
Account

Eligibility Criteria
The loan is available to Individuals either directly engaged in agricultural activity or any
allied agricultural activities.

Loan Amount
 The Minimum loan amount is Rs 25,000/-
 The Maximum loan amount offered on Axis power gold loan is Rs 20,00,000/-

Disbursement
 For Loans amount up to Rs 50,000/- , disbursement is done vide Cash or Crossed pay-order
or direct Remittance into applicant’s savings account.
 For Loans amount more than Rs 50,000/- , disbursement is done through direct remittance
or crossed pay order favoring applicant's savings account.
 No primary security required, however the Pledge of gold ornaments is acceptable as
collateral for the loan.

Purpose of Axis Bank Power Gold

Axis Bank's Power Gold Loan is primarily offered to cater the financial exigency of those
individuals who are either directly engaged in agricultural activities or any allied agricultural
activities. Such purpose could be any of the below mentioned activities.

 Loans to farmers for farm and farm credit. -  this is given for buying agricultural machines
and other accessories, loan is also given for irrigation purposes or any other development
that may be needed in the farms for agricultural development, etc.
  Loans to farmers for activities that may be needed for pre harvest as well as post-harvest in
terms of sorting or grading or even harvesting, etc.
 Even smaller quantity loans are provided to farmers for development of agricultural land
after purchase of the same. This includes landless agricultural laborers, tenant farmers, oral
lessees and share croppers The definition for farmer is considered against total area of land
holding.
1. Marginal farmer - Land up to 2.5 acres
2. Small farmer - Land > 2.5 acres and up to 5 acres
3. Other farmer - Land > 5 acres

 Loans to distressed farmers indebted to non-institutional lenders

 Ancillary/ Allied Activities such as for setting up of Agri-clinics and Agri-business Centre

Repayment of the Axis Power Gold Loan

 The maximum repayment period offered for axis bank power gold loan is 12 months.
 The various repayment options offered to customer are
 Upfront Interest payment and principal repayment on the maturity date
 Interest payment on monthly basis and principal repayment on the maturity date
 EMI (Equated monthly Installment) payment option

Part-Payment & Foreclosure

Axis bank understands the value and emotional attachment one holds with their gold.
Keeping this in mind, the bank offers part payment and pre payment option for their gold
loan products . Customer may either partially or fully closes their loan account and retain the
gold ornaments back. Customers can make the part-prepayment for a min amount Rs. 10000/-
towards their Gold Loan account, thrice the entire tenure   . Part payment can be done by
visiting any of the nearest Bank Branch offering Gold loans. No part payment charges are
currently be levied for part-prepayment of gold loan

For pre closure customer should clear all outstanding dues as on date. Customers are
requested to first check and clear any of the remaining due amount that he /she is liable to pay
towards the loan account. This can be done by obtaining a foreclosure statement for their
Loan account.

Post clearance of all outstanding dues customer may submit a Pre-Closure request at bank
branch from where customer has availed the loan against gold Branch

Applicable Fees & Charges

 1 % Processing Fee & Nil Foreclosure charges
 Rs. 500 /- as Valuation charges
 Other Charges such as Part Payment charges is Nil and the Penal Interest for any Emi default
is 2% on overdue amount per month.
Interest Rate
 Axis banks offers gold loan on interest rate for both option i.e. fixed and floating rate.
 The Interest rate varies between 14.50% and 17%.
 The interest component includes various components such as Rate of interest i.e. fixed rate
or floating rate and is finally computed on factors such as amount of loan availed , existing
relationships of customer with the bank etc
 The Mean rate offered is the sum of rate of interest offered of all loan accounts divided by
the number of total loan accounts.
 The APR (Annual Percentage Rate ) is a way to derive annualized cost of credit including
interest rate and the loan origination fee.

Documents Required Availing Axis Power Gold Loan

 Duly Signed Loan Application Form
 2 recent Passport Sized colored Photographs
 Identity and address proof and signature proof
 Pan card or Form 60
 Proof of age
 Post Disbursement Documents ( if any)
 Demand Promissory Note.
 Proof of occupation in agricultural or any allied agricultural activity.

In case the loan sanction amount exceeds INR 3,00,000/- , then the copy of records of land,
tax receipts for land revenue, certificate issued by village council/panchayat towards
agricultural and any allied agricultural activities is desirable.

Most Important Terms & Conditions

 Axis bank holds the discretion to ensure proper and due assessment of the loan application
as per the pre defined extant instructions and the credit policy of the bank.
 The availability of sufficient margin and the security/collateral will not be an alternate for
due diligence and creditworthiness of the applicant.
 All the terms and conditions and other caveats will be duly communicated by an authorized
official of the Bank to the customer in writing.
 All the terms and conditions are duly informed in the loan application  form and the
acceptance  from customer towards compliance of the  will be taken on the loan sanction
letter along with the signature from customer under the caption "I/WE ACCEPT ALL THE
TERMS AND CONDITIONS WHICH HAVE BEEN READ AND UNDERSTOOD BY ME/US".
 A copy of the loan agreement along with all the enclosures quoted in the loan agreement
will be furnished to the customer at the time of issue of the sanction letter.
 The valuation of gold ornament is done by an independent assayer empanelled by the bank
and the loan amount shall be determined by the bank on the basis of the value of the gold as
set out in the valuation report supplied by the assayer.
 Such value is subject to the market price of gold security from time to time and customer
shall be duly informed in any change of such security value of the gold.
  Customer has the option to request for renewal or enhancement of the gold loan which the
bank may grant or reject at its sole and absolute discretion. The top up loan is subject to
continuation of pledge over gold security in favor of the axis bank and provision of such
other security and in such form as the bank may require.
 Any variation in the rate of interest for top up loan cases shall be duly informed while
applying for the loan.
 The interest calculation is done on the basis of the outstanding balance method and on 365
days. Customer shall have the provision to opt for repayment of interest amount on front
end basis, monthly basis, EMI basis, half yearly basis or rear end basis.
 The gold security and other security furnished by the customer shall be released only upon
payment in full and any liable dues by the customer to Axis bank.
 In case the value of gold security fall below than the required margin of the bank as
applicable from time to time , without prejudice to the right to declare on event of default ,
the bank shall intimate the customer in writing at least 7 days prior of selling the gold
security.
 The loan sanction letter  and  loan agreement documents clearly mention that all the credit
facilities offered by Axis bank will be extended only & solely at the full discretion of the Axis
Bank
 The disbursement of loan amount is done immediately post compliance of all the required
terms and conditions of the loan sanction by the applicant
 Any futuristic changes in the terms & conditions of the Gold loan sanction such as interest
applied and fees & charges will be duly notified to the Applicant prior effecting the changes.

FEES Amount to be paid

Up to 0.5%
Loan Processing Charges
Option of nil processing fee also available
Rs.250 for loan amounts up to 1.5 lakhs and
Valuation Fees Rs.500 for loan amounts over and above Rs.1.5
lakhs
Up to 1%

Option available for nil foreclosure charges

Foreclosure Charges Foreclosure charges are to be paid when a loan

Charges for late payment of Loan
amount
Stamp Duty & other Statutory Charges
Renewal Processing Fees
Pre -payment or Part-payment charges
is closed before the tenure is completed or a
minimum of 1 year tenure. The bank will levy a
certain percentage on outstanding loan amount
as a penalty for foreclosing the loans.
2% per annum as penal interest over and above
the applicable rate of interest
As per applicable laws of the state
Up to Rs.250
Up to 1%