Gold is an integral part of Indian culture; it’s used during festivals, given as a gift, and a significant part of weddings. It’s also an indispensable component of the Indian investment portfolio.
No matter how much planning you put into your finances, there may be a time when a challenging situation arises, and you need a loan. And when times are tough, a gold loan is something you can fall back on.
Compared to other forms, a gold loan is a preferred option for many reasons, including low-interest rates. Before we speak about gold loans with the best interest rates, there are a few things you need to keep in mind before taking out loan against gold. They are:
- Choice of Lender – You can avail of a gold loan from banks or independent financiers. Whoever you pick, it’s best to pick a reliable source and choose one that offers better interest rates. You can check rates with the help of a gold loan interest calculator.
- Loan Amount – You must check the lender’s policy and see how much loan amount you can get for the gold you have.
- Processing Fee – Don’t forget to calculate the processing fee. It can be a flat amount or a certain percentage of your gold loan.
- Interest Rate – There are different gold loan schemes with varying rates of interest. It’s best to explore all your choices to make an informed decision.
- Tenure – Most often, gold loans are short-term loans. So, if you decide to take one, ensure you use a gold loan interest calculator, check your interest rate, and make sure you can pay it off during the specific duration.
The Best Gold Loan Interest Rates and Schemes
Now that you know what you need to keep in mind before taking a gold loan let’s look at some of the leading schemes and interest rates. One of the key advantages is that gold loans are designed based on the different customers’ needs and lifecycle. So, based on that, you can pick and choose a suitable scheme. Here are the various schemes.
- Muthoot Take is Easy Gold Loan – This loan is a convenient way to meet all your financial needs. A key advantage is flexibility, so you can pick a payment mode (daily, weekly or monthly basis).
Key Features of Take it Easy Gold Loan:
- Yearly interest rates starting from 6.9%
- Duration of up to 6 months
- Loans start from Rs. 5,00,000
- Maximum permissible value for gold
- Muthoot Easy Plus Gold Loan – Whether it’s a vacation or a wedding, you can easily reach your dreams with the help of this loan.
Key features of Easy Plus Gold Loan:
- Yearly interest rates starting from 16%
- Duration of up to 9 months
- Loans up to Rs. 1 lakh
- Maximum permissible value for gold
- Muthoot Easy Blue Gold Loan – If you suddenly face a financial crunch, this gold loan will come to your rescue.
Key features of Easy Blue Gold Loan:
- Interest rates starts from 20% p.a.
- Tenure up to 9 months
- Loans up to Rs. 49,999
- Maximum permissible value for gold
- Muthoot Easy Pro Gold Loan – As you move on with life, you have varied needs at different stages. This loan will help you fulfil them effortlessly.
Key features of Easy Pro Gold Loan:
- Yearly interest rates starting from 10%
- Duration of up to 9 months
- Loans from Rs. 3,00,000 lakhs to Rs. 5,00,000 lakhs
- Maximum permissible value for gold
- Muthoot Easy Max Gold Loan – Do you have bigger aspirations for yourself? Reach every goal you have, like a down payment for a new home or starting a business, with the help of this gold loan.
Key features of Easy Max Gold Loan:
- Yearly interest rates starting from 14%
- Duration of up to 9 months
- Loans from Rs. 1,00,000 lakh to Rs. 3,00,000 lakhs
- Maximum permissible value for gold
- Muthoot Blue Guide Gold Loan – Do you need quick cash for sudden day-to-day expenses? This gold loan is the perfect solution.
Key features of Blue Guide Gold Loan:
- Interest rates starts from 12% p.a.
- Tenure up to 6 months
- Loans up to Rs. 99,999
- Maximum permissible value for gold
The next time you need some financial assistance, you can reach out for a gold loan. From competitive interest rates to minimal documentation and top-up facility, the gold loans are designed based on your every need. You also get other benefits like cash backs on timely payments.