# **Canara Bank Gold Loan Interest Rates**

Canara Bank offers a gold loan scheme, popularly referred to as the Swarna Loan. This loan provides financial assistance by leveraging the value of your gold assets. With attractive features such as competitive interest rates and minimal processing charges, the scheme provides you with accessibility and convenience. Let’s learn all the details about this loan.

## **Canara Bank Gold Loan Details**

The gold loan from Canara Bank is relatively lower compared to unsecured loans. This rate ensures affordability and makes it a viable option for you if you are seeking funds against gold assets:

* **Canara Bank gold loan interest rate:** 9.25%

* **Loan amount:** Rs. 5,000 \- Rs. 35,00,000

* **Age limit:** From 18 years

* **Tenure:** 1 year

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## **Features of Canara Bank Gold Loan Schemes**

* **Quick processing:** Minimal documentation ensures a hassle-free application process. This allows you to access funds quickly. 

* **Affordable interest rates:** Offers competitive rates to make the loan affordable and reduce financial burden. 

* **Multipurpose interest rates:** You can use the loan for various needs, such as medical expenses, education, or business, subject to bank guidelines.

* **Flexible loan amount:** You can avail loan amounts ranging from Rs. 5 thousand to Rs. 35 lakh based on the gold’s value. 

* **Low processing fee:** The processing fee is nominal, making the loan accessible to a wide range of customers. 

* **Flexible repayment option:** The loan can be repaid within one year, and the interest is payable at maturity. 

* **No guarantor required:** Simplifies the process by eliminating the need for a guarantor. 

## **Canara Bank Gold Loan Rate Per Gram**

Canara Bank gold loan interest rate per gram is Rs. 3,725 to Rs. 4,000. This rate changes with the fluctuation of the value of gold. 

## **Canara Gold Loan Interest Rate**

This bank provides competitive interest rates on its three types of gold loans:

* **Swarna Loan:** 9.25%

* **Swarna Express:** 9.25%

* **Sharna Overdraft:** 9.25%

Apart from this, you have to pay Canara Bank gold loan appraiser charges (payment done to lenders for analysing the worth of the pledged gold). This value differs among individuals based on their gold assets. 

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## **How to Calculate Gold Loan Interest in Canara Bank?**

To calculate the interest rate on your Canara Bank gold loan EMI (equated monthly instalment), you can use the following formula:

EMI \= P x R x (1+R)^N / (1+R)^N \- 1

Where:   
P \= Loan amount  
R \= Rate of Interest (per month)  
N \= Loan tenure (in months)

For example, let’s say you take a gold loan of Rs. 60,000 at an annual interest rate of 9.25% for a tenure of 1 year. Using the formula:  
P \= Rs. 60,000  
R \= 0.7708%  
N \= 12 months

The EMI can be calculated as approximately Rs. 5,245. This formula helps you estimate the monthly repayment and plan finances effectively. 

## **Canara Bank Gold Loan Eligibility**

To avail of the Canara Bank gold loan, you must meet the following criteria:

* Indian residents aged 18 or above with a steady income source. 

* Existing Canara Bank account holders are eligible.

* New customers can also apply but must provide proof of creditworthiness. 

## **Documents Required for Canara Bank Gold Loan**

Applicants need to submit the following documents:

* **Loan application form:** Filled and signed.

* **KYC documents:** Includes Aadhaar, PAN, Voter ID, or Passport.

* **Proof of income:** Latest salary slip, form 16, or recent bank statement. 

* **Gold appraisal certificate:** Arranged by Canara Bank to assess the gold’s value.

## **Processing Charges of Canara Bank Gold Loan Scheme**

Canara Bank gold loan processing fee is reasonable and as follows:

* **Swarna loan:** 0.5% of the loan amount. Minimum Rs. 500 and maximum Rs. 5,000.

* **Swarna Express:** Processing charges are discounted by 50%.

* **Swarna Overdraft:** 0.5% of the loan amount, with the same minimum and maximum limits as the Swarna loan. 

## **Canara Bank Interest Rate Compared to Other Lenders**

The gold loan interest rates from Canara Bank start at 9.25%, making it one of the most competitive rates in the market. Compared to other banks:

| Bank | Interest rates |
| :---- | :---- |
| Axis bank | 9.35% onwards |
| HDFC bank | 9.30 onwards |
| Muthoot Fincorp | 11.99% onwards |


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## **How to Apply for Canara Bank Gold Loan Schemes**

To apply for the loan, follow these steps:

1. Visit the nearest Canara Bank branch. 

2. Consult a bank representative who will guide you through the application process.

3. The bank will arrange for a certified appraiser to evaluate your gold items. 

4. Based on the appraisal, the maximum loan amount will be determined. 

5. Upon approval, the loan amount will be disbursed promptly. 

## **How to Pay Canara Bank Loan?**

Canara Bank offers a convenient Bullet Repayment Method for gold loan repayment:

1. You can repay the entire principal and accumulated interest at the end of the loan tenure (up to 12 months).

2. Interest is calculated monthly and added to the principal amount.

3. Customers can choose the loan tenure based on their repayment capacity, ensuring flexibility. 

This repayment method provides financial ease, as you are not required to make monthly payments. 

## **How to Close Canara Bank Gold Loans?**

Closing your Canara Bank gold loan involves completing the repayment of the outstanding amount within the agreed tenure. The process is simple and borrower-friendly:

* Opt for the Bullet Repayment Method, where the entire principal and interest amount is paid at the end of the tenure, typically within 12 months.

* Interest is calculated monthly and added to the principal amount. This makes it essential to plan repayment carefully to avoid financial strain. 

* Choosing a tenure that aligns with your repayment capacity can ease the process and maintain your financial health. 

This flexible repayment structure is designed to accommodate your convenience and financial needs.

## **Canara Bank Gold Loan Contact Number**

For any queries or assistance regarding Canara Bank gold loans, you can contact their customer support team through the following numbers:

* Toll-free number: 18001030

* Other contact numbers: 080-22115526 / 080-22221581

The bank’s representatives are available to guide you through the loan application process, answer questions about the loan, and resolve any concerns. 

## **Conclusion** 

A gold loan from Canara Bank is a reliable and accessible financial solution for various needs. With competitive interest rates, flexible repayment options, and prompt customer support, it ensures you can achieve your financial goals without unnecessary hassle. 

#### Related Articles

- *[IIFL Gold Loan Interest Rate](https://blogs.indiagold.co/iifl-gold-loan-interest-rate)*
- *[Federal Bank Gold Loan Interest Rate](https://blogs.indiagold.co/federal-bank-gold-loan-interest-rate)*

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Canara Bank Gold Loan, Gold Loan, Canara Bank Gold Loan Interest Rate

Canara Bank Gold Loan per gram in 2024 | IndiaGold 

Canara Bank Gold Loan Per Gram Rate of Today is ₹ 3,725 to ₹ 4,000. Get a better Per gram rate of ₹4,293 - ₹4,865 & interest rate of just 0.77%* per month at Indiagold.

Canara Bank Gold Loan per Gram Rate in 2024 

# **Indian Overseas Bank Gold Loan Interest Rates**

Indian Overseas Bank’s Gold Loan is a reliable financial solution for those seeking quick funds by leveraging their gold assets. The competitive rates jewel loan interest rate in IOB along with flexible repayment options and various schemes, ensures affordability and convenience. Let’s take a closer look into the details, benefits, and application process to help you make informed decisions.

## **Indian Overseas Bank Gold Loan Details**

Indian Overseas Bank gold loans provide an easy and secure financing solution by allowing you to pledge your gold. 

* **Loan amount:** Up to Rs. 50 lakhs

* **Purpose:** For agricultural, personal, or business needs

* **Tenure:** 6 to 60 months

* **Interest rates:** 7.00% to 11.45% per annum as per chosen scheme

## **Features of Indian Overseas Bank Gold Loan Schemes**

* **Loan amount:** Flexible borrowing limits range from Rs. 25,000 to Rs. 50,000. 

* **Low processing charge**: IOB gold loan processing fee ranges between 0.15% to 0.30%, ensuring cost-effectiveness.

* **Attractive interest rates:** Some schemes have rates as low as 7% per annum.

* **Quick disbursement:** Get funds quickly with minimal process time.

* **No prepayment charges:** You can repay your loan early without any penalties.

* **Flexible tenure:** Choose repayment terms between 6 months and 60 months.

* **No documentation fees:** Save on additional costs as there are no documentation charges. 

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## **Indian Overseas Bank Gold Loan Schemes**

Indian Overseas Bank provides a variety of gold loan schemes to meet diverse financial needs. Each scheme is designed to cater to specific customer needs while ensuring flexibility and ease:

* **KCCJL (Agricultural jewel loan):** Designed for short-term agricultural requirements with bullet repayment (single lump-sum repayment during maturity) within a year. 

* **AGTAJ (Agricultural term loan- jewellery):** Offers loans up to Rs. 50 lakhs for agricultural investments, with repayment periods of up to three years. 

* **JL- Others (Jewel loan):** For non-agricultural purposes, with a focus on flexibility and affordability. 

* **SME gold:** Tailored for MSMEs, offering loans up to Rs. 50 lakhs with bullet repayment options. 

* **IOB Swarnalakshmi:** Exclusively for women borrowers, offering loans up to Rs. 5 lakhs along with free accidental insurance. 

* **IOB Swarna Samridhi:** Supports agricultural development with loans up to Rs. 10 lakh and no margin requirement. 

* **IOB gold-powered RuPay card:** Provides an overdraft facility of up to Rs. 25 lakhs for day-to-day transactions. 

## **Indian Overseas Bank Gold Loan Per Gram**

The IOB gold loan per gram depends on the market value of the gold along with its purity. As per this bank, the price of gold per gram is Rs. 3740 to Rs. 5300\.

## **Gold Loan Interest in IOB Bank**

Indian Overseas Bank offers attractive interest rates on its goal loans, catering to diverse financial needs. The IOB gold loan interest rates as per different schemes are:

| Scheme name | Interest rates (per annum) |
| ----- | :---: |
| KCCJL (Agricultural jewel loan) | 7.00% \- 11.45%  |
| AGTAJ (Agricultural term loan- jewellery) | 8.50% |
| JL- Others (Jewel loan- others) | 8.85% |
| SME gold | 8.85% \- 8.95% |
| IOB Swarnalakshmi (for women borrowers) | 9.20% |
| IOB Swarna Samridhi | 8.80% |
| IOB gold-powered card | 9.35% |
| Jewel Loan Suvidha  | 9.35% |

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## **Indian Overseas Bank Eligibility for Gold Loan**

Indian Overseas Bank offers straightforward eligibility criteria to make gold loans accessible:

* You must be at least 18 years old.

* You must own gold ornaments, jewellery, or coins that you would pledge for the loans. 

* Loans are provided against pure gold coins minted by Indian Overseas Bank or other banks, with a maximum of 50 grams per borrower. 

* The gold loans are available to both existing and new customers willing to open an account with the bank. 

## **Documents Required for Indian Overseas Bank Gold Loan**

To apply for a gold loan with Indian Overseas Bank, you must provide the following documents:

* **Identity proof:** Aadhaar card, PAN card, voter ID, passport, or driver’s licence. 

* **Address proof:** Utility bills, Aadhaar card, passport, or voter ID showing current address. 

* **Photographs:** Recent passport-sized photos.

* **Proof of ownership:** Documents proving ownership of pledged gold.

* **PAN card:** Mandatory if the loan amount exceeds Rs. 5 lakhs.

* **Loan application form:** A duly completed form provided by the bank. 

## **Processing Charges of Indian Overseas Bank Gold Loan**

* **Processing fee:** Nil for loans up to Rs. 3 lakhs. For higher amounts, a fee of 0.50% of the loan amount is applicable. 

* **Gold assaying charges:** Rs 0.50 per Rs. 100 net value of gold (Minimum Rs.25 and Maximum Rs. 350).

* **Prepayment/re-closure charges:** No additional costs for early repayment. 

## **Indian Overseas Bank Interest Rate Compared to Other Banks**

The present RLLR (reference lending rate) of Indian Overseas Bank is 9.35%. Here’s a comparison of gold loan interest rates offered by other banks with Indian Overseas Bank jewel loan interest rate:

| State Bank of India | 9.05% per annum onwards |
| :---- | :---- |
| Bank of Barda | 9.15% per annum onwards |
| Canara Bank | 9.25% per annum onwards |
| Punjab National bank  | 9.25% per annum onwards |
| HDFC Bank | 9.30% per annum onwards |
| Axis Bank | 9.35% per annum onwards |
| ICICI Bank  | 10.00% per annum onwards |

## **How to Apply for the Indian Overseas Bank Gold Loan?**

Applying for the IOB online gold loan is simple. You can do so by following these steps:

1. Visit the official Indian Overseas Bank website and navigate to the Jewel Loan section. 

2. Click on the “Apply Now” button.

3. Enter your mobile number, customer ID, or account details.

4. Provide details about the gold ornaments you wish to pledge.

5. Specify the loan amount and tenure you prefer.

6. Once your gold is appraised, the loan amount will be credited to your account.

## **Conclusion**

Indian Overseas Bank’s gold loan combines affordability and flexibility. This makes it a preferred choice for various financial needs. Whether for personal, agricultural, or business purposes, its attractive interest rates and minimal charges offer significant support. Explore the schemes and benefits to find the perfect solution for your requirements. 

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IOB Gold Loan interest rate is 7.05% p.a upto 25 Lakhs amount. Indian Overseas Bank's Gold loan rate of 1 gram gold is ₹ 2,900 to ₹ 3,450 for 22 Carat.

IOB Gold Loan Interest Rate @7.05% monthly | Per Gram Rate

IOB (Indian Overseas Bank) Gold Loan interest rate is 7.05% p.a upto Rs 25 Lakhs amount. IOB Gold loan rate per gram of gold is ₹ 2,900 to ₹ 3,450 for 22 Carat.

IOB Gold Loan Interest Rate in 2024

# **IDBI Bank Gold Loan Interest Rates**

IDBI Bank offers gold loans to support various financial needs, catering to farmers, small businesses, traders, distributors, and self-employed professionals. These loans are designed to provide quick liquidity, helping you meet temporary expenses, urgent medical requirements, social obligations, and business financing needs. 

## **IDBI Bank Gold Loan Details**

IDBI Bank provides swift and efficient gold loans. They are a practical choice for those looking for secured credit solutions. 

* **Loan amount:** Rs. 10,000 to Rs. 50 lakhs

* **Interest rate:** Starting from 5.88% per annum

* **Tenure:** 3 to 12 months

## **Features of IDBI Bank Gold Loan Schemes**

* **Loan amount:** The IDBI Bank gold loan starts from Rs. 10,000 making it accessible for small financial needs. The maximum limit is capped at Rs. 50 lakhs, ideal for larger financial goals. 

* **Flexible tenure:** You can choose repayment periods from 3 to 36 months which ensures convenience. 

* **Competitive interest rate:** IDBI Bank offers attractive rates, making gold loans affordable for a wider range of borrowers. 

* **Targeted assistance:** Farmers can access funds for cultivation, medical, and social obligations. Small businesses, traders, and professionals can finance their operational needs. 

* **Hassle-free process:** Quick application, approval, and disbursal are ensured when all necessary documents are provided. 

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## **Types of IDBI Bank Gold Loan**

IDBI bank provides three major gold loans:

* **Agricultural gold loans:** Tailored for farmers to address agricultural and related financial needs. 

* **Business gold loans:** Available for small businesses, traders, and professionals to manage operations or expand ventures. 

* **Personal gold loans:** Designed for individuals requiring funds for education, medical emergencies, social functions, or home margin payments.

## **IDBI Gold Loan Per Gram Rate**

The per gram rate depends on the loan amount, quality and purity of the pledged gold prevailing gold prices and bank policies. It also depends on government regulations and external market factors. 

## **IDBI Bank Gold Loan Interest Rate**

* The starting interest rate is 5.88%.

* Rates vary based on:  
  * Loan amount  
  * Quality and purity of pledged gold  
  * Other external factors influencing lending policies

* Transparent disclosure of fees ensures you have a clear understanding of your financial obligations. 

## **IDBI Bank Gold Loan Fee and Charges**

In addition to the interest rate, the following charges apply:

* **Processing fee:** 1% of the loan amount. 

* **Prepayment/foreclosure charges:** No charges after 3 months. 2% of the outstanding amount \+ GST if foreclosed within 3 months. 

* **Valuation fee:** Rs. 250 for loans up to Rs. 1.5 lakh. Rs. 500 for loans above Rs. 1.5 lakh. 

* **Late payment penalty:** 2% per annum on the applicable interest rate. 

* **Renewal processing fee:** Rs. 350 \+ GST

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## **Interest Rate of IDBI Gold Loan Compared to Other Lenders**

IDBI Bank offers competitive interest rates, starting from 5.88% for gold loans when compared to other lenders. 

| Bank  | Interest Rates |
| ----- | ----- |
| SBI | 9.10% onwards |
| Canara Bank  | 9.25% onwards |
| HDFC Bank  | 9.30% onwards |
| Axis Bank  | 9.35% onwards |

## **IDBI Gold Loan EMI Calculator**

You can estimate your EMIs using the IDBI Bank gold loan EMI calculator. This tool requires:

* **Interest rate:** Enter the applicable IDBI loan interest rate for gold. 

* **Loan amount:** Specify the amount you wish to borrow. 

* **Repayment tenure:** Choose your preferred repayment duration. 

This simple tool provides instant results to help you plan your finances effectively. 

## **IDBI Bank Gold Loan Eligibility**

To avail of the gold loan from IDBI Bank, you must meet the following criteria:

* **Age:** Minimum 21 years old.

* **Income requirements**: A stable income source, particularly from agriculture, or an annual income meeting bank criteria. 

* **Land ownership:** Farmers must possess at least one hectare of land. 

## **Documents Required for IDBI Gold Loan**

Applicants need to submit the following documents:

* **Identity proof:** Voter ID, PAN card, passport, or driving license.

* **Address proof:** Ration card, utility bill, or passport. 

* **Income proof (if required):** 12-month bank statement and previous year’s income tax returns (ITR).

* **Proof of business:** Sales tax certificate, lease deed, or utility bills.

* **Professional proof:** Degree certificate for self-employed individuals. 

* **Other requirements:** Recent passport-sized photographs, account statements, and any additional documents requested by the bank. 

## **How to Apply for IDBI Gold Loans?**

You can apply for gold loans with IDBI Bank both online and offline. You need to follow the simple steps in order to do so. 

**Online Application**

1. Visit IBDI Bank’s official gold loan page.   
2. Fill in details like name, address, date of birth, city, and other relevant information.   
3. Submit the application and await bank follow-up. 

**Offline Application**

1. Visit the nearest IDBI Bank branch or you can download the form from IDBI Bank’s website.  
2. Fill out the application form and submit the necessary documents.   
3. Pledge gold items, after which the loan is sanctioned and disbursed directly onto your account. 

## **Conclusion**

IDBI Bank’s gold loan scheme offers a seamless and reliable solution for diverse financial needs. With competitive interest rates, flexible tenure, and minimal documentation, it ensures accessibility for a wide range of borrowers. By leveraging the value of gold, individuals can meet urgent requirements while enjoying a transparent and hassle-free borrowing experience. 


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BOB Gold Loan, Gold Loan, BOB Bank Gold Loan Interest Rate, Bank of Baroda

IDBI Bank Gold Loan Interest Rate 5.88% - 10% p.a | indiagold

IDBI Bank Gold Loan interest rate is starting at 5.88% - 10% p.a. IDBI Bank gold loan per gram rate is ₹ 3,800 to ₹ 4,350. Get a Gold Loan at 9% Interest rate at indiagold. Get 100% Free insurance on your gold with minimal documentation.

IDBI Bank Gold Loan Interest Rate

# **Bank of Baroda Gold Loan Interest Rates**

Bank of Baroda provides a convenient solution for those in need of quick funds by offering gold loans. These loans are secured against gold jewellery, ornaments, or specially minted gold coins. You can use these loans for wedding expenses, education, home renovation, or business expansion. Let’s dive deeper into understanding all about BoB gold loan schemes before you apply. 

## **Bank of Baroda Gold Loan Details**

Bank of Baroda offers gold loans at a moderate rate compared to other lenders. With this rate, you can easily apply for gold loans as per your requirements.

* **Bank of Baroda gold loan interest rate:** Starting at 9.15% per annum.

* **Collateral:** Minimum 18-carat gold jewellery or specially minted gold coins by banks.

* **Loan tenure:** Options of 12 months or up to 36 months with EMI (equated monthly instalment) schemes.

* **Loan amount:** Up to Rs. 50 lakhs. 

* **Repayment methods:** EMI, bullet repayment (single lump-sum repayment usually made at maturity date), or overdraft facilities. 

* **Processing fee:** No fee for loans up to Rs. 3 lakhs.

* **Pre-closure/pre-payment charges:** No charges applied.

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## **Features of Bank of Baroda Gold Loan Schemes**

* **Flexible loan amount:** You can avail of loans starting at Rs. 25,000, with a maximum limit of Rs. 50,000. 

* **Secure storage:** The pledged gold remains safely stored in the bank’s vault and is returned upon complete payment. 

* **No guarantor required:** To obtain Bank of Baroda gold loans, you do not need a guarantor. This makes the application process simpler and hassle-free for you.

* **Income proof not required:** You do not need to submit income proof, ensuring that individuals from all income levels can access loans easily. 

* **Easily convertible into cash:** The approved loan amount can be seamlessly converted into cash, providing immediate financial support to meet urgent needs. 

* **Minimal paperwork and faster processing:** The loan application requires minimal documentation, ensuring a smoother process and quicker loan approval and disbursal. 

* **No impact on credit score:** The gold loan interest rates are not influenced by your CIBIL score. This makes it accessible to anybody with varying credit histories. 

## **Types of Gold Loan Schemes from Bank of Baroda Based on Interest Rates**

* **Fixed-rate loans:** The interest rate remains unchanged throughout the loan tenure, ensuring stable EMI. 

* **Floating-rate loans:** Interest rates are linked to external benchmarks, which may fluctuate, affecting the EMI amount. 

* **Non-agricultural gold loans:** Available for salaried individuals, self-employed professionals, and students for non-agricultural purposes. 

* **Agricultural gold loans:** Offered at lower interest rates to support farmers with cultivation-related expenses. 

## **Bank of Baroda Gold Loan Rate Per Gram**

The BoB gold loan per gram is based on the purity and market value of the gold. For this bank, the amount ranges from Rs. 4,289 to Rs. 4,679 per gram. 

## **Bank of Baroda Gold Loan Interest Rate**

The BoB gold loan interest rate starts from 9.15%. The biggest advantage of obtaining your loan from this bank is that it does not consider your CIBIL score while setting the interest rates.


| Particulars | Interest rates (p.a.) starting from | Tenure |
| ----- | ----- | ----- |
| Demand Loan (LA180) | 9.15% | Up to 12 months |
| Agri Gold Loan | 8.70% (varies as per 1-year marginal cost of funds based lending rate or MCLR rates) | Up to 12 months |
| EMI (LA241) | 9.15% | Up to 36 months |
| Overdraft (LA043) | 9.15% | Up to 12 months |

You must also provide the gold loan appraiser charges which may vary based on your holdings. These charges are implemented by lenders to analyse the worth of your pledged gold. 

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## **Bank of Baroda Gold Loan Interest Rate Calculator**

You can easily check the EMI of your loan using the Bank of Baroda gold loan calculator. This BoB gold loan calculator helps you to calculate your EMI based on the loan amount, interest rate, and chosen tenure. This makes repayment planning easier and more transparent. 

## **Bank of Baroda Eligibility**

To qualify for a loan loan at the Bank of Baroda, you have to meet the following criteria:

* You must be Indian residents aged 18 to 70 years.

* Loans are available against 18-carat gold jewellery or ornaments and specially minted gold coins (up to 50 grams per applicant). 

## **Documents Required for Bank of Baroda Gold Loan**

To apply for a gold loan, the following documents are necessary:

* A registered mobile number linked to Aadhaar and a Bank of Baroda account. 

* PAN card (optional but recommended).

* BoB CIF number or bank account details for existing customers. 

* Physical gold for valuation.

* Original Aadhaar and PAN cards for verification purposes. 

## **Processing Charges of Bank of Baroda Gold Loan Scheme**

* **Processing fee:** Nil for loans up to Rs. 3 lakhs. For higher amounts, a fee of 0.50% of the loan amount is applicable. 

* **Gold assaying charges:** Rs. 0.50 per Rs. 100 net value of gold (Minimum Rs. 25; Maximum Rs. 350). 

* **Prepayment/post-closure charges:** No additional costs for early repayment 

## **Bank of Baroda Interest Rate Compared to Other Lenders**

The bank gold loan interest rate in BoB starts from 9.15% which is comparatively lower than other lenders. 

| Bank | Interest rates |
| ----- | ----- |
| Canara Bank | 9.25% onwards |
| HDFC Bank | 9.30% onwards |
| Axis Bank  | 9.35% onwards |

## **How to Apply for the Bank of Baroda Gold Loan Scheme**

You can apply for the gold loan schemes using the two approaches:

* **Walk-in application:** Visit the nearest Bank of Baroda branch with your gold and required documents. After completing a form, the bank evaluates the gold and processes the loan, usually within a day. 

* **Online application:** You can register online via the Bank of Baroda website by submitting the application form and uploading the necessary documents. The final step involves visiting the branch for gold valuation and loan disbursal. 

## **Procedure of Obtaining Gold Loan Scheme from Bank of Baroda**

Follow the below steps to avail of your gold loan from the Bank of Baroda:

1. **Gold evaluation:** The bank assesses the purity and weight of the gold to determine its value. 

2. **Market price analysis:** The gold’s market price is calculated based on recent rates. 

3. **Loan-to-value (LTV) determination:** The loan amount is set according to RBI’s LTV cap of 75%. 

4. **Application processing:** After you review the loan terms, the application is processed after deducting any applicable fees. 

5. **Loan disbursal:** The approved amount is credited to your account upon signing the loan agreement.

## **Conclusion**

The Bank of Baroda gold loan stands out for its convenience, flexibility, and borrower-friendly terms, catering to a variety of financial needs. With secure storage, fast processing, and no reliance on credit scores, it ensures a smooth borrowing experience. This offering is well-suited for those seeking a trusted and efficient financing option in India.

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Bank of Baroda BOB Bank Gold Loan Interest Rate 2024 | Features, Benefits, Eligibility & Documents | #goldloan

Bank of Baroda (BOB) Gold Loan interest rate 8.70% - 9.40% | Per Gram rate ₹4,289 - ₹4,679

## BOB Gold Loan interest rate
**As of 2024, BOB Gold loan interest rate is in the range of 8.70% to 9.40% per annum.**

It is important to note that the interest rates are subject to change at the discretion of the bank and can vary based on market conditions. Additionally, Bank of Baroda may also offer lower interest rates to women borrowers.

It is always recommended to check with the bank or visit their website for the latest interest rates before applying for a gold loan. Moreover, it is advisable to compare the interest rates and other terms and conditions of gold loans offered by different banks before finalizing one.

## Loan Amount For Bank of Baroda Gold Loan
Bank of Baroda offers gold loans ranging from a minimum of Rs. 10,000 to a maximum of Rs. 1 crore, depending on the purity and weight of the gold.

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## BOB Gold loan per gram rate

As of April 2024, the per gram rate for Bank of Baroda gold loan is **Rs. 4,289 per gram for 22 carat gold and Rs. 4,679 per gram for 24 carat gold.**

However, it is important to note that the per gram rate may vary depending on various factors such as the loan amount, loan tenure, and the prevailing market conditions. Additionally, the bank may also have different per gram rates for gold loan schemes targeted at different segments of customers.

## BOB Gold Loan Processing fees

Bank of Baroda charges a nominal processing fee for its gold loans. The processing fee for Bank of Baroda gold loan is up to 1% of the loan amount, subject to a minimum of Rs. 1,000 and a maximum of Rs. 10,000.

Getting a gold loan is a tedious and time consuming process, isn’t it? Well it turns out that we at IndiaGold have a solution for your problem. Now you can get Gold loans at your convenience.
- 0.77%* Rate of Interest Per month 
- Money transfer in just 30 minutes*
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#### Related Articles

- *[IIFL Gold Loan Interest Rate](https://blogs.indiagold.co/iifl-gold-loan-interest-rate)*
- *[IDBI Bank Gold Loan Interest Rate](https://blogs.indiagold.co/idbi-bank-gold-loan-interest-rate)*

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Bank of Baroda Gold Loan interest rate is 8.70% - 9.40% p.a. Bank of Baroda (BOB) gold loan per gram rate is ₹4,289 - ₹4,679. Get a better Per gram rate of ₹4,293 - ₹4,865 & interest rate of just 0.77%* per month at Indiagold.

Bank of Baroda (BOB) Gold Loan Interest Rate 2024

# **SBI Gold Loan Interest Rate 2024**

 SBI Gold Loans provide a convenient and secure way for individuals to access funds by pledging personal gold, such as jewellery or coins, as collateral. The loan process is straightforward with minimal documentation. So, let’s know all the details you need to obtain this loan.

## **SBI Gold Loan Details**

The combination of the flexible loan amount, reasonable tenure, and low fees makes the SBI gold loan an accessible and budget-friendly option:

* **SBI gold loan interest rate:** 9.00%

* **Loan amount:** Rs.20,000-Rs.50,00,000

* **Age limit:** 18 years-70 years

* **Tenure:** Up to 36 months

* **Accepted gold:** Ornaments verified for quality and weight

* **SBI gold loan processing fee:** 0.50% \+ GST

## **Features of State Bank of India Gold Loan Schemes**

* **Flexible loan amounts:** Loans are available for sums ranging from Rs. 20 thousand to Rs. 50 lakh, making them suitable for small to large financial requirements.

* **Flexible tenure options:** You can choose repayment terms between 12 to 36 months, depending on your financial convenience. 

* **Security:** Gold pledged as collateral is stored securely and returned upon loan repayment.

* **Repayment modes:** SBI provides multiple repayment options, including standard EMIs, liquid gold loans, and bullet repayment gold loan schemes (paying principal and interest before loan maturity). 

* **Affordable processing fees:** SBI charges just 0.5% of the loan amount, ensuring affordability. 

* **Quick processing:** With minimal documentation, loans are approved quickly, often on the same day. 

* **No prepayment penalty:** You can prepay the loan incurring any additional charges. 

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## **SBI Gold Loan Rate Per Gram**

As per the State Bank of India, the loan amount per gram depends on the gold purity and net weight. The bank does not grant any gold loan based on the security of primary gold. 

## **SBI Gold Loans Interest Rate**

You can get gold loans at competitive SBI bank gold loan interest rates as per the types of gold loan:

* **Gold loan:** Interest rate starts at 9.00% per annum.

* **Realty gold loan (for housing loan customers):** Same rate as the standard gold loan at 9.00% per annum.

* **Agriculture gold loan:** 1-year MCLR (Marginal cost of funds based lending rate) \+ 1.25% 

## **SBI Gold Loan Eligibility**

* **Age:** Must be between 18 and 70 years

* **Profession:** All farmers and agricultural entrepreneurs

* **Income source:** A consistent source of income is required, but proof is not mandatory for retirees or existing bank customers 

* **Gold ownership:** The gold pledged must belong to the applicant and meet quality standards.

## **Documents Required for SBI Gold Loan**

* **ID proof:** PAN card, Aadhaar card, passport, or government-recognised identification. 

* **Address proof:** Utility bills, passports, or valid address verification documents. 

* **Photographs:** Two passport-sized photographs of the applicant.

* **Completed application:** Accurately filled and signed application. 

## **Fees of SBI Gold Loan Scheme**

SBI charges a nominal processing fee, which is among the lowest in the industry:

* **Standard fee:** 0.5% of the loan amount, subject to a minimum of Rs. 500. 

* **YONO applications:** No processing fee is charged if the loan is applied for via the SBI YONO app. 

## **SBI Gold Loan Interest Rate Compared to Other Lenders**

When compared to other leading banks, SBI gold loan interest rate can be considered competitive:

| Bank | Interest rate |

| SBI Gold Loan | Starting from 9.00% |
| Axis Bank Gold Loan | 9.35% to 17% |
| HDFC Bank Gold Loan | 9.30% to 17.86% |

Apart from this, SBI will decide your SBI gold loan appraiser charges (charge by the lender to evaluate the weight, purity, and market value of gold ornaments) that you have to bear accordingly. 

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## **How to Apply for SBI Gold Loan Schemes?**

Applying for an SBI Gold Loan is simple and can be done online or at a branch:

**Step 1:** Visit the SBI website or the nearest branch. For online applications, fill out the form with details such as loan amount, name, mobile number, and PIN code. 

**Step 2:** Submit the form and follow the on-screen instructions to complete the process.

**Step 3:** After verification, the loan is approved, and the funds are disbursed. 

## **How to Pay Gold Loan Interest in SBI Online?**

Paying your SBI gold loan interest online is a simple process:

1. **Log in to your SBI net banking** Access your SBI internet banking account using your username and password or register on the SBI website.

2. **Navigate to the e-payment section:** Once logged in, go to the “Payments/Transfers” section in your account dashboard.

3. **Add your loan account as a biller:** Add your SBI gold loan account as a biller by selecting the option to “Add Biller” or “Register Loan Account” under the bill payment section.

4. **Make the payment:** Select the loan, choose the amount you want to pay (EMI or interest) and authenticate the payment using OTP (one-time password) sent to your registered mobile number.

5. **Confirmation of Payment:** Upon successful payment, you will receive an SMS.

## **Conclusion** 

SBI gold loan offers a seamless borrowing experience with competitive interest rates and flexible repayment options. Whether for personal or agricultural needs, their quick processing and minimal documentation make them a reliable choice. With easy online payment methods, managing your gold loans becomes significantly convenient.

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SBI Bank Gold Loan Interest Rate 2024 | Features, Benefits, Eligibility & Documents | #goldloan

SBI Gold Loan per gram in 2024 | Today's per gram rate

SBI Bank Gold Loan Per Gram Rate of Today is Rs 4228 to Rs 5286. SBI Gold Loan interest rate is 9.00% - 10.25% pa. Get a better Per gram rate of ₹5286 - ₹5991 & interest rate of just 0.85%* per month at indiagold.

SBI Gold Loan per Gram Rate in 2024

Federal Bank gold loans offer a reliable and hassle-free solution for securing funds to meet immediate financial needs. With competitive interest rates and a quick approval process, these loans are ideal for purposes like education, weddings, or business expansion. 

## **Federal Bank Gold Loan Details**

The gold loans from Federal Bank come with key features that cater to diverse customer needs:

* **Interest rate:** Starts at 8.99% per annum.

* **Loan amount:** A flexible range starting from as low as Rs. 1,000 with no upper limit.

* **Gold loan tenure:** The tenure options range from 6 months to 36 months.

* **Processing fees:** Nominal charges ensure affordability.

* **Eligibility:** Open to any creditworthy individual, ensuring accessibility for a broad audience.

## **Features of Federal Bank Gold Loan Schemes**

* **Minimum loan value:** The minimum loan value from Federal Bank is Rs. 1000\. This makes them accessible for smaller financial needs. 

* **Maximum limit:** No upper cap as it is a secured loan backed by gold. 

* **Secure storage:** Your pledged gold is safely stored and returned upon loan repayment. 

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## **Types of Gold Loans from Federal Bank**

Federal Bank offers various types of gold loan schemes tailored to meet different customer needs. 

* **General gold loan:** A standard gold loan suitable for family or personal needs, with a simple application process and competitive interest rates. 

* **Digi gold loan:** A fully digital gold loan that enables customers to apply for and manage their loans entirely online. 

* **Digi gold NRI variant:** A special variant designed for non-resident Indians, combining convenience and specific benefits to NRIs. 

* **GL graded interest rate scheme:** Offers a graded interest rate structure, ensuring flexibility in repayment and lower interest for smaller amounts. 

* **ISS KCC gold loan:** Targeted at farmers under the Kisan Credit Card scheme, this loan supports agricultural activities with tailored repayment terms. 

* **Kisan gold loan Federal bank:** Another agricultural-focused loan providing farmers with funds for cultivation or related activities. 

* **MSME gold loan:** Tailored for Micro, Small, and Medium Enterprises, helping them meet working capital or expansion needs. 

* **Fed Smart Saver scheme:** Combines a gold loan with a unique saving advantage, offering flexibility and financial benefits.

## **Federal Bank Gold Loan Rate Per Gram**

The rate of gold per gram varies on gold purity and market rates. The per gram loan also depends on the scheme you have chosen:

* **Federal Bank General gold loan:** Up to 75% of the current market value.

* **Federal Bank Agriculture gold loan:** Up to 90% of the market value, specifically for agricultural needs. 

* **Federal Bank Non-Agricultural gold loan:** Up to 75% of the current market value.  

* **Federal Bank MSME gold loan:** Up to 75% of the gold’s value. 

## **Federal Bank Gold Loan Interest Rate**

Federal Bank offers both floating and fixed interest rates, ensuring options for every borrower:

* **Floating rates:** Start at 8.99% per annum, fluctuating with market conditions.

* **Fixed rates:** Start at 9.97% per annum, providing predictable repayment terms. 

* **Fed Smart Saver gold loan rates:** Begin at an attractive 8.15% per annum, ideal for cost-conscious borrowers.

The interest rate of gold loans is comparatively lower than Federal Bank personal loans. You can also use the Fed Gold loan calculator to identify the EMI amount you need to pay. You just need to input the principal loan amount, interest rate and loan tenure to get the approximate amount you have to pay per month. 

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## **Federal Bank Gold Loan Maximum Limit**

Federal Bank offers a maximum gold loan of up to Rs. 150 lakh. It provides substantial financial assistance for personal, agricultural, or business needs. 

## **Federal Bank Gold Loan Processing Fee**

**Processing Fees by Schemes:**

* **General gold loan:** Rs. 180 to Rs. 270

* **Digi gold loan:** 0.25% of the loan amount (Minimum fee is Rs. 500\)

* **Digi gold NRI variant:** 1% of the loan amount (Minimum fee is Rs. 500\)

* **GL graded interest rate scheme:** 0.35% of the loan amount (Minimum fee is Rs. 350\)

* **ISS KCC gold:** 0.80% of the loan amount

* **Kisan gold scheme:** Rs. 530 to Rs. 1,700

* **MSME gold loan:** Rs. 180 to Rs. 270

* **Fed Smart Saver scheme:** 0.50% of the loan amount (Minimum fee is Rs. 500\)

**Security Operations Fee by Scheme**

* **OD-Digi-Gold loan scheme, OD-Digi-Gold-NRI loan scheme:** Rs. 250 \+ GST after the third operation in a month

* **Other gold loan schemes:** Rs. 250 for each additional operation

**Penalty Charges for Delayed Repayment**

* **Agricultural gold loan schemes:** 14.50% from the due date

* **Non-agricultural gold loan schemes:** 16.50% from the due date

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## **Federal Bank Gold Loan Eligibility**

To get eligible, you must meet:

* **Age:** You must be at least 18 years old. 

* **Gold purity:** The pledged gold must have a minimum purity of 22 carats.

## **Documents Required to Avail Federal Bank Gold Loan**

* **Existing clients:** No additional paperwork is required.

* **New clients:** Need to submit-  
  * **Identity proof:** Aadhaar card, PAN card, or passport  
  * **Address proof:** Utility bills, ration card, or lease agreement  
  * Recent photograph

## **How to Apply for Federal Bank Gold Loans**

You can apply for the gold loans through both an online and offline process.

**Online Process:**

1. Visit the Federal Bank’s gold loan application page.  
2. Submit the required details and documents.  
3. Visit the branch with gold for valuation.   
4. Upon approval, receive the funds directly in your bank account. 

**Offline Process:**

1. Visit a nearby Federal Bank branch with the necessary documents and gold.   
2. Fill out the application form and provide gold for evaluation.   
3. Post verification, the loan amount is credited to your account.

## **How to Pay Gold Loan Interest in Federal Bank Online**

Abide by these steps to pay your gold loan along with the interest:

1. Log in to the FedMobile app.  
2. Select “Loan Repayment” in the Bill Payment section.   
3. Enter loan details and verify the amount.  
4. Complete the payment using your account. 

This online facility ensures convenience and timely payments.

## **How to Close a Gold Loan in Federal Bank**

To close your loan, follow these steps:

1. Visit the branch with the required documents and repayment amount.  
2. Submit a loan closure application.   
3. Clear outstanding dues and collect the No Dues Certificate (NDC).  
4. Retrieve your pledged gold. 

## **Conclusion** 

Federal Bank’s gold loan offerings cater to diverse needs with flexible schemes, competitive interest rates, and high loan limits. From minimal processing fees to transparent charges, their customer-centric approach ensures accessible and secure financing. These features make Federal Bank a reliable choice for leveraging your gold assets efficiently. 

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Federal Bank Gold Loan interest rate is 9.5% p.a upto 50 Lakhs amount. Federal Bank Gold loan rate per gram of gold is ₹ 2,900 to ₹ 3,450 for 22 Carat.

Federal Bank Gold Loan Interest Rate @9.5% p.a | Per Gram Rate

Federal Bank Gold Loan interest rate is 9.5-15.5% p.a upto Rs 50 Lakhs amount. Federal Bank Gold loan rate per gram of gold is ₹ 2,900 to ₹ 3,450 for 22 Carat. Get gold loan from indiagold at 9%.

Federal Bank Gold Loan Interest Rates

# **IIFL Gold Loan Interest Rates**

IIFL gold loan is a convenient financial solution tailored for Indian customers. It offers competitive interest rates and flexible repayment choices. By pledging gold as collateral, you can quickly access funds to meet various personal and professional needs. 

## **IIFL Gold Loan Details**

IIFL loans provide you with easy access to the quick funds that you require.

* **Loan amount:** Minimum amount is Rs. 3000 or the value of 1 gram of gold (whichever is higher)

* **Repayment tenure:** Up to 2 years, with options to repay monthly, quarterly, or annually

* **Interest rate:** 11.88% per annum to 27% per annum

* **Loan-to-value (LTV) ratio:** Up to 75% of your pledged gold’s market value

* **Processing fees:** Starting from Rs. 0, nominal charges may apply as per the loan scheme

* **Penal charges:** 0.50% per month (equivalent to 6% per annum) plus GST

* **Pre-closure/part-payment charges:** No charges

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## **Features of IIFL Gold Loan Schemes**

* **Wide interest rate:** The interest rates vary between 11.88% to 27% per annum, depending on the loan scheme.

* **Quick processing:** Loan approval takes just 5 minutes, and funds are disbursed within 30 minutes. 

* **Purity requirement:** Gold jewellery with a purity level of 18 carats or more is accepted. 

* **Open to all applicants:** Available for salaried individuals, business owners, homemakers, students, and more. 

* **Market-based value:** The gold’s value is calculated using the current per gram market price. 

* **Loans tailored to gold quality:** Net gold weight, purity, and LTV ratio determine the loan amount, tenure, and interest rate. 

* **Exclusion of non-gold elements:** The valuation does not include stones, gems, or other non-gold components in jewellery.

## **IIFL Gold Loan Schemes**

* **IIFL Gold Loan at Home:** This option allows you to apply for a gold loan from the comfort of your home. It caters to your personal or professional needs. The tenure extends up to 2 hours, and the LTV ratio goes up to 75%.

* **IIFL MSME Gold Loan:** Tailored for entrepreneurs, this loan helps address business-related expenses. You can avail of up to 75% of their gold’s value with a maximum tenure of 2 years. 

* **IIFL Gold Loan for Women:** Designed to support women for personal or business needs. It offers up to 75% of the pledged gold value as a loan, with a flexible tenure of up to 2 years.

* **IIFL Agricultural Gold Loan:** Ideal for farmers, this loan supports agricultural investments like seeds and equipment. It has an LTV ratio of up to 75% and a repayment tenure of 2 years. 

* **IIFL Gold Loan for Education:** Specifically aimed at covering educational expenses, including tuition and study materials, with an LTV of up to 75% and a tenure of 2 years.

## **IIFL Gold Interest Rate for Loans**

You get a competitive IIFL interest rate for gold loans ranging from 11.88% to 27% p.a. This is comparatively more accessible than the IIFL business loan interest rate which ranges up to 36%. The IIFL loan interest rate depends on the loan amount, repayment tenure, and frequency. These rates ensure that borrowers can access funds against their gold with manageable repayment terms. You can also use the IIFL gold loan calculator to understand the interest rate as per your requirements. 

## **IIFL Gold Loan Fees and Charges**

* **Processing Fees:** Starting from Rs. 0, nominal fees based on the scheme. 

* **MTM charges:** Rs. 500

* **Auction actions:** Rs. 1,500

* **Auction intonation charges:** Rs. 200 

* **SMS charges:** Rs. 5.90/quarter

## **IIFL Gold Loan Eligibility**

* Salaried, self-employed, and non-salaried individuals, with no requirement for income proof. 

* The minimum age is 18 years; the maximum age is 70 years at loan disbursal and 72 years at renewal. 

* Gold ornaments with 18 to 22 purity are accepted.

## **IIFL Gold Loan Documents Required**

* **Identity proof:** Aadhaar card, PAN card (mandatory for loans above Rs. 5 lakh), voter ID, passport, driving license, or bank statement

* **Address proof:** Aadhaar card, passport, driving license, electricity bill, voter ID, ration card or bank statement

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## **How to Apply for IIFL Gold Loan?**

To apply for an IIFL finance gold loan, follow these steps:

1. **Application:** Begin by submitting your application through your preferred channel- either online via the IIFL website/app or by visiting a branch in person. IIFL also offers a convenient “Gold Loan at Home” service where a representative comes to your location. 

2. **Gold evaluation:** A trained appraiser evaluates the purity and quality of your hold. If you have chosen the “Gold Loan at Home” service, the evaluation will be conducted at your doorstep. The loan amount is determined based on the purity and value of the pledged gold. 

3. **Documentation:** Ensure your KYC documents (Aadhaar, PAN, etc.) are ready as per RBI guidelines. The documentation process is quick and ensures compliance with legal norms. 

4. **Approval and disbursement:** After conforming your agreement with the loan amount and terms, the loan is approved. A minimal processing fee is deducted, ranging between 0.10% and 1%. Funds are disbursed promptly, often within minutes of approval. 

## **IIFL Gold Loan Foreclosure and Part-Payment**

* **Foreclosure:** Borrowers can foreclose the loan after clearing the amount before the tenure ends. Charges range from Rs. 0 to Rs. 150 for foreclosing within 3 months, with no charges after 3 months. 

* **Part-payment:** Partially repaying the loan reduces the outstanding principal, lowering the interest burden. This option also allows partial release of the pledged gold. 

## **IIFL Gold Loan Repayment**

* **At branch:** You can make a repayment by visiting the nearest IIFL branch, ensuring immediate processing. You can get assistance from branch executives. 

* **Online:** You can repay the loan through a secure online platform, accessible anytime from anywhere. 

* **Through the app:** The IIFL Loans app provides a user-friendly way to manage loan accounts, view details, and make payments conveniently. 

## **Conclusion** 

IIFL gold loans provide a secure and accessible way to unlock the value of your gold, catering to diverse financial requirements. Its customer-centric approach, transparent processes, and flexible terms make it a reliable choice for those seeking quick financial assistance. With IIFL, you can manage your immediate needs without compromising your long-term goals.

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IIFL Gold Loan interest rate is 9.48%-15% p.a upto Rs 50 Lakhs amount. IIFL Gold loan rate per gram of gold is ₹4290 for 22 Carat. Get a Gold Loan at 0.77% Interest rate at Indiagold. 

IIFL Gold Loan Interest Rate @9.48%-15% p.a | Per Gram Rate

IIFL Gold Loan interest rate is 9.48%-15% p.a upto Rs 50 Lakhs amount. IIFL Gold loan rate per gram of gold is ₹4290. Get indiagold Gold Loan at 9.24%. Get 100% Free insurance on your gold with minimal documentation.

IIFL Gold Loan Interest Rate 2024

Gold plays a crucial role in Indian culture and economy. It transcends its traditional appeal during festivals like Dhanteras. The taxation framework for gold in India significantly impacts its pricing, creation, selling, and importing process. For businesses and individual buyers, clarity on gold taxes can ensure informed purchases. Let’s explore the specifics of GST on gold across various aspects. 

## **What is GST on Gold?**

The Goods and Services Tax (GST) applies to the sale of gold in various forms such as bars, coins, and jewellery. Under the GST law, gold is classified as “goods,” and its supply is governed by Section 7 of the CGST Act. Both the material cost and associated services, such as making charges for jewellery are subjected to GST.

The introduction of GST replaced multiple indirect taxes like Valued Added Tax (VAT), excise duty, and service tax. It creates a more streamlined tax structure for the gold industry. With Indiagold, we make it easy for you to understand how GST impacts your gold. You can easily invest in digital gold on the app and leverage gold loans at an affordable rate. 

## **Latest Update on Gold GST Rate**

In the Union Budget 2024, significant changes were introduced to customs duties on gold imports. Effective from 23rd July 2024, the Central Board of Indirect Taxes and Customs (CBIC) notified a reduction in basic customs duty (BCD) on gold bars and dore (gold bars with mixtures of gold and precious metals). This made gold imports comparatively cheaper. 

| Type of Duty | Gold Bar and Findings | Gold Dore |
| ----- | :---: | :---: |
| Basic Customs Duty (BCD) | 5% | 5% |
| Agriculture Cess (AIDC) | 1% | 0.35% |
| Total | 6% | 5.35% |

This reduction aims to balance gold prices domestically and reduce illegal imports while supporting the jewellery export sector. 

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## **What are Gold GST Rates?**

| Particulars | HSN Code | GST Rate |
| ----- | :---: | :---: |
| Precious stones (except diamonds), semi-precious stones (worked/unworked) | 7103, 7104 | 0.25% |
| Diamonds, gold, pearls, silver, jewellery articles | 7101, 7102, 7106, 7107, 7108, 7109, 7111, 7113, 7114, 7116, 7118 | 3% |
| Job work (e.g., jewellery making, cutting diamonds) | 9988 | 5% |
| Real zari thread (gold/silver with textile thread) | 5605 00 10 | 5% |

## **GST on Gold Making Charges and Purchase**

Gold jewellery involves both material costs and labour (making charges). As clarified under Section 8 of the CGST Act, this is treated as a composite supply. The principal supply (gold) attracts a GST of 3% which also applies to the total value of jewellery, including making charges. 

* **GST on making charges of gold:** When goldsmiths perform job work, the making charges attract 5% GST. 

* **Reverse charge mechanism (RCM):** If the job worker is unregistered, the jeweller must pay 5% GST on making charges under RCM. 

* **Unregistered sellers:** When individuals exchange or sell gold ornaments, GST is not applicable, as this falls outside the scope of business transactions. 

## **What is the Gold GST Percentage for Coins and Jewellery?**

The gold GST percentage depends on the type of gold product being purchased. The GST on gold coins is set at 3%, while the tax on gold jewellery, the same 3% GST rate applies. Plus, the making charges for jewellery attract 5% GST. 

For example, a 22 carat gold GST rate on a gold bangle with a price of Rs. 1,00,000 and making charges of Rs. 5,000 would be Rs. 3,150 (3% of Rs. 1,00,000 for the gold and 5% of Rs. 5,000 for making charges).

## **GST on Digital Gold Purchase**

Digital gold has become a popular investment option due to its convenience and security. When buying digital gold, a 3% tax on gold purchases is levied. Unlike physical gold, no further GST is levied during resale or redemption. This makes digital gold an attractive and cost-effective choice for investors. You can use this opportunity to buy digital gold through Indiagold. You can use the digital gold to convert them into gold coins, sell them for a profit, or even gift them to your friends. Indiagold’s app makes this whole process seamless. 

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## **GST on Hallmark Gold**

Gold that is hallmarked is subjected to 3% GST on its value. However, it’s important to note that the hallmark charges on making attract a separate GST rate of 5%. This tax structure ensures the cost of both the gold and workmanship is covered under the Goods and Services Tax regime.

## **Tax on Gold Before and After GST**

Gold pricing is influenced by multiple factors, including the cost of extraction, processing, and additional charges such as taxes. GST has significantly changed how taxes are levied on gold and gold jewellery.

| Particulars | Pre-GST | Post-GST |
| ----- | :---: | :---: |
| Value Added Tax (VAT) | 1% | 1% |
| Sales Tax | 1% | Nil |
| Gold Making Charges Tax | Nil | 5% |
| Import Duty | 10% | 10% |
| GST on Gold Value | Nil | 3% |

**Key observations:**

* **Introduction of GST on gold value:** Before GST, there was no specific tax on the value of gold. However, under GST, a 3% tax is levied on the value of gold, increasing the overall cost for consumers. 

* **Tax on making charges:** Earlier, there was no gold tax rate for making charges. After GST, a 5% tax is applied to gold jewellery’s making charges, further adding to the price of the finished jewellery. 

* **Import duty:** Import duty on gold remained unchanged at 10% before and after GST. This kept the cost of raw gold for imports stable. 

**Current Effective Gold Tax in India**

* **Pure gold:** For pure gold, the combined GST and import duty account for 10.5% of the total price.   
  * **Breakdown:** 3% GST on gold value \+ 7.5% import duty

* **Gold jewellery:** For gold jewellery, the total tax burden includes:  
  * 3% GST on gold value  
  * 5% GST on making charges  
  * 10% import duty on raw gold

## **Impact of GST on Gold**

The introduction of GST has significantly influenced gold prices and industry practices.

* **Gold import:** With GST and customs duties combined, the overall cost of imported gold increased. However, Free Trade Agreements (FTAs) with nations like South Korea allow GST-registered importers to reduce customs burdens. 

* **Ornaments:** Variations in making charges among jewellers impact the final price for consumers. The GST system has improved transparency but also increased costs slightly. 

* **Sectoral impact:** GST has enhanced record-keeping, especially in the unorganised sector which accounts for about 70% of gold transactions. However, higher taxes may encourage gold smuggling or unbilled sales. 

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## **GST Calculation on Gold**

The final price of gold jewellery is typically calculated using the following formula:  
Price of Gold (per gram) x Weight \+ Making Charges \+ 3% GST (on the total value)

Since making charges vary, this often leads to differences in the final costs across jewellers.

## **Exemption for GST on Gold**

The GST Council introduced a significant exemption for gold exporters to boost competitiveness and minimize tax burdens. The exemption was announced on 22nd December 2019\. At the 31st GST Council meeting, it was announced that GST is exempted from the supply of gold by notified agencies to GST-registered gold jewellery exporters.

* **For exports:** This exception eliminated the GST liability for registered gold jewellery exporters, minimizing operational costs. Lower costs made Indian gold jewellery exports more competitive in the global market.

* **For domestic buyers:** Domestic consumers of gold or gold jewellery do not benefit from this exemption. The standard GST rates (3% on gold value and 5% on making charges) continue to apply. 

## **E-Way Bill Rules for Gold**

Starting September 13, 2022, the National Informatics Centre (NIC) mandated the use of e-way bills for transporting gold, gold jewellery, and other precious items. This ensures better tracking and regulation of gold movement.

## **Availability of Input Tax Credit for GST on Gold Business**

Gold merchants and jewellers can claim Input Tax Credit (ITC) on GST paid for raw materials or job work expenses. Even if taxes are paid under RCM for services from unregistered workers, ITC can be availed.

## **Considerations Before Investing in Gold**

**Hallmark and BIS Certification:** 

* **Ensure purity:** Always purchase gold jewellery that is hallmarked or BIS-certified (Bureau of Indian Standards). This guarantees the purity and authenticity of the gold.

**Fineness of Gold**

* **Gold quality and price:** The price of gold is directly influenced by its fineness (purity). Lower-quality gold typically comes at a lower per-gram price.   
  * **24 Carat:** The purest form of gold but not ideal for jewellery making due to its softness.   
  * **22 Carat, 18 Carat, and 14 Carat:** These are commonly used for making jewellery, with 22 Carat being the most popular choice

**Precious and Semi-Precious Stones**

* GST implications: Precious and semi-precious stones used in gold ornaments are taxed differently under the GST regime. Ensure that these stones are listed separately on the purchase bill for accurate tax calculations and transparency.

**Price Fluctuations**

* **Gold price variability:** The price of gold fluctuates daily, influenced by:  
  * **Demand and supply:** Global demand for gold can impact its price.   
  * **Import duty:** Changes in import duties affect gold pricing.   
  * **Currency fluctuations:** Currency value changes, particularly the rupee-to-dollar exchange rate, can also affect gold prices.   
  * **Indian jewellery market trends:** Domestic market trends play a significant role in pricing. 

## **Conclusion** 

GST on gold has streamlined the taxation process but also added to the overall cost for consumers. While it has brought transparency and better regulation to the gold industry, the tax burden varies depending on the type of gold product and additional charges like making fees. Buyers and investors must stay informed about these taxes to make educational decisions in their gold purchases. Indiagold makes it easy by providing a streamlined platform to invest in digital gold as well as opt for gold loans for your any needs. 

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Learn about GST on gold in India, including updated rates, making charges, and its impact on gold jewellery, coins, and digital gold investments.

GST on Gold

Gold loans are a go-to financial solution for many in India due to their quick processing and minimal requirements. These loans allow borrowers to leverage their gold jewellery for urgent funds, offering security and flexibility. A key metric in this process is the gold ratio, which determines the loan amount based on the pledged gold. Understanding the loan-to-value ratio (LTV) is essential for both borrowers and lenders to ensure a balanced approach to gold loans in India. 

## **What is LTV in Gold Loans?**

Loan-to-value or LTV in banking represents the ratio between the loan amount and the appraised value of the pledged gold. The LTV for gold loan determines how much of the gold’s value can be financed as a loan. For instance, if a borrower pledges gold worth Rs. 1,00,000 and the lender offers an LTV of 70%, the borrower can receive up to Rs. 70,000 as a loan. This ensures responsible lending while maximising the borrower’s potential funding. You can rely on **Indiagold’s** gold loans which provide customised loans and instant disbursement. 

## **Gold Loan LTV Ratio as Per RBI Guidelines**

As per the Reserve Bank of India (RBI), the maximum LTV under gold loan as per RBI directive is capped at 75%. 

* This ensures lenders maintain a safe balance between risk exposure and borrower benefits.   
* While NBFCs can offer more flexibility, they, like banks, must adhere to this guideline to ensure fair lending practices.  
* The RBI’s frequent reviews of these limits safeguard the financial stability of finance gold loan interest rate structures. 

The 75% cap applies universally to both banks and NBFCs. While NBFCs might offer more flexible repayment terms, they must adhere to the same LTV ceiling. RBI periodically reviews these guidelines to reflect economic conditions, ensuring both proper loan disbursement practices and market stability.

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## **Importance of LTV in Gold Loans**

The ratio between the loan amount and gold value directly impacts borrowing. A higher LTVs offers a larger loan amount, but it may also lead to a higher rate of interest. Conversely, a lower LTV limits borrowing while reducing lender risk. Striking the right balance ensures sustainable financial practices and manageable repayment terms for borrowers. **Indiagold** maintains a balanced LTV which reflects the interest for its gold loans starting just at 0.85% per month. 

## **How Does LTV Work?**

The new ratio formula for the Loan-to-Value ratio is simple:  
**LTV= (Loan Amount / Appraised Gold Value) x 100**  
Indiagold’s gold loan falls among the top 10 gold loan in India who align their LTV offers with RBI regulations. They make borrowing accessible and competitive. 

## **Loan-to-Value Ratio Calculation**

Calculating the loan-to-value ratio (LTV) of a gold loan involves assessing the market value of the pledged gold and determining the loan amount as a percentage of that value. The process includes:

* **Gold Valuation:** The lender evaluates the gold’s weight and purity, typically considered 22 or 24-karat gold, and calculates its market value using the prevailing gold price.   
* **LTV Formula:** The LTV ratio is calculated using the formula discussed above. 

For instance, if a borrower pledges gold worth Rs. 1,00,000 and the lender offers a loan of Rs. 65,000, the LTV ratio is (65,000 / 1,00,000) x 100 \= 65%. This ensures the loan aligns with the gold’s value. 

A balanced LTV ratio helps lenders avoid over-lending while allowing borrowers to access funds efficiently. If the ratio of the loan to the gold value exceeds permissible limits, it increases risk for both the lender and borrower. Proper calculation ensures transparency and fair valuation, fostering trust between both parties. 

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## **What is the Impact of LTV on Gold Loans?**

The loan-to-value ratio directly influences how much a borrower can access against their gold. A higher LTV ratio allows borrowers to receive more funds but often comes with higher finance gold loan interest rates, increasing their repayment burden. 

For example:

* At a 75% LTV ratio, a borrower pledging gold worth Rs. 1,00,000 can receive a loan of Rs. 75,000.  
* At a 60% LTV, the same borrower would only receive Rs. 60,000.

While a higher LTV can provide immediate financial relief, borrowers must consider the associated costs, including the rate of interest and repayment terms. Balancing the LTV ensures that the finance gold auction risk remains low, as lenders are less likely to experience losses during the gold auction if borrowers default. 

## **Factors Affecting Loan-to-Value Ratio in Gold Loans?**

Several factors determine the LTV ratio for gold loans:

* **Gold Purity:** Higher-purity gold, like 24-karat, increases the value, enabling borrowers to secure a better loan-to-value ratio.  

* **Market Prices of Gold:** The LTV ratio fluctuates with gold prices. Higher gold prices generally result in larger loan amounts for borrowers. 

* **Regulatory Guidelines:** The RBI mandates that the maximum LTV is 75%, ensuring responsible lending. 

* **Borrower’s Profile:** Creditworthiness can influence the LTV ratio, with reliable borrowers often qualifying for better terms.

* **Loan Tenure:** Shorter loan tenures typically allow for higher LTV ratios, as lenders face reduced long-term risk. 

* **Type of Loan Product:** Different products, such as term loans or overdraft facilities, may have varying loan to value ratio calculations. 

These factors ensure lenders maintain financial prudence while offering competitive gold loan products. 

## **How Do NBFCs or Gold Loan Companies Determine the LTV Ratio for Gold Loans?**

NBFCs or gold loan companies evaluate gold and determine the LTV ratio by combining RBI guidelines, market conditions, and borrower profiles.

* **Valuation Process:** NBFCs and gold loan companies assess the gold jewellery’s weight and purity using in-house or certified valuers. They then calculate its market value based on current prices. 

* **LTV Guidelines:** As per RBI guidelines, NBFCs cannot offer loans exceeding 75% of the gold’s market value. Most NBFCs or gold loan companies provide an LTV range of 60-75%, depending on the value reviews and internal risk policies. 

* **Factors Considered:**  
  * **Gold Quality:** Purity and weight are critical in determining the ratio between the loan amount and gold value.   
  * **Borrower Creditworthiness:** A good credit score may result in a higher LTV ratio.   
  * **Market Conditions:** Fluctuating gold prices affect the loan’s LTV calculation. 

* **Choosing Between NBFCs or Gold Companies and Banks:** Borrowers must weigh the advantages of NBFCs and gold loan companies against banks. While the former offers flexible repayment terms and lower fees, banks provide stability and competitive interest rates. Borrowers looking to secure the best LTV should assess features like interest rate and maximum loan amount before making a decision. 

## **Conclusion** 

The loan-to-value ratio is a cornerstone in determining the eligibility and benefits of gold loans in India. By understanding LTV, borrowers can make informed choices and maximise their financial potential. Whether through banks or gold loan companies like **Indiagold**, leveraging the right LTV ensures borrowers make the most of their assets. 

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Gold loan essentials: Learn how loan-to-value ratios and gold prices affect your borrowing potential. Stay ahead with practical tips to manage your loan smartly.