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Gold Loan Interest Rate Comparison, Banks vs NBFCs 2026

Part of our complete Gold in India guide: purity, prices, hallmarking, making charges and more.

Quick Answer: Gold loan rates range from 7.5-26% p.a. Banks offer lower rates (7.5-12%) but slower processing. NBFCs (Muthoot, Manappuram) offer instant loans at 12-26% p.a. LTV (Loan to Value): RBI mandates max 75% of gold market value.
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Gold loans are secured loans where you pledge gold jewellery/coins as collateral. Maximum loan: 75% of gold value (RBI mandate). Interest calculated on reducing balance (banks) or flat basis (some NBFCs). Tenure: 3-36 months. No income proof or credit score required for most lenders.
Gold Loan Process:
  1. Take gold jewellery to lender (bank/NBFC)
  2. Lender assays gold purity and weight
  3. Loan offer: up to 75% of gold market value
  4. Submit KYC documents (Aadhaar + PAN)
  5. Loan disbursed within 1 hour (NBFC) to 24 hours (bank)
  6. Repay principal + interest to get gold back
  • SBI Gold Loan, sbi.co.in (lowest rate ~7.5%)
  • HDFC Gold Loan, hdfcbank.com (~9-10%)
  • Muthoot Finance, muthootfinance.com (~12-24%)
  • Manappuram, manappuram.com (~12-26%)
  • IIFL Gold Loan, iifl.com
  • Compare: effective rate per annum (not monthly)
  • Check LTV offered (75% RBI cap applies to all)
  • Ask about foreclosure charges (some NBFCs charge 1-2%)
  • Verify gold is stored in secure vault (insured)
  • Compare: processing fee + valuation fee
  • Banks: lower rate but more paperwork; NBFCs: instant but higher rate

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Related Resources

→ 916-gold-guide→ gold-price-calculator→ gold-making-charges

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