Top 10 Gold Loan Companies in India (2024)

Looking for the best gold loan company? Read this article to know about the service, and reviews of the gold loan companies in India.


It could be challenging to repay if the loan's term is too short, given your financial status and monthly costs. Think ahead and pick a business that provides a range of payment methods. India's best gold loan companies frequently offer various goods and services. A rising number of financial organisations are now giving gold loans with straightforward application procedures and affordable interest rates. Read this article to learn more about India's best gold loan companies in India.


Gold loans are secured when the lending bank or NBFC accepts gold items as collateral, such as gold jewellery, ornaments, etc. You may quickly and with little paperwork obtain a loan against gold. Non-banking financing firms (NBFCs), in addition to banks like SBI, ICICI, HDFC, and others, also provide gold loans to private customers. NBFCs like Muthoot Finance and Manappuram Finance provide gold loans.

The loan amount you may obtain against a gold item will vary depending on the gold purity in your jewellery, the LTV Ratio, and other internal lending rules. The lender could also have a predetermined minimum and maximum limit.

Since both banks and NBFCs provide gold loans, comparing their rates, eligibility requirements, and loan amounts can help you select the best option. In this article, we have mentioned the ten best gold loan companies in India.

Where To Take A Gold Loan In India?

One of the most popular ways to raise money and meet personal financial needs is through gold loans. Finance businesses may offer individuals with certain eligibility conditions for loans on gold with licences. The rates, fees, and interest levied by each company vary. However, it's crucial to be aware of the many financial institutions from which you may borrow money by pledging your gold items if you wish to do so. They consist of:

Non-Banking Finance Companies (NBFCs):

Financial organisations known as non-banking finance businesses can provide nearly all banking services but lack a banking licence. According to the Companies Act, these businesses are registered. They offer services like loans on gold to individuals and are governed and supervised by the rules established by the RBI. The top gold loan financing firms in India are good NBFCs, like IIFL Finance, which lets you obtain the best loans on gold based on your needs.


Banks are financial institutions that take public deposits and pay them to interest consistently while using the deposits to make loans to borrowers. Banks have a banking licence to provide all financial services, including loans on gold, and are also heavily regulated and controlled by the RBI. You can obtain a gold loan depending on the interest rates and terms offered by each government and commercial bank.

Gold Banks/Finance Institutes:

To provide gold loans to individuals, gold banks or financial institutions are specialised financial organisations that are a part of the gold loan financing firms. They only offer loans on gold; they don't provide any other kind of loans. These companies offer a useful option to obtain a loan on gold and are also monitored, controlled, and licenced by the RBI.

Choosing The Best Gold Loan Companies In India

Choosing the loan amount needed to satisfy the capital requirement is the first stage in the process of getting a loan on gold. The second and most crucial step is to select the gold loan company from which you should obtain a gold loan. Here's how to evaluate your options and pick the top provider of gold loan financing:


You must pledge your gold as security to obtain a loan on it. Since the lending firm will hold your gold items until the loan is paid back, the gold's safety must be prioritised. Some lenders also secure the stored gold with an insurance policy. Some lenders further insure the gold that is kept on hand.

Tenure Options:

The tenure options greatly influence the interest rate and EMI options for loan repayment. The monthly EMIs decrease as the loan duration increases. To effectively manage your money and simply fulfil your loan commitments, finding a lender with a wide range of term alternatives is preferable.

Rates and Charges:

Loans secured by gold are subject to various expenses, including processing fees, appraisal fees, late payment fees, etc. Even though these costs are common, the lender is required to disclose all fees, even any that may be concealed.

Repayment Options:

Flexible repayment choices from the lender must include EMIs, one-time interest payments, and ongoing interest payments. The more alternatives for repayment, the better.

What Is A Gold Loan Process?

  1. You must register with your basic information, depending on whether you're using an online or offline application.

  2. The lender appraises the gold items in light of the needed loan amount and then gives the borrowers a loan amount with predetermined interest rates.

  3. The lender carefully holds the gold items until the loan's term is through and the borrower has paid back the principal amount and any accrued interest.

Gold loans have emerged as a popular but efficient way for borrowers to use their hoarded gold to meet their financial needs.

10 Best Gold Loan Companies Available In India 

1. Muthoot Finance

One of the largest providers of gold loans in India is Muthoot Finance. It is highly renowned for its reputation in the business and has a vast network of 4,265 branches spread throughout 21 states and four union territories. It is the most dependable name in gold financing. Customers may have a loan sanctioned against their jewellery for up to Rs. 1 crore in only 5 minutes. Here, the loan application procedure is simple and requires little paperwork. With a maximum payback term of 36 months that can be extended with consent, interest rates start at 11.99%.

  • Interest Rate- 11.9% p.a. onwards

  • Lowest EMI / Lakh- Rs. 3,321

  • Loan Amount- Minimum- Rs. 1,500; Maximum- No Limit 

  • Loan Tenure- 7 days to 36 months

  • Collateral / Security- Any gold item of up to 50 g with a purity of 18K to 22K

  • Processing Fee- 0.25% to 1% of the loan amount

2. Manappuram Finance

Currently, Manappuram Gold is a well-known name in the banking sector and has 3,200 locations nationally. It is renowned for being trustworthy and processing loans quickly. Within 5 minutes, Manappuram authorises and disburses gold loans. It provides a wide range of programmes appropriate for people of all income levels with a maximum loan amount of Rs. 1 crore. The maximum payback period is 12 months, however, this can be extended with consent. The rate of interest is 12 percent.

  • Interest Rate- Up to 29% p.a.

  • Loan Amount- Rs.1,000 to Rs.1.5 crore

  • Tenure- 3 months to 12 months

  • Processing Fee- Rs. 10 at the time of loan settlement, Additional Processing Fee on Repledge- 0.07% of New Pledge Value

  • Schemes- ‘High Loan to Value’ and ‘Low-Interest Rate’

3. Union Gold Loan

The Union Gold Loan, a Union Bank of India programme, places a greater emphasis on the poor farmers as well as those who need money immediately. Only gold jewellery and gold coins sold by banks will be eligible for the loan. At the moment, 22-carat gold jewellery is lent at Rs. 1800 per gramme by Union Bank of India. Interest rates are based on the MCLR and currently begin at MCLR +2.65 percent. The most that may be borrowed has been set at Rs. 20 lakh.

  • Interest Rate- 7% p.a. onwards

  • Loan Amount- Rs.3,000 onwards

  • Tenure- up to 12 months

  • Loan Disbursal Time- 30 minutes

  • Schemes- Customised schemes to meet your requirements

  • Processing Charges- 1% of the loan amount

4. SBI Gold Loan

The largest public sector bank in India, SBI has a sizable branch network. Customers may obtain loans from SBI with a maximum 36-month payback period. Farmers in rural regions can also take advantage of SBI's Gold Loan programme. Customers creating new bank accounts must go through the same process as those opening a Gold Loan. The largest loan accessible through this site is Rs. 50 lakh, with interest rates starting at 7.50 percent.

  • Interest Rate- 7.50% p.a. onwards

  • Loan Amount- Rs.20,000 to Rs.50 lakh

  • Tenure- Up to 36 months

  • Age- 18 years and above

  • Gold Items accepted- Gold ornaments verified for quality and quantity

  • Processing Charges- 0.5% of the loan amount

5. Kotak Mahindra Gold Loan

Kotak Mahindra For one year, an immediate Gold Loan is available for pressing needs. Depending on the situation, the term may be extended. For Gold Loans, only wearing gold jewellery with a purity of 18 to 22 karats and bank-minted coins up to 50 gms per client may be used as collateral. For new consumers, the lowest loan amount is Rs. 20,000 and the maximum loan amount is Rs. 25 lakh, while current customers can apply for up to Rs. 50 lakh. Kotak Gold loans include interest rates that vary from 10.50 percent per year to 24 percent per year.

  • Interest Rate- 12.5% p.a. onwards

  • Loan Amount- Rs. 20,000 to Rs. 50 Lakh

  • Tenure- 12 months to 4 years

  • Gold Items accepted- Jewellery and gold coins sold by banks

  • Processing Charges- 2% of the loan amount

  • Eligibility- Savings account with satisfactory dealings or Credit-worthy New Customers

6. ICICI Gold Loan

Recently, ICICI Bank introduced a Gold Loan programme with enticing interest rates starting at 10%. They guarantee a 30-minute approval procedure. Additionally, the large financial corporation provides Gold Loans up to Rs. 15 lakhs with a 12-month maximum payback term. The bank is in charge of making sure your gold is kept safely.

  • Interest Rate- 10% p.a. onwards

  • Loan Amount- Rs.10,000 to Rs.1 crore

  • Tenure- 3 months to 12 months

  • Processing Fee- 1% of the loan amount

  • Documentation Charges- Rs.199

  • Disbursal time- 60 minutes

7. HDFC Gold Loan

Recently, a lot of modifications have been made to HDFC Bank's Sampoorna Bharosa Gold Loan programme. HDFC Gold Loans are great for emergencies since they need less paperwork and can be approved in 45 minutes. Processing fees are 1.50 percent plus taxes, and interest rates begin at 9.90 percent annually. The HDFC Gold Loan has a minimum sum of Rs. 50,000.

  • Interest Rate- 9.90% onwards

  • Loan Tenure- 3 months to 24 months

  • Loan Amount- Loans starting at Rs.25,000 (Minimum loan amount of Rs.10,000 available in rural markets)

  • Gold Loan Scheme- Term Loan, OD and Bullet repayment 

  • Processing Fee- 1.5% + GST

  • Custody- Stored under a unique triple-layered security

8. AXIS Gold Loan

Axis Bank is a private sector bank that provides customers with appealing and cheap gold loans starting at 13 percent per year for amounts up to Rs. 25 lakh. The longest possible payback term is 36 months. For unique demands, Axis Bank provides Gold Loans with same-day disbursals. The bank guarantees overall excellence, transparency, and a superior client experience with its Gold Loan product.

  • Interest Rate- 13% p.a. onwards

  • Loan Amount- Rs.25,000 to Rs.25 lakh

  • Tenure- 3 months to 3 years

  • Age- 18 to 75 years

  • Gold Items Accepted- Jewellery and gold coins sold by banks

  • Processing Charges- 1% of the loan amount

9. Central Bank of India Gold Loan

Customers can borrow up to 50 grammes of gold under the Cent Personal Gold Loan programme. The highest amount available as a Gold Loan is either Rs. 1,750 per gramme or 70% of the market price of 22-carat gold. Interest rates for Central Bank Gold Loans start at 9.05 percent annually, with a 12-month maximum payback term.

  • Interest Rate- 9.05% p.a. onwards

  • Tenure- Up to 12 months

  • Age- 18 to 70 years

  • Gold Items accepted- Ornaments, jewellery & specially minted gold coins sold by banks (Min. 18 K gold)

  • Processing Charges- 0.5% of the loan amount

10. Federal Bank Gold Loan

The hassle-free borrowing option provided by Federal Bank features interest rates that begin at 8.50 percent. Customers get access to an immediate gold loan with adjustable payback terms of up to Rs. 1.50 crore. It is a dependable alternative for clients looking for a Gold Loan due to its lack of hidden fees, minimal processing cost, and guaranteed affordability.

  • Interest Rate- 8.50% p.a. onwards

  • Loan Amount- Rs.1,000 to Rs.1.5 crore

  • Tenure- 6 months to 12 months

  • Repayment Options- Lump Sum, EMI

  • Gold Items accepted- Gold ornaments verified for quality and quantity (Security for the loan will be pledged against 22 karat gold ornaments)

  • Rate per gram- Maximum amount per gram is up to 85% of the gold price

How To Choose The Best Gold Loan Company In India?

Let's speak about how people may decide which is the greatest gold loan provider in India:

Loan Amount

The business should provide you with an uncomplicated, high-interest gold loan to help you meet your unforeseen financial responsibilities. You may use it to get a loan up to Rs. 50 lakh and there are no limitations on utilising the money after you have it.

Disbursal In Less Time

Your money for a gold loan should be disbursed by businesses in a matter of minutes. After a successful application submission and gold review, your cash will be delivered immediately to your account. It should follow an online loan application process.

Affordable Interest Rates

Since gold loans are secured loans, you can obtain credit with a cheaper interest rate. The purity of the gold you pledge will affect the interest rate.

Minimal Documentation

You should confirm your qualification for gold loans before applying. For the lender to authorise your loan against gold, essential KYC papers are needed. Your ability to pay is not required.

Foreclosure Charges

Many financial organisations only impose a little or nonexistent loan prepayment fee. Before submitting the loan application, take a look at the fees the lender is charging.

Low Credit Score Or No Credit History

Since the credit score is not the basis for approving or rejecting a request for a gold loan, you shouldn't be concerned about it. Lenders are not concerned about loan repayment if a borrower defaults since you are using your gold as security.

Flexible Loan Repayment 

You may only pay the interest on a gold loan during the tenor, which is a special feature. After the loan term, you may refund the principal.

Cashback Offers

If you make timely and regular EMI repayments, the lender may give cashback incentives to you.

How To Apply For A Gold Loan?

Step 1 - Apply online or offline

  • The first step is to go to the website of the chosen lender and choose the "Apply now" option under gold loans.

  • You will be asked to submit information on the application form, including your name, date of birth, residence, age, PAN information, etc.

  • You may also look for further information on the application procedure, documentation requirements, eligibility, interest rates, tenure, additional fees, etc.

  • After submitting the form, the institution will call you to discuss the status of your application and the next steps.

  • You can inquire about applying for a gold loan at their local bank if you don't wish to apply online.

Step 2 - Verification process

  • Regardless of whether you submitted your application online or offline, the vendor will review it and ask you to come to the branch with the gold you wish to pledge and the paperwork needed to finalise the loan.

Step 3 - Testing the gold 

  • When you visit their location with all the required paperwork and gold, a check will be made on the ornaments to confirm their authenticity and purity.

  • You will fill out the form with information about each ornament or coin you send.

  • You will be required to wait for at least 24 hours to get the loan amount after all the paperwork has been signed and filed.

  • At this point, some lenders also provide immediate disbursal.

Step 4 - Loan amount disbursal

  • Depending on the lender you pick, your loan amount will be deposited into your bank account within the specified time range.

This is how one typically applies for a gold loan. Depending on the lender you select, the procedure or steps may change.

Gold Loan Eligibility Requirements

All financial institutions have requirements for eligibility that must be met to apply for a gold loan. On the lender's website or by asking at the local branch, you may verify the eligibility requirements in advance. Here are a few standards that lenders have established for obtaining a gold loan:

  • To apply for a gold loan, the candidate must be older than 21.

  • The applicant must have a genuine receipt from the time of purchase as proof of ownership of the gold jewellery offered as security.

  • The gold should be at least 18 carats pure. Only purity of 22 carats or above is accepted by some lenders.

  • The applicant must be a citizen of India.

  • To process the application, certain lenders may require an income certificate or information about the type of job.

Documents Required For Gold Loan

Although the procedure and documentation requirements differ amongst lenders, the following is a typical set of papers that you would need to include with your gold loan application:

1. Your ID Proof

Any one of the following papers might be included in this:

  • PAN card

  • Aadhaar card

  • Voter's ID

  • Ration card

  • Driving license

  • Passport

2. Your Proof Of Address

Any one of the following papers might be included in this:

  • Aadhaar card

  • Ration card

  • Passport

  • Voter's ID

  • Electricity bill, water bill, or telephone bill (not older than 3 months)

3. Proof Of Income Or Bank Statement

4. Proof Of The Ownership Of The Gold To Be Pledged

Frequently Asked Questions

  1. What is the Prepayment option?

Just as with any other loan, the borrower in a gold loan is required to pay back both the principal and interest at the end of the loan's term or via monthly instalments. But before the tenor expires or while the term is still in effect, one can prepay the entire amount, including the principle and interest that has accumulated. While some banks and NBFCs do not impose penalties for early payments, some do.

  1. What happens if one fails to repay their loan?

The consumer would receive monthly reminders from the bank or NBFC regarding the payment after the term has ended. After then, the customer will get one last notice regarding the auction. Your gold deposit will be auctioned at auction if the loan balance is not repaid.

  1. Can I pay off a portion of my debt to receive some of my gold jewellery back?

From bank to bank, this varies. Other banks, including ICICI, do not permit borrowers to discharge a portion of their pledged gold by making partial payments. However Federal Bank does. When applying for a gold loan, it is advised to inquire about this option with the bank or NBFC.

  1. How much loan can I avail against gold?

The price of gold per gramme at that time and the purity and net weight of the gold in your gold jewellery will determine this.

  1. How will interest be calculated in the case of part payment?

If you just pay a portion of your loan, subsequent interest will only be applied to the remaining debt.


It is fair to conclude that obtaining affordable financial loans secured by gold assets is just a more favourable financial option than using private loans. The best gold loan companies in India are shown above. This NBFC/bank offers gold loans that you may apply for. The interest rates offered by this organisation are competitive for larger loan amounts. To swiftly get the needed cash, choose your KYC papers and continue with the loan application personally or online.

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