Axis vs SBI vs HDFC
Gold loans in India are a fairly famous product. Citing the overall offering in terms of cheaper cost of lending when compared to conventional loans like personal loans, and ease of securing funding, less processing times, and low documentation requirement, the loans are gaining even more traction in the market also due to the fact that these are being offered by trustworthy NBFCs like IndiaGold and well known public sector banks and private banks like Axis bank, SBI, and HDFC Bank offering top gold loan options.
Read along for a detailed explanation on the offering by Axis bank, SBI, and HDFC Bank so that you can make the right call!
Axis Bank Gold Loans:
Axis bank is one of the biggest private sector banks in the country. The bank has presence in almost all tier 1 and tier 2 cities across the nation. The group also boasts a huge banking network, an extensive products offering like private banking solutions, corporate banking solutions, trade financing, and lending products such as personal, business, vehicle, gold, and property loans. The bank also offers brokering solutions in the financial markets sector, which makes it one of the few companies offering such a diverse range of products.
Axis offers one of the best gold loan schemes. It is as robust as their presence across the country.
Following are some standout features and schedule of charges for Axis bank gold loans:
- High value Gold Loans : Axis offers high value gold loans ranging between INR 25001 and INR 40 lakhs. It is perfectly designed to help you fulfill your financial commitments with the help of a quick gold loan!
- Quick Loan Disbursal : Another stand out feature offered by Axis Bank is a quick loan disbursal. Axis offers loan disbursal in under 60 minutes* making them one of the fastest to process gold loans. IndiaGold goes one step ahead and offer loan disbursal in under 30 minutes*
- Flexible Tenure : With Axis gold Loans, one can choose a flexible repayment tenure ranging between 6 months and 36 months, allowing the borrowers to repay as per their convenience.
| Category | Particulars | Details | | ----- | ----- | ----- | | Loan Details | Loan Type | Term Loan / Agricultural Loan / Overdraft | | | Loan Amount | ₹25,001 to ₹40,00,000 | | | Loan Tenure | 6 to 36 months | | | Repayment Options | • Upfront interest, principal at maturity • Monthly interest, principal at maturity • EMI | | | Loan-to-Value (LTV) Ratio | Up to 75% of gold's market value | | Axis Gold Loan Interest Rates | Term Loan Rate | 17.00% p.a. (1-year MCLR of 9.40% + 7.60%) | | | Agricultural Loan Rate | 19.00% p.a. (1-year MCLR of 9.40% + 9.60%) | | | Overdraft Facility Rate | 17.00% p.a. (1-year MCLR of 9.40% + 7.60%) | | Charges & Fees | Processing Fee | 0.5% of loan amount (All loan types) | | | Foreclosure Charges | 2% (if closed within 6 months) Nil after 6 months or on renewal | | | Prepayment Charges | Nil | | | Valuation Charges | ₹500 – ₹1,500 | | | Penal Charges | 8% p.a. on overdue amount (max ₹1,00,000 per instance) | | | Stamp Duty | As per applicable state laws | | | GST | Applicable on all fees and charges |
SBI Gold Loans:
State Bank of India (SBI) is the largest public sector bank in India. With their branch operations across the world, and a huge arsenal of products and services, the bank is exceptional in what it does. The bank also handles huge volumes when it comes to payments, bank account related services, and much more! Their lending products are also aimed at providing benefits to the masses. Read along to understand SBI’s gold loan offering:
| Category | Details | | ----- | ----- | | Loan Amount | ₹20,000 to ₹50,00,000 | | Margin | 25% (EMI-based) 30% (3-month bullet) 30% (6-month bullet) 35% (12-month bullet) | | Security | Pledge of gold ornaments and specially minted gold coins (max 50g) | | SBI Gold Loan Interest Rates | 9.05% p.a. (3-month MCLR + 0.55%) 9.20% p.a. (6-month MCLR + 0.35%) 9.45% p.a. (1-year MCLR + 0.50%) 10.20% p.a. (EMI-based) | | Processing Fee | ₹200 + GST (3-month bullet) ₹300 + GST (6-month bullet) 0.50% of loan amount, min ₹500, max ₹10,000 + GST (12-month bullet) 0.50% of loan amount, min ₹500 + GST (EMI-based) | | Gold Appraiser Charges | Paid by the applicant | | Repayment Options | EMI-based (up to 36 months) Bullet repayment (3, 6, or 12 months) | | Repayment Mode | EMI-based: Monthly principal and interest payments Bullet repayment: Lump sum payment at the end of the term | | Maximum Loan Tenure | 36 months (EMI-based) 12 months (bullet repayment) | | Loan-to-Value (LTV) Ratio | Up to 75% of the gold's market value | | Eligibility | Age: 18 years and above No proof of income required Open to individuals with a steady source of income | | Documents Required | Application form with two passport-size photographs Proof of identity and address (Aadhar card, Voter ID, Driving License) Witness letter for illiterate borrowers | | Prepayment/Foreclosure Charges | None | | Gold Coins Accepted | Yes, specially minted gold coins sold by banks (max 50g per customer) | | Maximum Number of Loans | Up to 3 gold loans per individual, including existing ones, within the ₹50 lakh ceiling |
HDFC Bank gold Loans:
HDFC Bank is the largest private sector bank in India. The bank has reached in various verticals like personal and corporate banking, lending products like personal, business, gold, property, vehicle loans, and much more! The bank has an army of executives, and a robust branch network allowing them to operate extremely efficiently.
The bank also caters to a large number of customers across all the verticals and segments. This allows them to cross sell efficiently and increase their market share as per their strategy.
Their gold loan offering is extremely competitive, as the bank offers one of the best offerings when it comes to customer centric solutions, and also fares well in gold loan rates comparison amongst competitors.
Following is the details of the gold loan offering by HDFC Bank:
| FEATURES | DESCRIPTION | | :---: | ----- | | Gold Loan Offering | Easy gold loans with term loans, overdraft facility, and bullet repayment available with an option to get gold loan transfer in form of account balance to existing customers | | HDFC Gold Loan rates | HDFC Bank offers one of the best gold loan interest rates on Term Loan, Overdraft and EMI based loan. Repay your loan in easy lower EMIs, over a tenor of your choice. | | Gold Loan Tenure | Loans available for tenure between 6 months and 42 months | | Gold Loan Repayment | Enjoy monthly outflow as low as ₹ 1,000 per lakh (based on an indicative rate of 12% pa) Repay the interest and principal after 1 year in case of bullet repayment | | Gold Loan Processing | Quick Turnaround with simple documentation, speedy disbursals and transparent process | | Gold Loan Amount | Get loans starting at ₹ 25,000 (Minimum loan amount of ₹ 10000/- available in rural markets) |
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