Gold loans are an excellent solution for people who want to borrow money but wish to avoid the insecurity, hassles, and problems that accompany conventional borrowing.

Here are the top 10 gold loan companies in India, to help you with the process of selling your gold.

#1. Muthoot Fincorp Ltd.

Muthoot Fincorp Ltd, listed with the Bombay Stock Exchange and the National Stock Exchange, has a market capitalization of over Rs. 9,000 Crores. It is the largest gold financing company in India in terms of the loan portfolio.

The company provides personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements. Muthoot FinCorp, a best gold loan company in India also offers loans against gold coins.

The Muthoot Group also has interests in education, healthcare, media and entertainment, banking and foreign exchange services, asset management, and home finance.

#2. Manappuram Finance Ltd.

Manappuram Finance Ltd is a deposit-taking NBFC registered with the Reserve Bank of India. The Company operates in the Gold asset class, which had a market size of Rs.6,00,000 Cr in FY17.

The Company is the largest gold loan company in India by market share and a total number of branches as of Dec 31st, 2017. The Company’s funding mainly consists of deposits from customers and borrowings from banks/NBFCs.

The Company’s loan portfolio consists of secured loans provided against gold jewellery or other gold articles pledged by the borrowers. The Company has over 2500 branches spread across 29 states and 4 union territories in India.

The Company has maintained a strong financial profile over the years with an average Loan to Value Ratio (LTV) of less than 50% over the last 4 years.

#3. HDFC Gold Loan

HDFC Bank offers a secured loan against the collateral of gold jewellery called HDFC Bank Gold Loan. The bank offers gold loans to meet the needs of customers who may be in urgent need of funds for business, family, or personal reasons.

HDFC Bank offers up to 80% of the market value of the gold item pledged as loan amount. The tenure for repaying the loan amount can range from 1 year to 3 years. The interest rate on HDFC depends on factors like the loan amount, tenure, and location of the borrower. After taking HDFC, you may repay it in easy EMIs at your convenience.

#4. IIFL Finance Gold Loan

IIFL Finance Gold Loan is a secured loan offered by India Infoline Finance Limited (IIFL), one of the leading non-banking finance companies in India. This loan is offered for a maximum tenure of 12 months. IIFL offers gold loans of up to Rs. 15 lakh at attractive interest rates with quick disbursal and flexible repayment options.

IIFL Gold Loans are offered for an LTV ratio ranging from 60% to 75%, which means a gold loan applicant can avail up to 75% of the value of the gold used as collateral security for the loan. The company charges processing fees ranging from 0.50% to 1%, depending on the amount and tenure of the loan.

#5. SBI Gold Loan

SBI Gold Loan covers all your urgent liquidity needs. It is a secured overdraft facility with inbuilt insurance cover on the Gold Ornaments/Jewellery pledged with us.

SBI is available to people who possess gold ornaments such as bangles, necklaces, chains, rings etc., and are in need of funds for any purpose like children’s education, marriage, medical expenses, etc.

The loan is granted against the security of gold ornaments/jewellery pledged by the customer. The rate of interest is very reasonable and the processing time is minimal.

#6. ICICI Bank Gold Loan

ICICI Bank is a secured loan, which means you have to provide your gold as collateral. In the case of gold loans, you get the loan amount for a short period of time and at a lower rate of interest. Your gold ornaments serve as security for the bank and are kept in their safe custody for the duration of the loan. The bank will return your ornaments once you repay the loan amount along with interest charges.

With ICICI Bank, you can get up to Rs 1 crore and payback in convenient tenures ranging from 6 months to 36 months. There is no end-use restriction on the loan amount that you borrow. You can use it to meet any kind of expense.

ICICI Bank is hassle-free and hassles like documentation, property evaluation etc. are nil. The approval process takes less than one hour after the submission of documents and valuables.

#7. Kotak Mahindra Gold Loan

Kotak Mahindra Bank offers you an opportunity to get loans against your gold jewellery. The process of applying for a gold loan is quite easy and simple. The best part about this loan is that you don’t have to sell your jewelry and still get the required amount as a loan.

Availing of a Kotak Mahindra is very easy. You just have to submit your gold jewelry at any of the branches of Kotak Mahindra Bank. Along with that, you have to submit an application form and the required documents which are KYC details, proof of identity, and address proof. The amount of loan which you would be eligible for will be calculated based on the value of the gold ornaments submitted by you as collateral security.

#8. Axis Bank Gold Loan

Axis Bank offers loans against gold. This unique product aims at providing the customer with instant liquidity, thus enabling them to meet their immediate needs. The loans are secured by gold ornaments or gold coins and possess a simple documentation process and quick disbursal of funds.

The bank determines the minimum amount of loan by averaging the value of the previous three months’ bank statement as proof of income, subject to a minimum loan amount of Rs 1,000. The maximum tenure for the loan facility is 12 months, with monthly repayment or daily repayment options available at interest rates starting from 12%. The bank charges a processing fee of 1% on the sanctioned loan amount for all applications.

#9. Canara Bank Gold Loan

Canara Bank offers gold loans in the country and it also offers gold loans in the country. The bank provides gold loans to farmers and other people who are living in rural areas and also to those who are living in urban areas. This loan is provided at affordable interest rates and it is a secured which means that the borrower needs to keep his or her gold as collateral with the bank to get the loan.

The bank offers a variety of loan products for different purposes such as personal loans, education loans, car loans and home loans etc. The bank also provides housing finance for customers who are looking for homes. They provide financial services such as investment banking, insurance products, investment advisory services etc.

#10. Federal Bank Gold Loan

Federal Bank offers loans against gold at affordable interest rates and easy repayment options. Customers can keep their gold as collateral with the bank and avail loans up to Rs.1 Cr against it. You can use the funds availed for meeting various personal needs such as child’s education, wedding expenses, home renovation, etc.

The bank offers loans up to 80% of the value of gold pledged. Federal Bank accepts both yellow metal (gold) and white metal (silver) as collateral security. Both individuals and non-individuals are eligible to avail of this loan scheme.

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