Gold will provide relief in times of need! Find out which bank offers the cheapest gold loan.

If you're considering a gold loan, you should be aware of the interest rates on gold loans from different banks so you can make the right decision.

Gold Loan Interest Rates: There are many occasions in life when people need money in an emergency. It's often seen that very few people maintain an emergency fund to meet such situations. To meet their financial needs, people look for personal loans and other options from banks. A gold loan can be an option.

Under this scheme, gold is pledged to the bank, and the bank lends you money at interest. Gold loans are cheaper than personal loans. If you're considering a gold loan, you should be aware of the interest rates on gold loans from different banks so you can make the right decision and avoid any financial losses.

Learn about gold loan rates from various banks.

1. Punjab National Bank (PNB) currently offers gold loans at the lowest interest rate. The bank offers gold loans at a starting rate of 8.35 percent. If you take out a loan of ₹1 lakh from the bank, you will have to pay an EMI of ₹8,715 per month. Meanwhile, Indian Bank offers gold loans at an interest rate of 8.75 percent. Therefore, you may want to consider these banks.

2. ICICI Bank offers gold loans to its customers at an interest rate of 8.75 percent. Canara Bank charges an interest rate of 8.95 percent on gold loans.

3. HDFC Bank offers gold loans at a starting interest rate of 9.30 percent. Meanwhile, the country's largest public sector bank, State Bank of India (SBI), offers gold loans at an interest rate of 10 percent. Because of its public sector presence, people trust SBI more.