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Gold Loan is a type of Secured Loan.

A person can take gold loan by pledge their loan.

In other words Gold Loan is a loan against the persons gold.

Many banks can offers the gold loan with affordable interest rate.

Nowadays the HDFC bank offers the lowest loan interest rate of 9.50% for the time span up to 24 months and the processing fees is 1% of the loan amount.

On Second, Manappuram offers gold loan with interest rate 9.90% for the time span 1 day - 3 months.

Third bank name Yes Bank gives gold loan with interest rate 9.99% for the time span 6 months - 36 months.

The bank can offer a Gold Loan with the persons jewelry and the gold loan is available between 10,000 to 1 crore rupees.

But in case if we compare the Gold Loan, then we say that the Home Loan or Personal Loan are cheaper than the Gold Loan. Because the interest rate is less in Home Loan or Personal Loan as compared to the Gold Loan.

The Gold Loan interest rate comes anywhere 10% to 26% in some cases.