Gold Price in Chennai

Gold Price in Chennai

The gold price in Chennai keeps fluctuating according to changes in gold rate in the national and international markets. It is important to keep track of the changes in Chennai gold price if you are planning to get a Gold loan in Chennai.

Gold loan in Chennai 

Gold loans in Chennai can be taken by anyone who needs funds for emergency situations, or for anything for that matter. You can get gold loans in Chennai from a number of banks and NBFCs. Chennai is the capital of Tamil Nadu, and is its biggest commercial and business hub. It is known to be the third largest city in the country, and where a lot of people take gold loans to meet their financial emergencies.

Chennai Gold loans

  1. Loan amount is from Rs. 50,000 to Rs. 50 lakhs

  2. Loan tenure is between 6 months to 2 years

  3. Interest rate is from 9.70% - 26%

Some of the best gold loans you may want to look for are from HDFC, Kotak, Axis Bank, ICICI, Muthoot Bank and from Manappuram gold loans. At mymoneykarma, you can view the gold loans from all of these banks, and decide on the best.

Before getting a gold loan, it is important to know the gold rate today in Chennai. You can then compare the gold loan and rates offer by different banks before choosing the one which suits your needs best. So it is important to know today's gold rate in Chennai, including 24-carat gold rate today in Chennai and 22-carat gold rate today in Chennai.

Apply for Gold loan in Chennai

 Gold loan is a type of personal loan which is given by banks and NBFCs against gold jewelry, ornaments, gold items, gold coins, etc. The borrower has the choice of repaying the loan either in lump sum or by EMIs. Many private and public sector entities offer gold loans in Chennai.

Why should you get a gold loan in Chennai?

Banks and NBFCs in Chennai can give you attractive gold loan interest rates. As you know, the less you need to give in interest, the less money you spend overall. Thus, getting the lower rates is important. For gold loans in Chennai, the tenure and repayment is flexible, while the loan sanctioning is a permanent process. You can be sure of getting timely funds at discretion.

Chennai gold loan features 

  1. Fast loan processing

  2. Low interest rates

  3. No foreclosure charges

  4. Credit score is not an issue when getting loans, but it is recommended to have a score above 600

  5. Safety of your gold deposit as it remains with the bank till you pay back

  6. No processing fees in most banks and NBFCs

  7. Easy repayment options including paying only interest in installments, and afterwards the principal amount

Chennai gold loan interest rates

Currently, the interest rate for gold loans in Chennai is between 9.70% and 26%. To get the lowest interest rate, compare the offerings of various banks and NBFCs.

How to get lowest interest gold loans in Chennai?

  1. Compare the gold loan interest rates of various banks and NBFCs on our website to know the latest lowest interest rates

  2. Have a clean past payment record

  3. Keep your credit score above 600 as it is considered good for gold loans

  4. Do not default on current loans

  5. Use seasonal offers to get lower interest rate

  6. Ask your employer if the company has tie-ups with any banks for getting better rates

Documents needed for gold loan in Chennai

Most banks and NBFCs will ask for your KYC documents and an address proof for sanctioning the gold loan.

Why get a gold loan from mymoneykarma?

At mymoneykarma, you can compare the gold loan offerings of various banks. Come visit our websites for the several loan schemes of various banks and NBFCs. Study their features and benefits, and make a choice. We shall reach out to the bank on your behalf, and once they sanction the application from you, they shall provide you with an attractive loan. Thus you can apply through our website quickly without having to visit any bank. All you need to do is to upload all your required documents online. Disbursal is fast, and you can even keep track of the application process.

How to apply for a gold loan at mymoneykarma?

You can apply for a gold loan in Chennai from banks and NBFCs at mymoneykarma.

FAQs on Loan Against Gold

What is the definition of 'gold loan'?

Gold loan or loan against gold is a secured loan in which a customer pledges his/her gold ornaments as collateral with a gold loan company/lender. The lender, in turn, gives a loan amount as per the market value of gold to the customer. It is a very quick and easy way of fulfilling one’s financial needs as compared to the other loans.

Gold loan is a secured loan in which customers pledge their gold jewelry to banks or to Non-Banking financial corporations in order to get a short-term loan. Banks, NBFCs and independent lenders provide the loan amount, which depends on the market value of the gold ornaments. Gold loan is an easy way to get loans quickly for the fulfillment of immediate or pressing financial needs. Through gold loans, you can get loans faster and more easily than other forms of loans.

Which is better, a personal loan or a gold loan?

If you want to get a short term loan or any other form of credit, you need to agree to pay a rate of interest on the borrowed amount. After all, that’s how banks made profit, right? Now, this rate of interest on loans varies according to various criteria. These include income sources, money borrowed, past repayment records, credit score, repayment potential, and other factors. You can use a credit card to take a short term loan and predetermined credit to get an interest-free loan. 

Which loan should I pay off first?

When it comes to the requirement of funds, a person needs to approach long-term credit facilities that are offered by banks and NBFCs. These include personal loans, gold loans, home loans, vehicle loans, study loans, and more. Now, when getting loans for personal needs, or while getting one for personal use, people confuse between personal loans and gold loans. In case of personal loans, the interest rate is 2% to 5% higher when compared to a gold loan.

The main reason for this difference is that personal loans are unsecured, but gold loans are secured with your gold jewelry. To offset the risks for personal loans, banks charge you a higher interest rate.

Gold loans are better than personal loans. People prefer gold loans because they come with low interest rates, bigger loan amounts, faster disbursement, minimum documentation, and more flexibility in repayment. Even people with slightly low credit scores can get gold loans, which is not possible in the case of personal loans. 

Can I get an interest-free gold loan?

It is currently not possible, but there are other alternatives if you want lower interest rates.

  1. Government subsidy: If you want to get money for agricultural purposes, there are subsidies from the government of India. By these subsidies, you can get lower interest rates as low as 4%. 

  2. Good credit score; Banks and NBFCs have no problem with giving low-interest loans to those with high credit score. Having a high credit score means you are reliable in paying back loans. For this, your score needs to be above 750. Gold loan interest rates start at 9.95%.

  3. Selling the gold: If you are in dire need of money, consider selling the gold at the current value. That way, you won’t need to pay any interest and will get funds immediately. This will give you more value for your gold ornaments.

How do property loans and gold loans work?

When you face any financial dilemma, the very first thing that comes to mind is of taking a loan. Of course, there are personal loans. But these come with high interest rates, and therefore are stressful on the borrower. The good news is that there are alternatives like gold loans and property loans. These can be useful in times of financial stress. 

But which one is best for you? Let us find out:

Gold loan-


  1. Easy availability

  2. Flexible schemes

  3. Limited repayment problems as only your gold shall be lost


  1. Rising interest rates

  2. Lower Loan to Value Ratio

Loan against property:


  1. Lower interest rates


  1. Longer loan procedure

  2. Tough on non-repayment with property possession and its auction

  3. Stricter terms and conditions

What are alternatives available for gold loans?

There are several alternatives like:

  1. credit cards

  2. peer-to-peer loans

  3. unsecured personal loans and lines of credit

  4. salary advance

  5. small business loans.