GL-A+ (A Plus) Gold loan scheme

Kerala-based NBFC's GL-A+ (A Plus) for a shorter loan tenure of upto 3 months offers loan against gold @ 22% per annum while for a tenure anywhere over 90 days upto 1 year, the institution charges an interest rate equivalent to 24% per annum. The NBFC also offers a rebate of 2% if the account is settled or interest is paid after 3 months but before 12 months time.

True Value gold loan scheme

The scheme converts your gold into cash @ 15%, 18% and 21% for 3 months, 6 months and 12 months respectively. Also, for loans outstanding for over a year the bank levies a penalty @ 2% p.a

Charges differential interest rate for agricultural and non-agricultural gold advances

Loan against gold and gold ornament is provided by the private lender for any amount in the range of Rs. 10,000 to Rs. 15,00,000. The bank charges differential rate of interest for agricultural, allied-agricultural and non-agricultural advances @ 13% p.a, 14% p.a and 16.5%. The processing fee for the gold loan shall amount to 1% of sanctioned loan.

Interest rate charged at base rate increased by some percentage point

Depending on the purpose for which loan is being borrowed; for agricultural, allied-agricultural and other non-productive purposes, bank charges differential interest rate. With no limit for loan extended for agricultural and allied purposes, the bank provide liquidity against gold @ base rate + 1.5%. The base rate of the bank stands at 10.25% as on February 9, 2013. For loans extended for productive purposes other than agriculture bank charges interest rate @ base rate + 2.5%. While for non-productive purposes, it charges base rate + 2.5%.

Gold loan @14.5%-15.5%

Axis Bank offers gold loan @ 14.5%-15.5%. On overdue amount, the bank charges a penalty of 2%. However for foreclosure of the loan account or part payment, bank imposes no penalty amount.