✔️Can we extend the gold loan tenure?

Some banks and financial institutions do have a feature of gold loan tenure extension. You can contact the bank/institution for the same. It is advised to go through all the details and conditions related to extension and repayment at the time of loan application.

Gold Loan Tenure

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A gold loan is a loan in which you pledge gold as collateral. It is one of the easiest ways to fulfil your financial requirements. It helps increase the liquidity of your gold articles to avail of a loan without any hassle. The disbursal time for gold loans is minimal, ranging from 2 hours to 2 days. The gold loan tenure varies from bank to bank but on a general basis, it ranges between 7 days to 48 months.

What is the Maximum Tenure for Gold Loan?

Generally, the maximum tenure for a gold loan ranges between 12 months to 4 years depending on the conditions specified by the lender. The gold loan tenure also affects the gold loan interest rate levied on the principal loan amount.

Take a look at the following table:

Gold Loans	Rate of Interest	Maximum Tenure	Loan Amount
Manappuram Gold Loan	29%	24 months	Up to ₹1.5 crores
SBI Gold Loan	7.30% - 7.50%	36 months	₹20,000 to ₹50 Lakhs
HDFC Gold Loan	11% - 16%	24 months	₹25,000 onwards
Muthoot Gold Loan	12% - 27%	36 months	₹1,500 onwards
Axis Gold Loan	13.50%	36 months	₹25,000 to ₹25 Lakhs
Canara Gold Loan	7.35%	24 months	₹5,000 to ₹35 Lakhs
Bank of Baroda Gold Loan	9.00% - 9.15%	36 months	Up to ₹25 Lakhs
Karnataka Bank Gold Loan	8.49% - 8.79% (8.19% p.a. for Agri-based Gold Loan)	12 months	Up to ₹25 Lakhs
PNB Gold Loan	7.25% - 7.5%	36 months	₹25,000 to ₹10 Lakhs
India Infoline (IIFL)	9.48% - 27%	24 months	₹3,000 onwards
Kotak Gold Loan	10% - 17%	48 months	₹20,000 to ₹1.5 crores
Central Bank of India	9.05% onwards	12 months	₹10 Lakhs to ₹40 Lakhs
Indian Bank Gold Loan	7% onwards	36 months	Up to ₹75 Lakhs
IDBI Bank Gold Loan	7%	12 months	Up to ₹20 Lakhs
IndusInd Bank Gold Loan	10.00% - 16.50%	24 months	Up to ₹10 Lakhs

** The gold loan interest rates are subject to change as per the norms and policies of the lending institution.

Long Term Gold Loan with EMI payments

Gold Loan EMI calculator helps in deriving budget-friendly EMI amounts. If you choose monthly instalments for the repayment of your gold loan, the EMIs you will have to pay depend upon the tenure of the loan. Generally, the minimum and maximum tenure of a gold loan is 12 months and 48 months respectively which implies that the number of monthly instalments also ranges between 12 and 48 months.

You can repay the loan amount between the specified tenure as per your choice. Institutions do not charge any type of prepayment charges in case you wish to close the loan before the specified tenure. It is important to note that there might be penalties levied in case of instalment payment defaults.

What is the Minimum Tenure for Gold Loan?

Generally, the minimum tenure for a gold loan ranges between 7 days to 12 months depending on the conditions specified by the institution. The tenure also affects the interest rate levied on the principal loan amount.

Here is a list of a few institutions that offer gold loans and the minimum tenure they provide it for:

Gold Loans	Rate of Interest (p.a.)	Minimum Tenure	Loan Amount
Manappuram Gold Loan	29%	3 months	Up to ₹1.5 Crores
SBI Gold Loan	7.30% - 7.50%	-	₹20,000 to ₹50 Lakhs
HDFC Gold Loan	11% - 16%	3 months	₹25,000 onwards
Muthoot Gold Loan	12% - 27%	7 days	₹1,500 onwards
Axis Gold Loan	13.50%	6 months	₹25,000 to ₹25 Lakhs
Canara Gold Loan	7.35%	12 months	₹5,000 to ₹35 Lakhs
Bank of Baroda Gold Loan	9.00% - 9.15%	12 months	Up to ₹25 Lakhs
Karnataka Bank Gold Loan	8.49% - 8.79% (8.19% p.a. for Agri-based Gold Loan)	6 months	Up to ₹25 Lakhs
PNB Gold Loan	7.25% - 7.5%	3 months	₹25,000 to ₹10 Lakhs
India Infoline (IIFL)	9.48% - 27%	3 months	₹3,000 onwards
Kotak Gold Loan	10% - 17%	6 months	₹20,000 to ₹1.5 crores
Federal Gold Loan	8.50%	6 months	₹1,000 to ₹1.5 crores
Central Bank of India	9.05% onwards	3 months	₹10 Lakhs to ₹40 Lakhs
Indian Bank Gold Loan	7% onwards	6 months	Up to ₹75 Lakhs
IDBI Bank Gold Loan	7%	6 months	Up to ₹20 Lakhs
IndusInd Bank Gold Loan	10.00% - 16.50%	12 months	Up to ₹10 Lakhs

** The gold loan interest rates are subject to change as per the norms and policies of the lending institution.

Conclusion

To sum up, it is clear that a gold loan is a useful option to satisfy monetary requirements in case of emergencies. You can easily use your gold articles to raise finances whenever required as the disbursal time is minimal. It is available for short as well as long tenure which makes it easy to repay.

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FAQs on Gold Loan Tenure

Usually, the maximum tenure of a gold loan is 4 years. In case you need a gold loan for a longer period than this, you must fulfil gold loan eligibility criteria of the lending institution.

Some banks as well as non-banking financial companies do allow the extension of the gold loan tenure. Contact your financial institution for more details on the same.

Usually, it is allowed to close a gold loan early. Banks and financial institutions do not levy any kind of charges on prepayment of the loan amount. You may contact the institution/bank regarding the same.