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Gold Loan Options in India – Key Features and Documents required

Shitanshu Kapadia
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Gold Loan Options in India – Key Features and Documents required

Gold Loan or loan against gold is one of the most popular option for borrowing money. Gold loans are offered with lower interest rate compared to personal loan. Gold loan disbursement is faster and payment terms is flexible. You can avail gold loan from the bank as well as NBFC (non-banking finance company).

Gold loan is any purpose loan you can opt for this loan for any purpose. However, it is advisable to opt for this loan in financial emergency only. Gold loan is secured loan and you need to pledge your gold article, gold ornaments as collateral to get the loan. If you are planning to take gold loan (or loan against gold) you should evaluate various gold loan options. Here is complete information about Gold Loan including key features and document requirement.

Gold Loan in India

What is Gold Loan?

Gold loan is loan that is offered against gold as collateral. You need to deposit your gold ornaments and articles in order to get gold loan. It is a secured loan as gold is taken as collateral. The loan amount is certain percentage of gold. Usually it is up to 80% of current market value of the gold. You need to pay interest on the gold loan amount.

Key Features of Gold Loan

Flexibility of Use – The gold loan amount can be used for any purpose. You can use it for medical expense, travel, marriage or any other purpose.

Quick Disbursal – The processing time of gold loan is very fast. You can expect disbursal of this loan in two-three days.

Secured Loan – You are not required to submit any other collateral to the lender. The only thing you need to submit your gold ornaments or article.

Interest rate – The interest rate applicable on the gold loan is low compared to personal loan. You can get gold loan with interest rate of 7-24%.

Use of idle asset – Gold placed at your home is usually not used for generating money. You can make use of gold (idle asset) in order to raise capital via Gold Loan.

Gold Loan Options in India

Gold loan can be taken from bank and from the non-banking finance organization. Most popular banks to avail gold loan are SBI, ICICI Bank, HDFC bank etc. The non-banking finance organizations that offers gold loan are Muthoot Finance, Mannappuram Finance etc. The interest rate detail charged by various banks and NBFC are given below.

Bank Gold Loan Interest Rate Maximum Loan
SBI 7.30% to 7.50% 50 Lakh
Bank of India 7.40% 10 Lakh
Canara Bank 7.65% 20 Lakh
Bank of Maharashtra 7.50% 20 Lakh
Lakshmi Vilas Bank 8.80% 30 Lakh
Punjab National Bank 8.60% to 9.15% 10 Lakh
Central Bank of India 9.05% 20 Lakh
Punjab & Sind Bank 8.10% to 9.35% 30 Lakh
Federal Bank 8.50% onwards 1.50 Cr
United Bank 9.35% 10 Lakh
Dhanlaxmi Bank 9.65%
Karur Vysya Bank 10.10%
Indusind Bank 10.5% to 16%
Kotak Mahindra Bank 10.5% to 17%
HDFC Bank 9.90% to 17.90%
ICICI Bank 10% to 19.76% 1 Cr
South Indian Bank 11.90% to 12.40% 10 Cr
Axis Bank 13.00% 25 Lakh
Muthoot Finance 12% to 27%
Manappuram Finance Max 29%
IIFL 9.24-24%
Bajaj 12%

Documents required for Gold Loan

The documents required for availing of the gold loan are –

  • Two passport size photographs
  • Identity proof such as PAN card, passport/, Aadhaar card, voter id card
  • Address proof (Electricity bill/ telephone bill/ bank statement

Things to consider to before applying for Gold Loan

You need to consider following things before applying for gold loan.

Loan Amount

The loan amount for gold loan is limited and it is up to 70-90% of current market value of gold. Remember no bank or organization offer loan of 100% against the worth of gold.

Interest Rate

You must consider the applicable interest rate on the loan amount. The rate of interest should be lower. Gold loan is offered as fixed interest rate and floating interest rate. In the fixed interest scheme the EMI remains same during repayment schedule. Under the floating interest rate option, the EMI of gold loan can increase or decrease.

Loan Tenure

The tenure of loan is short. The loan is offered for the duration of 1 year. The loan can be extended to 2 years. You should be sure that you will be able to repay the loan in the short period before taking this loan.

Repayment Structure

Repayment structure is next thing to consider when you avail gold loan. There are multiple loan repayment options which are given below.

  • Standard EMI – Standard EMI is option where you need to payback loan with interest amount on monthly basis.
  • Upfront Interest – Under upfront interest option you need to pay interest amount at the beginning of the loan the principal amount to paid at the end.
  • Bullet Payment – The bullet payment means borrower need not to pay principal amount over the life of the loan but payment needs to be made at the maturity.

Processing Fees

You also need to consider processing fees applicable on the gold loan. Processing fee is fee which you need to pay for processing the loan. The fee is different for every bank and NBFC.

Top 5 Payment Banks in India 2025

Shitanshu Kapadia
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0
Top 5 Payment Banks in India 2025

Payment banks provide service of banking at the doorstop. The prime objective of launching payment bank by RBI was provide financial services to small business, low-income household, migrant labour and common people of India living in remote and rural area.

In today’s fast-paced digital world, convenience is king, especially when it comes to handling money. Payment banks in India have emerged as game-changers, offering streamlined and user-friendly banking solutions for millions of people. But with so many options out there, which ones really stand out? Let’s dive into the top 5 payment banks in India in 2025 that are reshaping the financial landscape.

Payment Bank overview

Payment banks are different compared to normal bank. Payment banks are operating at lower scale. Payment bank can do most of the banking operations however, as it is operating at lower scale there are few restrictions associated with payment bank. Here is detail about services offered by Payment Banks in India.

  • A savings account and current account facility is available in the payment bank.
  • You can also get interest rates on the deposited money like traditional banks.
  • Payment banks accept a restricted deposit up to 1 Lakh.
  • You can also get ATM cum debit cards from these banks.
  • Mobile banking and internet banking facility is offered by these banks.
  • You can get the ability to transfer money from account to account.
  • Payment transfer facility RTGS/NEFT/IMPS and utility bill payment facility available.
  • A payment bank also provides other financial services like mutual funds, insurance products, pension products, and forex services.
  • These banks cannot issue credit card or provide loan to the customer.
  • NRI cannot use this facility.

Payment Banks

Top 5 Payment Banks in India 2025

#1. Indian Post Payment Bank

Indian Post Payment Bank. This bank has widest service reach. These bank is present in almost every district.

  • IPPB provide ease of banking.
  • You can get paper less banking experience at IPPB.
  • The bank also provides mobile banking facility.
  • You can enjoy QR card based payment facility at IPPB.
  • Third party services such as insurance, loans and investment are available at this bank.
  • You can also get instant mobile and DTH recharge, water and electricity bill payments facility.

You can enjoy all these facilities with ease. If you are living in the rural area you should make use of these bank.

#2 Airtel Payment Bank

Airtel Payment Bank is first in the of payment bank. Airtel payment bank is subsidiary of Bharti Airtel. Key features of Airtel Payment Bank are given below.

  • You can enjoy interest on the money deposited.
  • You can transfer money from any bank account using UPI and IMPS facility.
  • Cash deposit facility available at nearest Airtel banking point.
  • You can make use of selected ATM for withdrawal of cash.
  • You can recharge prepaid mobiles/ DTH and pay utility bills using these banks.
  • This bank also provides third party insurance products.
  • Atal Pension Yojana can be purchased from this bank.

You can shop online as well as book bus ticket and buy gift cards using this bank.

#3 Fino Payment Banks

Fino Payment Bank is next in the list. Fino payment bank provide best-in-class product with easy accessibility and wide reach. Key features of Fino Payment Bank are given below

  • Fino bank provide anytime, anywhere banking facility.
  • You can do instant money transfer from one account to another account across India.
  • Debit card facility is available and ATM withdrawal can be done at online and offline merchants.
  • Instant mobile and DTH recharge, water and electricity bill payments.
  • You can get mobile banking facility with secure and reliable payment services.
  • Free Insurance facility up to 2 Lakh is available as complementary.

This bank has got multiple awards in past five years.

#4. Paytm Payments Bank

Paytm is one of the most popular payment bank in India. You can do all your transaction using your mobile phone. You can get cashless payment transaction and enjoy following services at Paytm bank.

  • Zero balance saving bank account can be opened without any monthly average balance requirement.
  • Account opening is simple. You need to complete KYC by submitting document at nearby Paytm Point.
  • You can do fund transfer with a click of a button. The facility of UPI, NEFT and IMPS available.
  • Paytm bank account to Paytm Wallet money transfer facility available.
  • Commission amount is charged for money transfer.
  • Paytm also offers shopping and bill payment facility on the move.

#5. Jio Payments Bank  

Jio Payment Bank is next in the list. Jio payment bank provide simple banking with smart features. You can open digital saving account. It is paperless, fast, convenient and secure. Key features and benefit of Jio Payment bank are given below.

  • Account opening is free on this bank.
  • Minimum balance requirement is NIL.
  • The limit of account is 1 Lakh.
  • You can earn interest up to 3.5 % per annum.
  • Transfer facility from Jio Payment Bank to another bank is available.
  • Mobile banking facility is available.
  • You can enjoy bill payment facility using this bank.

The payment banking sector in India is thriving like never before, and these top 5 banks are leading the charge. From Paytm’s tech-driven innovations to India Post’s reach, each bank has carved a unique niche. As we move forward, one thing is clear: payment banks are here to stay, simplifying finances and empowering individuals and businesses across the country.

FAQs

Q: What is a payment bank?

A payment bank offers basic banking services like savings accounts, deposits, and money transfers but cannot issue loans or credit cards.

Q: Are payment banks safe?

Yes, payment banks are regulated by the Reserve Bank of India (RBI) and follow strict guidelines to ensure your money’s safety.

Q: Which payment bank is best for rural areas?

India Post Payments Bank stands out for its extensive reach in rural areas, thanks to the vast postal network.

Q: Can I earn interest on savings in a payment bank?

Yes, most payment banks offer competitive interest rates on savings accounts.

Q: How do I open an account with a payment bank?

You can usually open an account online or through a local agent with basic documents like Aadhaar and PAN cards.

How to open SBI FD online? – SBI Fixed Deposit Interest Rate

Shitanshu Kapadia
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0
How to open SBI FD online? – SBI Fixed Deposit Interest Rate

SBI FD Online – State Bank of India is India’s largest public sector bank. SBI FD is one of the most preferred, popular, and safe investment options. SBI FD’s are offered with an interest rate of 2.9% to 6.2%. SBI fixed deposit can be purchased offline as well as online. You just required a net banking facility to open SBI fixed deposit online. You can also renew or close fixed deposit online.

SBI Fixed deposit key features

  • SBI Fixed deposit interest rate payment is monthly, quarterly, or maturity basis as per your requirement.
  • The rate of interest applicable is different based on duration and amount of FD.
  • A higher interest rate applies to the senior citizen.
  • Deposit tenure is 7 days to 10 years.
  • The minimum deposit amount is Rs.1000. No limit on the maximum amount.
  • The nomination facility is available on the fixed deposit.
  • Premature withdrawal can be done by paying a penalty.
  • TDS is applicable if form 15G or 15H is not submitted.
  • Automatic renewal is done in case instruction for closure is not given.

SBI FD Options

SBI Term Deposit

SBI Term Deposit is also known as normal fixed deposit. This type of deposit is opened for a specific term. Term deposit offers guaranteed returns, choice of interest payout & liquidity. The tenure of this deposit is from 7 days to 10 days. Interest payout is monthly, quarterly, half-yearly and yearly.

SBI Tax Saving FD

The fixed deposit that is used for saving tax is known as Tax Saving FD. The rate of interest applicable to SBI Tax Saving FD is same as that of term deposit. The lock-in period for tax saving FD is 5 years. The amount is payable only at the time of maturity.

SBI Recurring Deposit

A recurring deposit is one that allows investor to invest fixed sum over a period of time. The minimum period is 12 months and the maximum period is 120 months. The minimum deposit amount is Rs.100 per month.

SBI FD reinvestment scheme

SBI FD reinvestment scheme is a scheme where interest earned is reinvested in the fixed deposit again to generate appreciation. The maturity duration is 6 months to 10 years. If you are not in need of money for long term you can opt for a reinvestment scheme.

SBI FD Online

Who can open SBI FD?                                

The eligibility criteria to open SBI FD is given below.

  • The depositor must be an Indian resident
  • NRI are also eligible to open NRE fixed deposit
  • Partnership firm and HUF

SBI FD Interest Rates 2021

Domestic term deposit interest rate below 2 Cr.

Tenors Revised Rates For Public w.e.f. 08.01.2021 Revised Rates for Senior Citizens w.e.f. 08.01.2021
7 days to 45 days 2.90% 3.40%
46 days to 179 days 3.90% 4.40%
180 days to 210 days 4.40% 4.90%
211 days to less than 1 year 4.40% 4.90%
1 year to less than 2 year 5.00% 5.50%
2 years to less than 3 years 5.10% 5.60%
3 years to less than 5 years 5.30% 5.80%
5 years and up to 10 years 5.40% 6.20%

How to open SBI FD Online?

Step by step method to open SBI FD online is given below.

  • Visit SBI net banking website and login via net banking user name and password.
  • Under fixed deposit section you will find e-TDR/e-STDR (FD). Click on that option to proceed. TDR stands for term deposit and STDR stands for Special Term Deposit.
  • Select the appropriate option and click on Proceed. You will be able to see multiple bank accounts that you have with SBI.
  • You need to select the account from which the money needs to be debited.
  • Now enter the fixed deposit principal amount in the amount column.
  • Select the tenure of the deposit. You have options to select days, years, months, days or maturity date.
  • Now choose the maturity instruction on your tem deposit. Click on the terms and condition and press submit button.
  • Your Fixed deposit will be generated with complete details such as name, tenure, principal amount, maturity amount. You need to press OK button.
  • You can note down the transaction number for the future reference. The on screen PDF can be downloaded.

You will need documents such as identity proof – Aadhaar card, Passport, PAN card, passport size photos. Bank will also ask for resident proof, age proof and income proof for opening for fixed deposit.

10 Best Startup Ideas for 2025

Shitanshu Kapadia
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0
10 Best Startup Ideas for 2025

Startup Ideas – Startup means newly established business. A startup is founded by one or more entrepreneurs with new products or services. Startup products or services are generally unique. Once your startup is established you can make a lot of money. 

I recently come across one similar startup story of Ecokaari based in Pune, India. Ecokaari does recycling of plastic waste and converts it into useful handicraft items. It was established in 1995 and today turnover of the business is 90 Lakh+. 

This means that a startup has a lot of business potential, provided you select the best startup ideas that helps you to make a lot of money. However, before jumping into specific ideas, it’s crucial to have a clear Startup Framework to guide your journey. A solid framework helps you validate your concept, understand your market, and build a strong foundation for sustainable growth.

With that in mind, here are 10 of the best startup ideas that could help you make a lot of money in the future. These ideas are divided into two categories – Product-based Startups and Service-based Startups.

Here are 10 Best Startup Ideas that can help you to make a lot of money in the future. These startup ideas are divided into two parts – Product-based Startup & Service-based Startup.

best startup ideas india

10 Best Startup Ideas for 2025

Product-based Startup

#1 Handmade Jewelry 

Creating handmade jewelry and selling is one of the best startup ideas. Handmade jewelry is jewelry crafted by the hands of skilled craftsmen rather than using a machine. The market of handmade jewelry in India and abroad is very good. The cost of handmade jewelry is low so it is preferred by most people.

#2 Personalized Gift Store

People prefer personalized gifts nowadays. A personalized gift can be made with color, style, and decorative items to give a personal touch to the gift. You can sell a wide range of personalized items such as photo t-shirt, photos, clocks, picture frames, photo mugs etc. You require a skilled and creative team for opening a personalized gift store.

#3 Customized Cloths 

Customized clothes such as t-shirts, custom-made apparel  are gaining popularity among teenagers. If you can customize clothes based on the need of customers this startup idea is for you. You can make a customized store and sell offline and online. Visit T-Shirt Express Ohio they are offering quality shirts custom-printed in bulk at a competitive price.

#4 Diet Food

People have become health conscious and they are preferring diet foods compared to fast food. Diet food helps to reduce fat, carbohydrates, and sugar to reduce fat. Keto food is famous under diet food. You have to do a lot of research to make your diet food-related items. It is very wonderful startup idea to make money in 2021.

#5 Food Waste Solution

Food waste is very common. Creating a startup to provide food waste reduction or making a product from food waste collection is a wonderful startup idea. Multiple products can be made from food waste. You can create compost fertilizer from waste food and make a lot of money.

#6 Plastic Recycling 

Plastic recycling is a startup idea of creating the best from waste. Plastic recycling means reprocessing plastic material into useful products. Plastic recycling can be done by a readymade machine. You need to create handmade items from plastic recycle and sell them for making money. 

Service-based Startup  

#7 Web and Mobile App Development 

Web and mobile application development are one of the best service based startup ideas. Most of the new business requires a website. They hire a professional web and mobile developer. If you have expertise in web and mobile development you can earn a lot of money. 

#8 Health care services 

Health and wellness services is another startup option. In this startup, you need to provide health care services to the big organization as well as home customers. Your service may include periodic health checkups and wellness advice for fitness. 

#9 Online Education 

The education industry is becoming online. You can design your platform that offers various courses to students of schools and colleges. You can also design exclusive courses for software programming and web development. 

#10 Electrical Vehicle Charging services 

In the future, we will see electric vehicles on the road. In metro cities, electrical vehicles are already sold. These electric vehicles require a charging facility. It gives birth to a new startup idea of electrical vehicle charging. You can start exploring various options to start your electrical vehicle charging. You will be able to earn a lot of money from the electrical vehicle charging business in the future. 

Over to you 

I hope you have got good insights about the best startup ideas for 2025. Remember you can make money if you select a startup idea associated with unique products and services.

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