Calculate your monthly EMI for ₹7 Lakh gold loan. Compare interest rates across all major Indian banks.
| Year | Principal | Interest | Balance |
|---|
Planning a ₹7 Lakh gold loan? The monthly EMI varies based on the interest rate and tenure. At an average rate of 9.11% for 1 years, your EMI would be approximately ₹61,252 per month.
For ₹7 Lakh · Tenure: 1 years
| Bank | Interest Rate | Monthly EMI | Total Interest |
|---|---|---|---|
| SBI | 7.50 - 9.50% | ₹60,730 | ₹28,760 |
| Indian Bank | 7.60 - 9.60% | ₹60,763 | ₹29,156 |
| Canara Bank | 7.65 - 9.65% | ₹60,779 | ₹29,348 |
| IDBI Bank | 7.65 - 10.50% | ₹60,779 | ₹29,348 |
| Bank of Baroda | 7.70 - 9.70% | ₹60,795 | ₹29,540 |
| Bank of India | 7.75 - 9.75% | ₹60,811 | ₹29,732 |
| Union Bank | 7.80 - 9.80% | ₹60,827 | ₹29,924 |
| PNB | 7.85 - 9.90% | ₹60,843 | ₹30,116 |
| Central Bank | 7.90 - 10.00% | ₹60,860 | ₹30,320 |
| South Indian Bank | 7.99 - 12.00% | ₹60,889 | ₹30,668 |
| Karur Vysya Bank | 8.00 - 11.00% | ₹60,892 | ₹30,704 |
| HDFC Bank | 8.50 - 16.50% | ₹61,054 | ₹32,648 |
| Federal Bank | 8.99 - 12.00% | ₹61,213 | ₹34,556 |
| IDFC First Bank | 9.00 - 14.00% | ₹61,216 | ₹34,592 |
| Bajaj Finserv | 9.50 - 14.00% | ₹61,378 | ₹36,536 |
The EMI for ₹7 Lakh Gold Loan depends on the interest rate and tenure. At 9% for 1 years, the EMI is approximately ₹61,216 per month. Use the calculator above for exact values.
Interest rates vary across banks. Public sector banks like SBI, Bank of Baroda, and PNB generally offer lower rates for Gold Loan. Compare EMIs across all banks using the comparison table on this page.
At 9% for 1 years, total interest on ₹7 Lakh Gold Loan would be approximately ₹34,592. A shorter tenure significantly reduces total interest paid.
The ideal tenure depends on your monthly budget. A shorter tenure means higher EMI but lower total interest. For ₹7 Lakh at 9%, EMI ranges from ₹61,216 (1 years) to ₹61,216 (1 years).
Most banks allow prepayment on floating rate Gold Loans without any penalty. For fixed rate loans, banks may charge 2-4% of the outstanding amount. Making partial prepayments can save you significant interest over the loan tenure.