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Gold Loan: Know where you are getting the cheapest gold loan, understand the pros and cons

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Gold Loan : Financial crisis keeps coming in the life of man. Gold occurs in almost all middle class families in India. Gold loan is very helpful in difficult times. Gold loan is also cheaper than personal loan. So if you are also thinking of taking a gold loan loan in the coming days, then let us know in which banks you are getting the cheapest gold loan.

How to get Gold Loan
You can use a gold loan instead of a personal loan while borrowing money from a financial institution. If you are preparing to take a gold loan, then definitely compare the interest rate before taking the loan. Financial experts say that a gold loan can be taken from a government bank at a cheap interest rate. At the same time, taking gold loan from non-banking companies is very expensive.

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How the loan amount is decided
Banks protect your gold till you repay your loan in full. You can take up to 75% of the value of the gold pledged as a fund loan. Although it may be more or less depending on the purity of your jewelry etc. The higher the value of your gold, the higher will be the loan amount. Before applying for the loan, one should check the current price of gold.

On this basis, it is necessary to calculate the loan amount against gold. The tenure of your gold loan can range from a minimum of 3 months to a maximum of 48 months. You can calculate the interest based on the tenor chosen for your gold loan. Let us tell you where is the lowest interest rate available on gold loan of Rs 5 lakh for a tenure of 2 years.

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These banks are getting the cheapest gold loan bank interest rate (%)
Federal Bank 6.99
Punjab and Sind Bank 7.00
State Bank Of India 7.00
Punjab National Bank 7.25
Canara Bank 7.35
Indian Bank 8.00
Bank Of Baroda 9.00
Karud Vysya Bank 9.50
Bajaj Finserv 11.00
Muthoot Finance 11.90

Know who can take gold loan
To take a gold loan, you have to submit any of your identity proof (passport, driver’s license, aadhar card) and address proof (electricity and phone bills) along with a passport photo. If you do not have a PAN card, you can submit Form 60. As far as taking a gold loan is concerned, any person who is 18 years of age and above can apply for a gold loan by pledging his gold.

Advantages
– Gold loan interest rate can be lower than personal loan.

By pledging gold, we borrow money, so the loan gets approved in a very short time.

Your CIBIL i.e. credit score is necessary for home loan or other loan. But, credit history is not required in gold loan.

No certificate or guarantee is required to take a gold loan.

Gold loan does not attract prepayment penalty like other loans like home loan or personal loan for premature repayment.

Tags: gold, Gold investment, Gold Loan, Gold Price News, Gold Prices Today

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