Gold Loan Interest Rate: In this era of inflation, sometimes there is a need to take a loan. In such a situation, the common man considers taking a personal loan, but in the past it has been seen that people are preferring to take a gold loan instead of a personal loan. The reason behind this is that taking a gold loan is very easy and it is available at a low interest rate.
Most of the banks in the country offer gold loan facility. For this you just have to deposit gold. The gold loan is fully secured and your gold will be safe. The loan amount is usually determined by the quantity and purity of the gold offered. Taking a gold loan is very easy and does not require much documentation. Further in the news, 10 banks have been told, which give gold loan at low interest rate.
Top 10 Banks Offering Low Interest Rate Gold Loan
HDFC Bank: Gold loan has 7.20 per cent to 11.35 per cent interest and a processing fee of 1 per cent.
Kotak Mahindra Bank: The interest on gold loan ranges from 8 per cent to 17 per cent and with 2 per cent plus GST processing fee.
Union Bank: Will charge 8.40 percent to 9.65 percent interest on gold loan. ,
Central Bank of India: The interest will be 8.45% to 8.55% along with a processing fee of 0.5% of the loan amount.
UCO Bank: Will charge 8.50 per cent interest with a processing fee ranging from Rs 250 to Rs 5000.
SBI: The gold loan carries an interest of 8.55 per cent with a processing fee of 0.50 per cent plus GST.
IndusInd Bank: There is a processing fee of 1 per cent along with 8.75 per cent to 16 per cent interest on gold loans.
Punjab and Sind Bank: There is an interest rate of 8.85 per cent with a processing fee ranging from Rs 500 to Rs 10,000.
Federal Bank: 8.89 percent interest will have to be paid on gold loan.
Punjab National Bank: The gold loan carries an interest of 9 per cent along with a processing fee of 0.75 per cent.
Explain that the repayment tenure of gold loan varies depending on the preferences of the customer and the policies of the bank. According to the Kotak Mahindra Bank website, the loan amount is calculated on the basis of the purity of the gold with a minimum of Rs 20,000 and a maximum of Rs 1,50,00,000. If you are planning to take a gold loan, keep in mind that ITR is required for amounts above Rs 25 lakh and PAN card is required for annual income above Rs 5 lakh. Getting a gold loan without a PAN card can be tricky.
