Gold Loan: In Gold Loan, you can take a loan of at least 20 thousand to a maximum of 1.5 crore rupees. The tenure of the gold loan ranges from 3 months to 24 months.
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Gold Loan Interest Rate : If you are planning to take a gold loan, then first of all you should know about its interest rates so that you can get more EMI Don’t have to give If people suddenly need money, then people take loans by pledging gold or ornaments. Until the loan amount is repaid. Till then the gold remains pledged with the bank. The bank will return the pledged gold to you only after the loan is cleared. Explain that a person can depend on Gold Loan at any point of time, whether they need funds to expand their business, pay school expenses, cover medical emergencies or meet agricultural demands .
Actually, home loan interest rates are lower than other loan interest rates. Apart from this, the gold loan also gets approved in a much lesser time as compared to other loans as only the quality and weight of your gold is checked. After which it is available immediately as soon as some paper work and KYC are done. Here we are going to tell you about those banks, which are offering gold loans at the lowest interest rates. And giving information about its EMI, then how much EMI you will have to pay every month.
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Check Interest Rate and EMI
Bank | Interest Rate (Annual) Interest Rate | EMI |
Union Bank | 8.40 | 4541 |
Central Bank | 8.45 | 4543 |
SBI | 8.55 | 4548 |
Punjab and Sind Bank | 8.60 | 4550 |
federal bank | 8.64 | 4552 |
UCO Bank | 8.65 | 4552 |
Bank of Baroda | 8.85 | 4562 |
Indian Bank | 9.00 | 4568 |
NBFCs | ||
Bajaj Finserv | 9.50 | 4591 |
Manappuram Finance | 9.90 | 5610 |
IIFL Finance | 9.96 | 4613 |
Muthoot Finance | 12.00 | 4707 |
In gold loan, you can take a loan of at least 20 thousand to a maximum of 1.5 crore rupees. The tenure of the gold loan ranges from 3 months to 24 months. Let us tell you that all the banks decide the limit and duration of gold loan according to their own. You can also visit your nearest bank branch to get more information related to gold loan.
Take special care of these things
While taking a gold loan, it should always be kept in mind that any bank gives you only 65 to 75 percent of the total value of the gold being pledged as loan. For banks, this is a secured loan. Now in gold loan you have to pledge your gold, so banks easily give you gold loan and interest is also charged on it very less. But if a customer does not repay the loan, the bank can sell or auction the gold pledged by the customer to recover the loan.
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