In times of financial emergency or to meet the need of money, most of the people take recourse to gold loan. Gold loan is also called secured loan because in this you take a loan by pledging your gold or gold jewellery. You can take gold loan from private and public sector or NBFC.
Banks check the quality and carat of gold before passing the loan application. Gold loan is given on the basis of market rate. Most banks offer 75 per cent of the market rate as a gold loan. That is, you will get a loan of only 75 percent of the gold you pledge. For example, if you pledge gold of Rs 1 lakh according to the market rate, you will get a gold loan of up to Rs 75000.
Among the banks Punjab and Sind Bank, Bank of India and Canara Bank are offering cheap gold loans. These five government banks are offering cheap gold loans.
Banks are charging so much interest on gold loan
Punjab and Sind Bank – 7 to 7.50 percent
Bank of India – 7.30 to 8.95 percent
Canara Bank – 7.35 percent
SBI – 7.35 percent
Andhra Bank – 7.60 percent
Source – Bank Website
Top 5 Private Sector Banks Offering Cheap Gold Loan. Federal Bank is offering the cheapest gold loan among private sector banks.
HDFC Bank – 8.95 to 17.20 percent
Federal Bank – 8.50 percent
Karur Vysya Bank – 8.60 to 9.60 percent
ICICI Bank 9.00 to 19.76 per cent
Dhanlaxmi Bank – 9.65 percent
These NBFCs are offering the cheapest gold loan.
IIFL Finance – 9.24 to 24%
Shriram Transport Finance Company – 11.5%
Muthoot Finance – 11.99 percent
Bajaj Finance Limited – 11.99 percent
Manapuram Finance Limited – 12%
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