Want A Loan On Gold? Low Interest In These 5 Banks
Gold loan: A Good Option To Get Loans In A Short Time is Gold Collateral. Gold Loan Comes Quickly. Documentation For This Is Also Very Poor. However, One Should Think About Interest Rates. You Can Forget About Taking In Any Bank That Has Low Interest. In This Order, Let’s Know The Details Of These 5 Banks That Are Giving Gold Loan At Low Interest. Let’s Know What Other Charges Are.
Nowadays, The Number Of People Taking Gold As Collateral Is Increasing. When You Need Money Urgently, Gold Is The One To Help You. Because Loans Are Available In A Very Short Time. There is No Big Process. Banks And Other Financial Institutions Give Loans Against Gold. Most of The Banks Are Granting Low Interest Loans. However, it is Important That You Know Which Bank Has The Lowest Interest Rate Before Pledging Gold. Interest Rates Vary From Bank To Bank. May Be Slightly Higher In Non-banking Financial Institutions. Now Let Us Know The Top-5 Banks That Charge Low Interest On Gold.
Also Read – How Much Money You Earn Monthly To Get Personal Loan?
1. HDFC Bank, Which Is The Largest Domestic Private Sector Bank, Is Lending On Gold At A Very Low Rate. These Banks Have Interest Rates Ranging From 7.20 Percent To 16.50 Percent. The Processing Fee Is Also 1 Percent On The Loan Amount.
2. Next is Kotak Mahindra Bank. Interest Rates In This Bank Range From 8 Percent To 17 Percent. The Processing Fee Is 2 Percent Plus Gst On The Loan Amount.
3. South Indian Bank stands at The Third Position. 8.25 Percent to 19 Percent.
4. After That The Central Bank of India is Imposing Interest Rates From 8.45 Percent to 8.55 Percent. In This, The Processing Fee is Up To 0.50 Percent Of The Loan Amount.
5. After That, Federal Bank Has Interest Rates Of 9.49 Percent.
Things To Know Before Taking Gold Loan
- Loan Amount: The Loan Is Given Based On The Weight Of Gold You Carry For Taking A Gold Loan. However, Only 75 To 90 Percent Of The Value of Gold Is Offered. By This You Can Estimate Yourself How Much Loan You Will Get For Your Gold.
- Gold Loan Tenure: While Taking A Gold Loan You Should Choose A Repayment Period That Suits You. Your EMI Depends On The Tenures You Choose.
- Interest Rates: What You Must Know Before Taking A Loan Is The Interest Rate. Gold Loan Rates Are Low Compared To Other Loans.
- Other Charges: Apart From The Interest Rate, Banks Levy Other Charges. There Are Charges Like Processing Fee, Paper Work, EMI Bounces, Late Payment.