Planning to take gold loan? These 10 banks are offering the lowest interest

Gold Loan Interest Rate: Taking a gold loan is considered cheaper and better than other loans, as it charges less interest than other bank loans. Also your jewelery is also safe. You can get a loan against gold only when you give some gold in return.

Banks give you loan on the basis of quantity and purity of gold. Taking this type of loan from the bank is a very simple and less documentation process. Along with low interest, adjustable tenure is also offered on this. If you are going to take a loan on gold, then here is information about 10 such banks, which offer low interest on gold loan.

Banks giving lowest interest on gold loan

• HDFC Bank offers interest ranging from 7.20 per cent to 11.35 per cent and processing fee of 1 per cent.
• Kotak Mahindra Bank Gold Loan has interest ranging from 8% to 17%, on which 2% processing fee is with GST.
• Union Bank is charging interest ranging from 8.40 percent to 9.65 percent.
• Central Bank of India has interest ranging from 8.45% to 8.55% and a processing charge of 0.5% of the loan amount.
• Uco bank 8.50 percent interest and processing fee ranges from 250 to 5000 rupees.
• The interest on SBI Gold Loan is 8.55% and processing is 0.50% + GST.
• IndusInd Bank will charge interest ranging from 8.75% to 16% on Gold Loan and the processing charge is 1%.
• The interest of Punjab and Sindh Bank is 8.85 percent and the processing charge ranges from Rs 500 to Rs 10,000.
• Federal Bank’s interest is 8.89 percent.
• Punjab National Bank is charging 9 percent interest and 0.75 percent processing charge.

How long can a gold loan be taken?

The tenure to repay this type of loan depends on the customer and the bank. Whereas the price of gold loan depends on the purity of the gold. According to the website of Kotak Mahindra Bank, loan on gold can be availed from a minimum of Rs 20,000 to a maximum of Rs 1,50,00,000.

ITR is necessary for the amount above Rs 25 lakh. On the other hand, PAN card is required for annual income of more than 5 lakhs. If you do not have a PAN card then it will be difficult for you to get a gold loan.

read this also

Adani Stock Opening Today: Has the rally of Adani shares come to an end? 7 group stocks opened in losses, Adani Enterprises down 5%