Punjab National Bank is one of the leading banks in India. The bank provides a vast array of financial products to the customers. One of their main products is a Gold loan. A Gold Loan is the best option available for the loan seekers at cheaper interest rates.
Know More - What happens when you don’t pay a Gold Loan?
What is a Gold Loan?
Gold is one of the most precious and costly metals in India. Its value in our lives cannot be ignored because every person is attached to it emotionally. However, what is the point of keeping your Gold in a closed drawer when it can help you in times of emergency? Taking a Loan Against Gold can help you to overcome any drastic situation. Gold Loan is the best way to get cash in a short span.
Read More - About Gold Loan
Features of PNB Gold Loan
- First of all, a gold loan is easily accessible. You can easily apply for a gold loan online.
- After that, your Loan will be approved within 5 minutes if you are eligible.
- After the approval of your gold loan, if you have all the documents, your Loan can be disbursed on the same day.
- While providing you with the gold loan bank doesn't check your credit score. You can get a gold loan even if your credit score is not good.
- Since the gold loan is secured so the rates of interest would be low as compared to other investments.
- Bank will keep your gold assets as security while providing you with a gold loan.
- In case if you would not be able to return the Loan, the bank can recover their loan amount with this Gold.
- You can use this amount of Loan to fulfil any of your personal need. Whether it is related to the wedding or medical expenses, it can be related to business or agricultural activities. Bank would not ask you the reason for getting the gold loan.
Know More - Gold Loan Features and Benefits
Eligibility for PNB Gold Loan
- There are a few eligibility criteria provided by the bank. The applicant can get a gold loan only if he/she is eligible. Let us discuss them.
- The age of the applicant should not be less than 18 years.
- He/she should be a citizen of India.
- After that, the applicant should have a minimum of 10 grams of Gold.
Know More - 4 Different Ways of Repaying Your Gold Loan
PNB Gold Loan Interest Rate 2019
In general loan on gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal Loan or any other kind of loans. Though the gold loan rate keeps on changing time to time as well as person to person.
- The gold loan is available at 1% PM interest rate.
- Gold Loan Interest rate - 10.70%.
- Moreover, offer low processing fee that is 0.85%.
- Further, pre-closer charges range from 0 – 2 %.
Know More - Gold Loan Interest Rate
Forms of Gold that is Accepted
- All the jewellery of 18 to 22 carats is accepted.
- Gold coins weigh less than 50 grams can be taken.
- Besides that, minted the bank doesn't accept gold coins.
- The bank doesn't allow any Gold in the raw form.
Know More - Gold Loan Per Gram
Why PNB Gold Loan?
- EMI options: Hassle-free payment of EMIs.
- Instant liquidity: Enjoy liquidity of cash at any time. Generate instant cash in time of need.
- Security: The customer can rest assured that their Gold is in safe hands.
- Interest Rates: Individual can get the advantage of lower interest rates for this Loan.
- A person can also apply for Gold Finance on Agricultural Land on their name and get a discount of 1% on the interest rate charged.
Know More - Gold Loan: Factors to Remember
Documents Required for PNB Gold Loan
- Proof of Identity: Passport Copy/ Voters ID card/ Driving License.
- Address Proof:: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.
- Signature Proof: Passport Copy/Driving License/Banker's verification/cheque.
- Two passport size photographs.
PNB Gold Loan Procedure
- First of all, Apply online for a loan against Gold.
- Afterwards, the borrower will have to submit an application form along with his / her valuable Gold asset.
- Then the bank will evaluate the real value of your Gold in terms of its purity and weight.
- Finally, the Loan amount is disbursed to the applicant after checking the genuineness of the asset provided.
- The whole Gold Loan process takes around.
- Read More- How Gold Loan works
* For any assistance regarding Gold Loan, call us on 60011600, our trained
- Dialabank is considered as the best platform to apply for a gold loan. There are specific reasons for it.
- First of all, dialabank is the best platform to utilize your current assets like Gold. Here you can get all the information about the interest rates, EMI's and the comparison of different bank's interest rates.
- The customer response is rapid. You will get a call back within 5 minutes.
- Besides that, the dialabank is India's first financial helpline, so you there is no trust issue at all.
- You will get proper guidance from the experts.
- Furthermore you there is no need to go to the bank to submit the documents. Bank provides the document pickup facility from your doorstep.
Know More - Gold Loan Near Me
FAQs about PNB Gold Loan
1. How does Gold Loan work?
Loan on Gold is straightforward to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
2. Is Gold Loan secured?
Yes, it is essential to note that the Loan on Gold comes in the category of secured loans. Because in a gold loan, the applicant put their gold ornaments into the bank's locker as security or as collateral.
3. What happens when you don't repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
4. Do I need a co-applicant to get a gold loan?
No, to avail the Gold loan you don't need any co-applicant
5. Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal Loan it is un-secured and hence carries higher interest than a gold loan.
6. What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
7. Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
8. Is gold loan a good option?
A gold loan is an excellent choice because:
- Minimal Documentation
- Disbursal in 30 minutes
- Flexible Loan Tenure
- Wide-ranging Repayment Options
- Pre-payment option
- Negligible Processing Fees
9. How can I avail a gold loan?
You can avail the service of a gold loan in a few clicks.
- Fill in your expected details in the web-form on Dialabank.
- Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
- We will suggest you the Loan which meets your requirements, in your specific region.
- Submit the required documents with our representative, who will be in touch with you.
- Accept the loan amount in just 30 minutes.
10. Is Gold Loan better than a personal loan?
Yes, a gold loan is far better than a personal loan. Reasons being:
- A gold loan does not require a CIBIL score or any proof of your income.
- Gold loans are less time-consuming and hustle free in comparison with Personal Loans.
- A gold loan is a secured loan and therefore, is the most opted Loan nation-wide. Gold Loan Interest Rate of Different Banks - Updated on 2019
11. What is the benefit of gold loan?
Gold loans have various benefits, which are why it is the most opted Loan in the country. Some of the benefits are listed below:
- Proof of your income is not needed Loan
- Disbursal in just 30 minutes
- CIBIL score is not required
- Less Documentation
- Maximum Funding
- It is a Secure Loan
- Instant Approval
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