Gold Loan Panipat Interest Rate
- Gold Loan Interest rate - 10.70 %
- Available at low processing fee - 0.85%
- Pre-closer charges ranging from 0 – 2 %.
- Tenure minimum of 6 months; maximum of 5 year
Why should one choose the Gold Loan in Panipat?
- Simple Procedures.
- Fast Loan Approvals.
- No credit checks.
- Minimal Documentation
Gold Loan Panipat Features & Benifits
- Get your Loan processed within few mins.
- It takes just a few minutes to sanction a loan.
- The money is offered to the customer after a quick evaluation of gold.
- It is free from the hassle of lengthy paperwork.
- Easy repayment schemes.
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery
- Minimal Documentation.
- Low-interest rates.
- Enjoy Anytime Liquidity.
Difference Between a Personal Loan and a Gold Loan
A personal loan comes into the category of unsecured loans however a gold loan is a secured loan. The consequence of this is the rates of interest of a personal loan are quite high because of high risk.
- Firstly, the bank provides a gold loan at very low rates of interest. The Gold Loan Interest rate is 11% per annum and onwards.
- Next, Loan processing charges are 1 percent plus GST.
- Also, Valuation Fee will be Rs. 250 for a loan up to Rs 1.5 lacs and Rs. 500 for a loan which is over and up to Rs. 1.5 lacs.
- Furthermore, Foreclosure charges: If closed within three months then it will be 2 percent with GST foreclosure charges and if closed within six months later it will be 1 percent plus GST foreclosure charges.
- Moreover, Charges you pay for late loan payment, are 2 percent per annum as penal interest over and up to interest rate.
- Besides, Renewal processing fees will more than Rs. 350 including tax.
- Finally, Prepayment or part payment charges will be more than 2 percent including GST (within three months).
FAQs About Gold Loan
How does Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
Gold Loan is 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.
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.
To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
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.
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.
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.
Other Related Articles
- 4 Best NBFCs for a Gold Loan
- 4 Must factor to keep in mind before availing a Gold Loan
- 6 Reasons why Gold Loan is the best borrowing option?
- Advantages of Gold Loan
- Banks still preserve their edge over NBFCs in Gold Loan Race
- Best Rate on Gold Loan
- Documents Required for Gold Loan
- Features of Gold Loan
|HDFC Bank Gold Loan||10.00% - 14.50%|
|ICICI Gold Loan||10.00% - 16.10%|
|Muthoot Finance Gold Loan||12.00% - 24.00%|
|Axis Bank Gold Loan||14.50% - 17.00%|
|Manappuram Gold Loan||19.00% - 26.00%|
|Yes Bank Gold Loan||10.00% - 15.99%|
|Bank of India Gold Loan||19.00% - 26.00%|
|Federal Bank Gold Loan||11.75% - 13.50%|
|IIFL Gold Loan||12.00% - 12.00%|
|Central Bank of India Gold Loan||12. 90% - 14.65%|
|Canara Bank Gold Loan||12.65% - 12.65%|
|Andhra Bank Gold Loan||11.70% - 10.45%|
|Induslnd Bank Gold Loan||11.15% - 15.75%|
|PNB Gold Loan||10.75% - 11.75%|
|Bajaj Finance Gold Loan||14% - 26%|
|Bandhan Bank Gold Loan||11.5% - 14.5%|
|DCB Bank Gold Loan||14% - 16%|
|SBI Gold Loan||11.05%-15%|
|Indian Bank Gold Loan||10.00% - 15.99%|
|UCO Bank Gold Loan||19.00% - 26.00%|
|Kotak Mahindra Bank Gold Loan||11.75% - 13.50%|
|Syndicate Bank Gold Loan||
12.00% - 12.00%