Gold Loans are an easy way to fulfil duties that you cannot otherwise afford. Loans specifically involve one submitting their gold to a bank, as collateral, who will then provide you with money to fulfil the necessity. The bank provides a loan based on the market price of gold and its demand. Until and unless the loan amount is repaid, the gold remains in the possession of the bank. Once an individual pays up the amount, the bank returns the money to the individual.
Each bank’s interest rate of gold loans per gram is different, though most are more or less similar. Below are the banks that provide a low-interest rate for gold loans per gram:
- SBI Gold Loans provide an interest rate of 7.50% and the lowest EMI amount of Rs. 3,111.
- Muthoot Finance, that is a non-banking financial company provides an interest rate as low as 11.99%.
- Manappuram Gold Loan, another non-banking finance company, gives an interest rate of 12%
- HDFC bank, one of the largest and most trusted banks in India provides an interest rate of 9.90% and the lowest EMI Rs. 4,610.
- Yes Bank gives a rate of 10.99%
- ICICI Bank provides an interest rate of 10.00%
- The Federal Bank allows an interest rate as low as 8.50%
- Canara Bank provides a rate of 7.65% and a low EMI of 8,683 rupees.
- Axis Bank, another trusted bank gives an interest rate of 13.00% and Rs.4,754
- Lastly, PNB gives a low-interest rate of 8.75%. The loan EMI in this case is Rs. 8,734.
In case of a gold loan, fewer documents are required by the banks, as you are providing them with collateral. But, along with the information, many other factors matter. Each bank has eligibility criteria that one must fulfil before applying for a gold loan. Most banks have online services available where you can check the eligibility, interest rates and EMIs and you can avail of your preferred gold loan within a few minutes.
There are many questions that people ponder over when it comes to applying for a loan. Dialabank comes to your aid and clears all your confusion. So stop worrying and call 9878981144.