About PNB Gold Loan
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.
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.
- Interest Rate Starts at 11%
- Loan Per Gram From Rs. 2,472 to Rs. 3,023
- Tenure Up to 36 months
- Processing Fee Up to 1% + GST
Know More – What happens when you don’t pay a Gold Loan?
Why choose PNB Gold Loan?
- EMI options: Hassle-free payment of EMIs.
- Instant liquidity: Enjoy liquidity of cash at any time. Generate instant cash through the service in cases of emergency funds.
- Security: The customer can rest assured that their gold is in safe hands. The bank keeps the gold in lockers and takes full responsibility for the same.
- Interest Rates: Individual can get the advantage of lower interest rates for this loan. The rate of interest charges is based on the amount to be taken.
- 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
Advantages of PNB Gold Loan
- A gold loan is easily accessible. You can easily apply for a gold loan online.
- 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
PNB Gold Loan Eligibility
Gold Loan is a financial product provided by the bank which caters to your needs of short term or long term funds. It is easy to avail commercial service provided by banks at low rates of interest and also requires minimal documentation for the same. Punjab National Bank (PNB) gives you the Loan amount within an hour of application as the valuation and approval process is quickly done, keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the PNB Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the gold that he/she wishes to pledge with the bank.
- The Minimum weight of gold that can be pledged is 10 grams, and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of gold required to be eligible for a loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, etc. are not recognised as valid forms of gold to be kept as security for the Gold Loan.
- A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your gold as collateral security.
Know More – 4 Different Ways of Repaying Your Gold Loan
PNB Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by PNB wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire PNB Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for PNB Gold Loan are :
A duly filled and signed PNB Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents:
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant have required in the case the applicant wants the PNB Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank, you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
PNB Gold Loan Interest Rate, Fees and Charges
A Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by PNB are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in PNB starts at 11% per annum.
The bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- PNB charges no additional fees for part payment or the foreclosure of the Gold Loan.
Know More – Gold Loan Interest Rate
PNB Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of gold in the market. The rate of gold changes daily in the market and therefore, the Canara Bank Gold Loan Rate per Gram also varies every day.
You will get ₹2,431 to ₹2,971 for a gram of gold depending on its purity and the market price for your PNB Gold Loan. Punjab National Bank gives funding of up to 70% of the total market price of your gold, keeping the remaining 30% as a security margin.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
PNB Gold Loan Apply Online
Applying for the PNB Gold Loan service is a hassle-free and straightforward process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with the necessary information. You can also :
- Visit Dialabank’s digital platform, where you will have just to fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service, giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank, you can compare the different offers and schemes from different banks based on funding provided and the rate of interest charged for choosing the best loan deal for yourself.
PNB Gold Loan EMI Calculator
How to Pay Your PNB Gold Loan EMI?
Your PNB gold advance can be reimbursed in the following three different ways.
- Standing Instruction (SI): If you are a current record holder with PNB, Standing Instruction is the best method of r repayment. Your EMI sum will be charged automatically toward the finish of the month to month cycle from the PNB account you indicate.
- Electronic Clearing Service (ECS): This mode can be utilised if you have a non-PNB account and might want your EMIs to be charged consequently toward the finish of the month to month cycle from this record.
- Post-Dated Checks (PDC): You can submit post-dated EMI checks from a non-PNB account at your closest PNB Loan branch. A new arrangement of PDCs should be presented on time. It will be ideal if you note Post Dated Checks will be gathered non-ECS areas as it were.
Gold Ornaments Accepted by PNB Gold Loan
- You need Gold jewellery of minimum 18 carats to take the loan and not more than 22 carats.
- The banks accept gold coins weighing less than 50 grams (In Total).
- Minted Gold coins are not treated as a legal form of gold to avail the loan.
- The bank doesn’t accept gold in any raw form.
Know More – Gold Loan Per Gram
Uses of PNB Gold Loan
The funds acquired by availing the Gold Loan service can be used for several purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, etc.
- For all your business needs, such as buying raw material, expansion of business, etc.
- You can also avail a Gold Loan for agricultural purposes. Punjab National Bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About PNB Gold Loan
PNB provides quick gold loans at competitive interest rates depending upon the amount of the loan. You can get Rs. 2,431 to Rs. Two thousand nine hundred seventy-one per gram of gold depending on the purity.
PNB Gold Loan facility can be availed for up to a maximum amount of Rs. 10 lacs at an interest rate starting from 11 % and a maximum tenure of 12 months. The loan can be taken to meet any commercial need, whether personal or business. Repayment is made on EMI or bullet payment basis. Overdraft facilities for business are also provided. Customers can walk-in at the nearest branch providing the facility or apply online through Dialabank’s digital platform to avail the best deals.
Rate of Interest starts from 11 % per annum for Gold Loan by PNB and depends on the amount to be borrowed by the person. Amount of loan is dependent on the quality and the weight of the gold. Banks provide funding of about 70-75% of the market value of the gold.
You can repay the amount on EMI or bullet payment basis. Payments can also be made online by using the net-banking feature.
You can apply for a Gold Loan by PNB by visiting the nearest branch with your gold. The facility to apply online for a gold loan is not available at PNB’s official website, and thus you can use with Dialabank to get the best offers and deals at your fingertips.
You will need to visit your loan branch to renew your gold loan. The gold pledged earlier is revalued, and the loan is then renewed for another tenure.
Gold Loan is the quickest loaning scheme. All you have to do is visit the nearest branch with your gold, and you can get a loan within hours. You can also apply with Dialabank to get the best offers curated to your needs.
PNB Gold Loan can be used for any monetary need. PNB provides gold loans at interest rates starting from 11 % per annum for a maximum amount of ₹10 lacs. Repayment of loans has to be done in a maximum of 12 months’ tenure with options to pay online as well as offline. The bank also provides an overdraft facility and charges zero fees for pre-closure.
You can easily get a PNB gold loan by visiting the bank branch and applying for the same. Once your gold has been valued, and your documents have been verified, the loan amount is disbursed within hours.
To check the status of your gold loan, you can contact the bank via their customer care number. You can also personally visit the branch and meet the officer who is in charge of your application to know the status of your loan.
You can close your PNB Gold Loan once you have repaid the total loan amount. A maximum of 12 months is provided as repayment tenure. PNB does not charge any foreclosure fees for Gold Loan, and thus you can repay your loan anytime when you have the required funds.
Renewal of PNB Gold Loan is done after the maturity of the loan. The customer has to visit the branch with all the loan documents where the previously pledged gold is released and revalued at the current market prices, and the new terms are decided.
If you are unable to pay the amount due after the maturity of the loan, the bank has the right to auction your gold for recovery. In some cases, a late penalty fee might be charged in exchange for some time to pay the loan.
PNB is a public banking and financial service provider and has over 7000 branches across the country, with over 100 million satisfied customers.
Table of Contents
- 1 About PNB Gold Loan
- 2 Why choose PNB Gold Loan?
- 3 Advantages of PNB Gold Loan
- 4 PNB Gold Loan Eligibility
- 5 PNB Gold Loan Documents Required
- 6 PNB Gold Loan Interest Rate, Fees and Charges
- 7 PNB Gold Loan Rate per Gram
- 8 PNB Gold Loan Apply Online
- 9 PNB Gold Loan EMI Calculator
- 10 How to Pay Your PNB Gold Loan EMI?
- 11 Gold Ornaments Accepted by PNB Gold Loan
- 12 Uses of PNB Gold Loan
- 13 FAQs About PNB Gold Loan