Punjab Gramin Bank Gold Loan Per Gram

Punjab Gramin Bank Gold Loan Per Gram is ₹ 3,800 to ₹ 4,350

The Punjab Gramin Bank Gold Loan is a service provided by the bank that enables customers to apply for a gold loan using the gold they already possess. The Punjab Gramin Bank offers a number of benefits, including a low interest rate.

Gold Loan Calculator for Punjab Gramin Grameen Bank

• Purity and net weight of gold used in jewellery: The gold used in the jewellery should have a purity of 18 to 24 carats. Punjab Gramin Bank will deduct the weight of gems and stones from the total weight of the jewellery to determine the net weight. The appraiser will document his findings.
• To calculate the value of gold, Punjab Gramin Bank will multiply the purity and net weight of gold in your jewellery by the price of gold. The Reserve Bank has advised banks of India to use the average price of 22-carat gold over the previous 30 days, adjusted for purity. Using the 30-day average of 22-carat gold multiplied by a factor of 20/22, Punjab Gramin Bank will change the value of gold if it is 20-carat purity. You can also lookup the latest gold rate at Dialabank.
• Loan to Value Ratio: Punjab Gramin Bank will use an LTV of up to 75% to assess your jewel loan amount eligibility after calculating the value of your jewellery. If you’re able to take a loan with a lower LTV than your limi, Punjab Gramin Bank will give you a lower interest rate.

Punjab Gramin Bank Gold Loan Rate Per Gram by Gold Purity

The table below shows an estimate of the gold loan per gram that Punjab Gramin Bank will give against gold jewellery of various purity levels at a maximum LTV of 75% and a lower LTV of 65%.

The above table shows the method by which Banks will calculate your per gram gold loan for gold of varying purity.

• Gold loan per gram offer for 22-carat jewelry will be between ₹ 4,620 to ₹ 4,956
• Gold loan per gram offer for 20-carat jewelry will be between ₹ 3,795 to ₹ 4,178
• Gold loan per gram offer for 18-carat jewelry will be between ₹ 3,460 to ₹ 3,784

Punjab Gramin Bank Gold Loan Rates Per Gram

The following table shows Punjab Gramin Bank Gold Loan Per Gram Rates – Apr 19 2024

Historical Gold Loan Rates Per Gram

Indians are among the world’s biggest gold buyers. Indians prefer to buy gold because it is regarded as a “secure” investment. Investors keep an eye on the markets for price changes that influence demand. Take a look at the following comprehensive historical gold loan rates per gram:

Gold Loan Per Gram Rate Comparison for Major Banks

Tips to get the highest Gold Loan Amount Per Gram from Punjab Gramin Bank

• Punjab Gramin Bank accepts both hallmarked and non-hallmarked jewellery for a gold loan. However, you can get the highest Punjab Gramin Bank gold loan per gram if you have hallmark jewellery because the valuer is less likely to undervalue it. Furthermore, some financial institutions charge lower transaction fees for hallmarked gold jewellery.
• The price of 22-carat gold is adjusted by the Punjab Gramin Bank Gold Loan Per Gram to account for purity. Consequently, if possible, borrow against higher-purity jewellery, as this will get you the most money for a gold loan.
• Punjab Gramin Bank will use the net weight of your jewellery to decide the amount of gold loan you are eligible for. Whenever possible, choose jewellery with the fewest gems and stones. Punjab Gramin Bank will depend on his gold valuer’s analysis to determine the net weight. The overall weight and value of a piece of jewellery decrease as more diamonds and stones are added, resulting in a lower jewel loan you are eligible for.
• On gold, it’s common to strive for the maximum possible LTV. When calculating the amount of gold loan you are eligible for, the RBI has granted Punjab Gramin Bank permission to charge a maximum LTV of up to 75%.

ILLUSTRATION: The purity of gold, the LTV, and the weight of gold is used to calculate the loan number. Assume that Ajay, Abhishek, and Jyoti each own varying amounts of gold of various purity levels. Ajay has 70 grammes of 18-carat gold in his possession. Jyoti has 50 grammes of gold that is 22 carats pure, while Abhishek has 60 grammes of 20-carat gold. They apply to Punjab Gramin Bank for a gold loan. Depending on the purity of gold, the price used to assess their gold loan amount eligibility based on a maximum LTV of 75% will vary, resulting in different gold loan eligibility. Jyoti will earn the lowest gold loan rate of 2.27 lakh from Punjab Gramin Bank, as she has the smallest gold weight of 50gm.

As shown in the example above, Jyoti, who has the smallest gold weight of 50gm, will earn the lowest gold loan rate of 2.27 Lakh from Punjab Gramin Bank. In the same example, Punjab Gramin Bank will offer Ajay the highest gold loan amount of Rs 2.60 lakh because he has the most gold weight.