Punjab Sind Bank offer the cheapest gold loans
The State-owned Punjab Sind Bank offers the cheapest of all interest rates on gold loans. Amidst the festive season, every lender, then be it a bank or any other financial institution is ready to attract customers through offers. However, state-owned banks are doing better at offers. Other banks have been giving concessions on processing fees or interest rates as well. However, the Punjab Sind Bank has curated the lowest interest rate for gold loans.
The Punjab Sindh Bank interest rate starts at 7.0% and the EMI (equated monthly instalment). The amount per month mounts around 15,000 rupees approximately. Usually, the NBFCs launch super exciting interest rates, then the banks. NBFCs like Manappuram gold loan, Muthoot gold loan bank, are the most prominent to give offers and are in a cut-throat competition. However, state banks like Punjab Sind Bank are gaining ground, with its cheapest gold loan interest rate. 
The State Bank of India being the country’s most famous bank, when it comes to lending has also charged an interest rate of 7.5%. Which is 0.5% higher as well, thus, Punjab Sind Bank is more at focus when it comes to gold loans.
An amount of 15,519 can be calculated if the person takes a gold loan of 5 lakhs. There is no barrier to the amount as of now. Hence, this move by the Punjab Sind Bank can fetch them from great customers. Other than that, the Karnataka Bank comes in the top 10.
The EMI for Punjab Sindh Bank has been calculated based on 5 lakhs as of now. The tenure considered here is 3 years. There isn’t any processing fee charged, considering the trends of zero processing fees in the current times. As we get closer to Diwali, more offers and surprise cashback can be expected. Hence, it is advisable to keep a keen eye on the news.
Related News: Gold Loans Are Expected To Grow By 23%: Muthoot Fincorp.
