The rate has remained weak over the previous six months, but this may also see an upsurge due to this pandemic of COVID-induced health crisis in the whole of the country.
As Moneycontrol has always pointed very earlier, the whole of the asset class also tends to shine during this pandemic of Covid-19. The whole of the asset class as a bulwark against Covid-19 crisis apart can very simply come to the rescue in the financial and medical emergencies.
All the banks and non-banking financial companies offer speedy loans against gold at significantly fewer interest rates than personal loans or other loans. At present, loans against this gold start at an interest rate of very little as 7 per cent.
Punjab and Sind Bank offer a significantly lower interest rate, followed by public sector bank, Bank of India, at a meagre rate of 7.35 per cent for a Rs 5-lakh loan with a three-year tenure period. NBFCs are a little bit highly active in the space, though rates are comparatively on a bit of a bit higher side.
The gold loan interest rate is always listed to the public as well as to the public bank. But banks provide a low rate when your CIBIL score is high. Some of the banks for which data is not available on the websites have not simply considered.
Banks are always listed in ascending order based on rate, i.e. bank and NBFC offering very cheap interest rate on the gold loan is placed at the very top and very highest at the bottom.
Significantly less interest rate offered by some of the best banks/NBFC. EMI is calculated based on your interest rate.