Banks and NBFCs offering the cheapest gold loans right now – Check interest rates & EMIs.
High accessibility of loan collateral, usually lower interest rates than secured financing facilities like personal loans, the possibility of quick and hassle-free loan disbursal, and lesser reliance on the borrower’s FICO assessment make gold loans perhaps the most well-known loan products in our country. These loans, regularly taken against household gold ornaments, couldn’t just assistance in accomplishing our financial goals yet additionally act the hero during financial emergencies.
Most banks and non-banking financing companies (NBFCs) offer gold loans with multiple repayment tenure options. So, you’ll be very much advised to painstakingly contrast your options with discovering the moneylender that offers the best repayment terms.
Notwithstanding, before applying for a gold loan, ensure the worth of your pledged gold would be sufficient to meet your financing prerequisite. Do note that the worth of 24-carat gold has started sliding soon in the wake of topping to more than Rs 56,000 in August last for 10 grams. Gold prices have started crawling upwards in April, after bottoming to around Rs 44,000 (10 grams of 24-carat gold) in March. Also, lenders usually sanction a loan sum, not over 75% of the pledged gold’s current market esteem.
You’ll be all around advised to consider every one of these factors while determining your loan sum and choosing a bank. Lastly, ensure you have a careful repayment intend to keep away from any penalties and a potential loss of a precious asset.
To help you settle on educated decisions, we have incorporated a list of gold loan interest rates currently being offered by some of the main banks and NBFCs in our country. We have also given the indicative EMIs to Rs 5 lakh gold loans taken for 3-year tenure by every lender mentioned in the table below.
Do note; we have just considered the lowest advertised gold loan interest rates for every one of the lenders, have excluded processing expense or some other charges for EMI estimation. The rates material to you could be distinctive, relying upon your loan sum, LTV proportion, loan tenure, or other terms and conditions of your chosen bank.
Interest Rates and Indicative EMIs for Rs 5 lakh Gold Loans With 3-year Tenures