Often times in life, we come across some financial bumps in our lives that are important but difficult to pay for. This is when banks come into the picture. They provide us with many options in the form of loans. Such loans help us fulfil that necessity that we cannot otherwise finish.
Gold loans are perfect examples of those unique facilities provided by the banks and non-financial banking services. Gold loans require an individual to deposit the already existing gold to the bank, based on the market price and demand of which, they will provide you with a sufficient loan amount. The gold will be in the bank’s possession until the repayment is over. Most banks provide a reasonable interest rate, EMI, and tenure for the bank.
Here is a list of some banks that provide you with an affordable interest rate. Many banks such as ICICI Bank, SBI, and HDFC Banks provide very cheap interest rates. Non-banking financial companies such as Muthoot Finance and Manappuram Gold Loans also provide cheap rate gold loans.
When it comes to the interest rates for gold loans, the above-mentioned banks and non-banking financial companies provide an affordable interest rate with a reasonable tenure and loan amount. The loan amount can go up to Rs. 1 crore.
The tenure provided usually varies from bank to bank. For instance, HDFC Bank provides a tenure of up to 24 months. On the other hand, SBI allows a tenure of up to 36 months for repayment. SBI also gives a low-interest rate of 7.00% to 7.50%. Most banks provide an interest rate of less than 10 per cent, with only a few increasing their rates above 10%. The EMI is usually calculated based on the rate. Punjab and Sind Bank gives an interest rate of 7.50%. The Federal Bank starts its interest rate at 8.50%. The non-banking financial companies give an interest rate that ranges from 12-125 that depends on certain factors.
Apart from these, the bank also charges extra for other purposes. One must check the details before applying for such loans.
Taking a loan can be very stressful. There are many questions that people ponder over when it comes to applying for a loan. Dialabank comes to your aid and clears your questions. So stop fretting and call 9878981144 now.