What Banks Give Gold Loans?

What happens if gold loan is not paid?

Auction: If full repayment of the loan is not made within the period of the loan, the company has the right to sell or otherwise dispose of the gold through public auction at the risk and cost of the borrower..

Is taking gold loan Safe?

For instance, the rate of interest on these loans is between 10% and 24% per annum. In comparison, personal loans charge 16-26 % per annum, depending on your credit profile. Therefore, “it is better to take a loan against gold than a personal loan as the rates will be lower—since this type of loan is secured.

Which bank gives lowest interest rate for Jewel Loan?

Banks with lowest Gold Loan RatesBanksInterest RateTenureCanara Bank7.65%12 monthsFederal Bank8.50%6 months to 12 monthsPNB8.75%1 month to 12 monthsIIFL9.24%3 months to 11 months2 more rows

How can I get gold loan from SBI?

SBI gold loan application form. 2 photographs. KYC documents to establish address and identity….At the time of disbursement the following documents are required:Demand Promissory Note & Demand Promissory Note Take Delivery Letter.Gold Ornaments Take Delivery Letter.Arrangement Letter.

How much gold loan can I get per gram?

Gold Loan Per Gram – SBI, Manappuram, HDFC, Axis, Yes BankGold Loan per gram₹ 2,767 to ₹ 3,382Lowest Gold Loan Interest Rates9.90%Loan as percent of gold valueUp to 90%Purity of gold18 carat to 22 caratType of goldGold jewelry and gold coins of banks of up to 50 grams3 more rows

Which is the best gold loan?

Best Banks Which Offers Gold Loans in India:Muthoot Finance Gold LoanManappuram Gold LoanSBI Gold LoanHDFC Gold LoanICICI Bank Gold LoanPNB Gold Loan

What are the benefits of taking gold loan?

What are the advantages of the gold loan?Faster processing – Gold loans are secured loans and thus includes lenient eligibility criteria and minimal documentation. … Lower interest rate – As compared to unsecured loan such as personal loan, gold loans, which is a secured loan, charge a lower rate of interest.More items…•

Can I get loan on gold?

An individual can take a gold loan either via bank or non-banking financial institution (NBFC). The amount of loan that an individual can get against a gold article will vary from lender to lender. For instance, ICICI Bank offers gold loans between Rs 10,000 and Rs 1 crore.

Is Gold Loan better than personal loan?

As longer loan tenure converts into higher interest cost, opting for a gold loan might be a more cost-effective option for those confident of repaying their loan within one or two years. Personal loan would be a better choice for those seeking a bigger loan amount and longer tenure.

Which bank gives highest value for gold loan?

Gold Loan Interest Rates ComparisonBankGold Loan Interest RatesMax TenureManappuram Gold Loan Rates12.00%12 monthsHDFC Bank Gold Loan Rates9.90%24 monthsYes Bank Gold Loan Rates10.99%36 monthsICICI Bank10.00%12 months8 more rows

Which type of loan is cheapest?

Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.