Friday, May 20, 2022

These 7 banks are providing Gold loans at very low-interest rates in 2022

If you are also thinking of taking a gold loan in the year 2022, then today we are going to tell you about more than 7 such banks which are currently giving gold loans at cheap interest rates in the market.

From government banks to private sector banks have been included in these banks, so first of all we tell you about all those banks and together with how much interest rates those banks are providing on giving a gold loan.

These 7 banks are providing Gold loans at very low-interest rates in 2022

Bank Gold Loan interest Rate
IDBI Bank 7%
Indian Bank 7%
State Bank of India (SBI) 7.30%
Punjab & Sind Bank 7%
Canara Bank 7.35%
Karnataka Bank 8.49%
Federal Bank 8.50%

Some other banks are also providing gold loans at low-interest rates. 

Bank Gold Loan interest Rate
Punjab National Bank (PNB) 8.75%
Bank Of Baroda (BOB) 9%
HDFC Bank 11%

Disclaimer – All banks listed above can change their interest rates for the gold loan at any time. we are not responsible for the interest rates that are mentioned above if any change happens at any time. All bank customers are advised to please confirm the bank’s interest rates for a gold loan before taking it. 

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What factors can affect you while getting a gold loan?

There are some points or factors to be considered and remembered before applying for a gold loan. 

  1. For getting gold loans, your gold is used as a security in favor of the bank.
  2. In the section of quality of gold, then some banks need 18 karats gold and if your gold is not found to be 18 karats then a gold loan can be rejected. But not all banks demand 18 karats of gold for sanctioning a gold loan, it may vary from bank to bank. 
  3. Please, complete all required documents for identity verification, address verification, and some other things too before applying for a gold loan. 
  4. Generally, government banks have low-interest rates as compared to private banks in case of getting a gold loan. Always try first in the government’s bank to get a gold loan. 
  5. The loan tenure in gold loans by any bank is from 3 months to 36 months in general.

These 7 banks are providing gold loans at very low-interest rates in 2022

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Benefits of Gold loan over a Personal loan

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Yes, if you take a gold loan as compared to a personal loan, then it also has some advantages.

It takes less time to get approved than a personal loan. Along with this, if we talk about the interest rate, then the gold loan is also slightly cheaper than the personal loan.

In a gold loan, you have to show very few documents at times as compared to a personal loan. You just have to show some important documents in front of the associated bank employee to be verified.

A higher amount of money in terms of a gold loan can also be taken advantage of over a personal loan. 

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