Which Bank Is Better For Gold Loan?

How can I get gold loan?

The idea of a gold loan is simple; you pledge your gold articles and get the loan amount in lieu.

To do so, you visit a lending institution with the gold you want to pledge and the required documents.

The lender performs gold purity checks and determines its weight on the basis of which it evaluates its market value..

What documents are required for gold loan?

Document TypeIdentity Proof. Aadhar Card. PAN Card. Valid Driving License, Valid Passport. Voter’s ID Card. Job Card issued by NREGA.Address Proof. Aadhar Card. Driving License. Valid Passport. Voter’s ID Card. Job Card issued by NREGA.

How much gold loan can I get per gram in HDFC?

HDFC Gold Loan Key FeaturesLoan AmountUp to Rs. 1 Crore (With Income Proof)HDFC Gold Loan Interest Rate9.90% per annumHDFC Gold Loan Per GramLoan Per Gram Today is ₹ 4,680Processing Fee1.50% of the Principal Loan AmountPrepayment Charges2%+GST (Within 3 Months), 0 (After 3 months)2 more rows•Oct 1, 2020

Which bank has lowest interest rate on gold loan?

Compare Gold Loan Rate Per Gram and Lowest EMI of All BanksBankInterest RateLowest EMI Per LakhSBI Gold Loan Eligibility7.50%Rs. 3,111Muthoot Gold Loan Eligibility11.99%Rs. 3,321Manappuram Gold Loan Eligibility12.00%Rs. 8,885HDFC Bank Gold Loan Eligibility9.90%Rs. 4,6108 more rows

Is Gold Loan better than personal loan?

Banks offer up to 80% of the value of gold as loan. … If you have a regular source of income but no gold to keep as collateral, then personal loan is the only option for you. Interest rate. As gold loan is a secured loan, interest rate on it is less than personal loan, which is an unsecured loan.

How can I get gold loan from SBI?

At the time of application the following documents are required:SBI gold loan application form.2 photographs.KYC documents to establish address and identity.Witness Letter in case of illiterate borrowers.

Which type of loan is best?

Most personal loans are unsecured with fixed payments. But there are other types of personal loans, including secured and variable-rate loans. The type of loan that works best for you depends on factors including your credit score and how much time you need to repay the loan.

What is the benefit of gold loan?

Lower interest rates The next benefit of gold loan is the interest factor. This kind of a personal loan offers lowered interest rates as they happen to be secured loans. On an average usual personal loans charge interest ranging anywhere between 15 per cent and 18 per cent.

Is 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.

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat₹ 48,978₹ 3,30620 carat₹ 44,526₹ 3,30618 carat₹ 40,073₹ 2,705Aug 20, 2020

Why do people take gold loans?

With household incomes squeezed due to salary cuts and job losses, more and more people are queueing up to take loans against physical gold. Experts are all for borrowing against gold. … The current interest rate for gold loans offered by SBI is 7.5%. NBFCs like Muthoot Finance & Manappuram offer 12%.

Which is best gold loan or home loan?

Home loan interest rate starts from as low as 8.35 per cent per annum. When compared with other loan options, top-up loan rates still are comparatively lower. For instance, gold loans range between 9.24 per cent and 26 per cent, whereas personal loan interest rates usually range between 10.65 per cent and 24 per cent.

What is the rate of gold loan per gram in SBI?

Upto 20 Lakh of Loan amount at 7.75% rate of interest. per gram rates and new schemes of SBI….SBI Gold Loan Details/ एसबीआई गोल्ड लोन का विवरणInterest Rates7.75% – 8.50%Maximum loan amount₹ 20 lakhPrepayment ChargesNil / Zero3 more rows

Does gold loan increase cibil score?

Prompt repayment of any loan can boost your credit score significantly, and Gold Loan is no different. Hence, a Gold Loan taken and repaid early or on time will have a more positive impact on your credit score rather than taking an unsecured personal loan.

What is gold loan margin?

This means, if a person with gold jewels worth ₹1 lakh can avail only ₹75,000 of loan (with 25 per cent margin) at present, the revised margin of 10 per cent will now allow the borrower to avail ₹90,000. Hence, borrowing capacity is increased by 20 per cent with the same value of gold jewels.