Foreclosure charges of 1% plus GST will have to be paid.A valuation fee of Rs.250 for loans up to Rs.1.5 lakh and Rs.575 for loans over Rs.1.5 lakh will have to be paid.OD, Term Loan, and Bullet repayment method available.Loan processing and approval turnaround is extremely fast.Applicants have to submit minimal documents when applying for the loan.Processing fee of 1% charged on the loan amount availed.The disbursal of the amount is quick and offers benefits such as overdraft facility. You can avail a HDFC gold loan at attractive interest rates. Penalties/Internal Charges: Applicant will have to pay the applicable gold appraiser charges. Joint Loan Facility: Gold loans from SBI can be availed by individuals on a single or joint basis.Individuals over the age of 18 years can apply for a gold loan from SBI.The repayment tenures for Gold Loan and Liquid Gold Loan are up to 36 months.The lender offers two types of gold loans – Gold Loan, and Realty Gold Loan.You can apply for this gold loan both online and offline. SBI offers two types of gold loan – SBI Gold Loan and SBI Realty Gold Loan which you can use as per your requirements. The borrower is not required to have a guarantor to avail this loan.You can avail higher loan amount depending on the purity and net weight of the gold pledged.You can avail gold loans from a wide variety of schemes.Manappuram Gold Loan offers a host of gold loan schemes depending on your needs and financial capability. Note: For certain loans, the interest rate has been calculated by taking the lender’s MCLR, as on 14 March 2019, into account. onwards (floating)Īt the discretion of the bank Up to Rs. Rs.25,000 onwards (Rs.10,000 for rural areas)Īt the discretion of the bank Up to Rs.25 lakh per accountĪs per the lender’s terms and conditions.ħ.10% p.a. This rebate can be 1% - 2% off on the original rate of interest. Rebates: Several lenders offer the option of discount on the prevailing interest rate on the loan against gold if the borrower repays the interest regularly.3.Payment of interest on a monthly basis and repayment of the principal loan amount at the end of the loan tenure.2.Payment of interest upfront and repayment of the principal loan amount at the end of the loan tenure.1.Repayment in Equated Monthly Installments (EMI).Repayment Options: There are three main options offered by lenders to borrowers for the repayment of a gold loan.Fees: The other fees and charges that might be applicable on a gold loan are – processing fee, late payment charges/ penalty for non-payment of interest, valuation fees, etc.Tenure options: The tenure options can range from a minimum of 3 months to a maximum of 48 months.Security: The gold that has been pledged with the bank or the financial institution acts as the security or collateral against which the loan amount is provided.Purpose: You can avail a gold loan in order to finance various needs, such as for educational purposes, medical emergencies, going on a holiday, and so on.Since collateral is being provided, loans can be availed at low interest rates.
Several banks and Non-Banking Financial Companies (NBFCs) offer gold loans at attractive interest rates. Gold jewellery will need to be given to the lender when you avail the loan and will be returned only once the entire amount is repaid. The loan amount that will be provided will depend on the value of the gold. A secured loan, where gold jewellery is provided as collateral, is a gold loan.
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