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Gold Loan: A Secured Loan Option with Flexible Repayment Terms – Times Bull

Gold Loan: A Secured Loan Option with Flexible Repayment Terms

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Gold Loan: Do you have gold and you need money, then the gold loan can be a better option for you. A gold loan is a type of secured loan in which you can take a loan by pledging your gold with a bank or finance company.

The loan amount always depends on the weight and purity of your gold. In this, you can easily take a loan by pledging your gold or gold jewellery. But which bank will give you the best gold loan.

HDFC Bank

If you take a gold loan of 5 lakhs from HDFC Bank, then the bank charges you an interest of 8.2% on it, in such a situation you will have to pay a monthly EMI of Rs 22568.

Indian Bank

If you take a gold loan of 5 lakhs from an Indian Bank, then the bank charges you an interest of 8.65% on it, in such a situation you will have to pay a monthly EMI of Rs 22599.

Union Bank of India

If you take a gold loan of 5 lakhs from Union Bank of India, then the bank charges you an interest of 8.7% on it, in such a situation you will have to pay a monthly EMI of Rs 22,610.

Bank of India

If you take a gold loan of 5 lakhs from the Bank of India, then the bank charges you an interest of 8.8% on it, in such a situation you will have to pay a monthly EMI of Rs 22,631.

Canara Bank

If you take a gold loan of 5 lakhs from Canara Bank, then the bank charges you an interest of 9.25% on it, in such a situation you will have to pay a monthly EMI of Rs 22,725.

Bank of Baroda

If you take a gold loan of 5 lakhs from the Bank of Baroda, then the bank charges you an interest of 9.6% on it, in such a situation you will have to pay a monthly EMI of Rs 22,756.

State Bank of India (SBI)

If you take a gold loan of 5 lakhs from the State Bank of India, then the bank charges you an interest of 9.6% on it, in such a situation you will have to pay a monthly EMI of Rs 22,798.

ICICI Bank

If you take a gold loan of 5 lakhs from ICICI Bank, then the bank charges you an interest of 10% on it, in such a situation you will have to pay a monthly EMI of Rs 22,882.

Axis Bank

If you take a gold loan of 5 lakhs from Axis Bank, then the bank charges you an interest of 17% on it, in such a situation you will have to pay a monthly EMI of Rs 24,376.

Benefits of Gold Loan

Get it quickly: Gold loans are available very quickly compared to other loans.

Less paperwork: Gold loans do not require much paperwork.

Income Tax Benefits: The interest charged on a gold loan can help you avoid taxes.

Disadvantages of Gold Loan

High Interest Rates: Interest rates on gold loans can be slightly higher than other loans.

Safety of Gold: If you are unable to repay the loan, your gold can be auctioned.

Process of taking a gold loan

Selecting a bank: First of all, you have to select a reliable bank or finance company.

Prepare documents: You have to submit a certificate of purity of gold along with your identity and address proof.

Gold valuation: The bank will evaluate your gold and give you the loan amount based on that.

Signing loan agreement: To take a loan, you have to sign an agreement with the bank.

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