Cheapest Gold Loan: Gold loan is considered a better option than any other loan. This loan offers a person a higher amount at a lower rate of interest. If you also want to take gold loan, then you can do this work by going to any nearest bank. However, for this you have to go through some process.
Gold loan is considered a secured loan as banks offer loan account against gold. It does not take much time to avail such a loan and the process is also easy. Most of the banks and financial banks give money on gold in the form of loan. However, the lending banks offer the loan amount only after calculating the current value of gold. Here is the information about five such banks, which give cheap gold loans.
Which banks are offering cheap gold loans?
- HDFC Bank charges interest ranging from 7.20 per cent to 16.50 per cent on gold and the processing fee is 1 per cent.
- Kotak Mahindra Bank charges 8% to 17% interest on gold and the processing charge is 2% + GST.
- South Indian Bank is charging interest ranging from 8.25 per cent to 19 per cent.
- Central Bank of India is charging interest ranging from 8.45 per cent to 8.55 per cent and there is also a processing charge of 0.5 per cent of the loan.
- Federal Bank is charging 9.49 percent interest on gold loan.
Gold Loan Amount
Any bank gives 75 to 90 percent of the total amount of gold to the users who take loan against gold. You can take a loan against gold as per your requirement.
which tenure would be right
If you are going to take a gold loan, then you should choose the same tenure during which you can repay your loan amount. Along with this, the tenure should also be selected according to the EMI.
extra charge
If you are going to take a gold loan, then know the offer being given by that bank. Along with this, you should also know about the charges etc. being taken on the loan. Gold loan users should know in detail about the processing fee, paperwork, EMI bounce, late payment etc.
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