List of Cheap Gold Loan Banks: Banks and NBFC companies offer gold loans easily due to more secured loans. 5 banks of the country are providing gold loans to customers at the lowest interest rates and with low charges.
New Delhi lending banks charge low interest rates on gold loans. Because these loans are more secured than unsecured loans. The lender verifies the weight and purity of the gold before disbursing the loan amount.
The reason behind the popularity of gold loans is that many gold loan banks do not consider the applicant’s credit score. In such a situation, if your credit score is not good, you can get a gold loan amount of Rs 1,50,00,000 more.
Gold loan borrowers should be aware of other charges that banks charge while taking gold loans. Loan processing fee, valuation fee, prematurity charge, installment delay charge etc. are some of the charges that your bank may levy.
How much can be received in exchange for gold?
The amount limit varies from bank to bank. The minimum loan amount in SBI is Rs 20,000 and the maximum amount is Rs 50,00,000. At the same time, Kotak Mahindra Bank customers can avail gold loan amount of minimum Rs 20,000 and maximum Rs 1,50,00,000.
Gold Loan Repayment Tenure
According to the SBI website, gold loan customers are given 5 tenures for repayment.
36 months tenure for gold loan (EMI based) repayment.
36 months tenure for liquid gold loan (overdraft) repayment.
3 month bullet period for gold loan repayment.
6 months bullet facility for gold loan repayment.
12 months bullet facility for gold loan repayment.