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Cheapest Gold Loan: These banks are getting the cheapest gold loan, know how much is the interest rate

Cheapest Gold Loan: Here we have shared a list of banks which are offering the lowest interest rates on Gold Loan of Rs.5 Lakh for tenure of 2 years.

Cheapest Gold Loan: Gold is considered one of the safest investment options. Gold can be used to meet the need of money in case of education, medical, marriage or emergency. Whenever you are in urgent need of money, a gold loan is the easiest way to meet it. Compared to other loans, paperwork is less in this and it is also easily available. The demand for gold loans is increasing due to less paperwork, flexible schemes and less time taken in disbursement of loan against gold.

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Keep these things in mind before applying for gold loan

Generally, all lenders including banks and other financial institutions provide loans against gold. If your gold is pure and meets other criteria, then you can easily take a loan through it. However, you should compare other details including interest rates, tenure, before pledging your gold. Apart from this, one should also compare the processing fee, late fee/penalty for non-payment of interest, valuation fee etc. before availing the loan.

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Banks protect your gold till you repay your loan in full. You can take up to 75% of the value of the gold pledged as a fund loan. Although it may be more or less depending on the purity of your jewelry etc. The higher the value of your gold, the higher will be the loan amount. Before applying for the loan, one should check the current price of gold. On this basis, it is necessary to calculate the loan amount against gold. The tenure of your gold loan can range from a minimum of 3 months to a maximum of 48 months. You can calculate the interest based on the tenor chosen for your gold loan. Here we have shared a list of banks which are offering the lowest interest rates on Gold Loan of Rs.5 Lakh for 2 years tenure.

(Note: These figures have been compiled by online marketplace bankbazaar.com. This list includes public-private banks and NBFCs listed on the BSE. Banks whose data is not available on their website are not listed here. Related These data are taken from the banks’ website as on January 11, 2022. The EMI has been calculated on the basis of the loan tenure of Rs 5 lakh for the tenure of 2 years and the interest rate of the respective bank. (Processing and other charges for EMI calculation) is taken as zero.)

(Article: Sanjeev Sinha)

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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