Gold loan: In today’s time, it has become increasingly difficult to obtain gold jewellery. This is because the price of gold is constantly rising. The rate of 24-carat gold is currently above Rs 1 lakh 9 thousand. It is estimated that the price of gold may see an even bigger jump during the festival season. When money is needed in an emergency, the first thing that comes to people’s minds is a personal loan. This is because banks easily give personal loans. A personal loan is often the best option for meeting emergency financial needs. You can also take a gold loan at low interest.
A gold loan is a secured loan. Therefore, banks charge low interest on it. People easily get loans on gold. Banks allow taking advantage of their value without selling jewellery. Many banks are offering gold loans at very low interest rates. So let’s take a look at this list:-
Punjab National Bank (PNB)
PNB gives 8.35% annual interest rate on gold loan. On a loan of Rs 1 lakh, the EMI for one year is up to Rs 8,715. Most people take gold loan from PNB.
Bank of India (BOI)
On taking gold loan from Bank of India, the interest rate is 8.60%. The EMI for a loan of Rs 1 lakh comes to ₹8,727.
Canara Bank
Canara Bank gives gold loan at an interest rate of 8.90%. The EMI on a loan of Rs 1 lakh is ₹8,741.
HDFC Bank
HDFC Bank gives 9.30% annual interest rate on gold loan. The EMI on Rs 1 lakh comes to ₹8,759.