Which Bank Has Less Interest Rate For Gold Loan?

What are the benefits of taking gold loan?

What are the advantages of the gold loan?Faster processing – Gold loans are secured loans and thus includes lenient eligibility criteria and minimal documentation.

Lower interest rate – As compared to unsecured loan such as personal loan, gold loans, which is a secured loan, charge a lower rate of interest.More items…•.

Which is better personal loan or bike loan?

Lower Interest rate: Another major benefit of availing a personal loan is that personal loans can have a lower interest rate than the two-wheeler loan. While the average rate of two-wheeler loans is 11-12%, the rate of interest for personal loans is usually around 10.5%.

What is the gold loan interest rate in Syndicate Bank?

7.0% per annumSyndicate Bank Gold Loan Key FeaturesLoan AmountUp to Rs. 1 Crore (With Income Proof)Syndicate Gold Loan Interest Rate7.0% per annumSyndicate Gold Loan Rate Per GramRs 5,121 per gramProcessing Fee1% or ₹1000 whichever is higherPrepayment Charges0-1%2 more rows•Oct 1, 2020

Is Gold Loan better than personal loan?

As longer loan tenure converts into higher interest cost, opting for a gold loan might be a more cost-effective option for those confident of repaying their loan within one or two years. Personal loan would be a better choice for those seeking a bigger loan amount and longer tenure.

Which bank has lowest interest rate for bike?

Compare Bike Loan Interest RateBankTwo Wheeler Loan Interest Rates*Lowest EMI per Rs. Ten Thousand for Max TenureSBI16.05%₹ 352 for 3 yearsHDFC Bank14.03%₹ 273 for 4 yearsPNB10.70%₹ 216 for 5 yearsBajaj Auto Finance11.60%₹ 330 for 3 years11 more rows

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gram₹ 2,696 to ₹ 3,295 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan Amount₹ 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows

What happens if gold loan is not paid?

Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution. This is now a non-performing asset and will be sold off for recovery.

How much gold loan can I get per gram in Muthoot Finance?

Muthoot Finance Gold Loan Key FeaturesMuthoot Finance Gold Loan Interest RateStarting 7.0% per annumMuthoot Finance Gold Loan Rate Per GramRate Per Gram Today is ₹ 5,121Maximum Loan AmountUp to Rs. 1 CroreMinimum Loan Amount90% LTV on Your Gold Market PriceGold RequirementMinimum 18 Carat4 more rows

Which bank is best for gold loan?

SynopsisBank / NBFCGold Loan Interest RateProcessing FeeKotak Mahindra Bank10.5% to 17%Upto 2%HDFC Bank9.50% to 17.55%1.50% + GSTBandhan Bank10.99% to 18.00%1% + GSTICICI Bank10% to 19.76%1% of loan amount25 more rows•3 days ago

How is gold loan calculated?

✅How is gold loan interest calculated? You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

How is EMI amount calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

Is Gold Loan Safe?

For instance, the rate of interest on these loans is between 10% and 24% per annum. In comparison, personal loans charge 16-26 % per annum, depending on your credit profile. Therefore, “it is better to take a loan against gold than a personal loan as the rates will be lower—since this type of loan is secured.

Which type of loan is best?

Unsecured personal loans. Personal loans are used for a variety of reasons, from paying for wedding expenses to consolidating debt. … Secured personal loans. … Payday loans. … Title loans. … Pawn shop loans. … Payday alternative loans. … Home equity loans. … Credit card cash advances.

Which bank is best for 2 wheeler loan?

Two wheeler Loan Interest Rates 2020BankLowest Interest RateProcessing feeUnion Bank of India10.30% p.a.0.50% of the loan amountCanara Bank10.45% p.a.Rs.1,000 to Rs.5,000L&T Finance10.75% p.a.At L&T discretionState Bank of India (SBI)16.45% p.aAt SBI discretion8 more rows•Aug 28, 2020