What is the present gold loan interest rate?
| Bank / NBFC | Gold Loan Interest Rate | Processing Fee |
|---|---|---|
| SBI | 7.00% to 7.50% | 0.50% + GST |
| Bank of India | 7.40% | Rs.125 to Rs. 300 per lakh |
| Canara Bank | 7.35% RLLR | |
| Bank of Maharashtra | RLLR + 0.20% | Rs.500/- exclusive of GST. |
Does gold loan have interest?
The interest on gold loans varies, ranging between 7% and 29%. Banks offer loans at lower interest rates than non-banking financial companies (NBFCs). For example, Punjab & Sind Bank offers gold loans at 7.00-7.50%, Canara Bank at 7.35% and Punjab National Bank at 8.75-9.00%, according to data from Paisabazaar.com.
Can I get loan on gold?
A loan against your gold jewellery is known as Gold Loan or a Jewel Loan. At ICICI Bank, a customer can quickly avail a Gold Loan for any value between Rs 10,000 to Rs 1 crore.
Which bank is good for gold loan?
Gold Loan Interest Rates Comparison
| Name of the Bank | Interest Rate | Loan Amount |
|---|---|---|
| HDFC Gold Loan | 9.50% p.a. to 17.15% p.a. | Rs.10,000 onwards |
| Canara Bank Gold Loan | 7.65% p.a. | Rs.5,000 to Rs.20 lakh |
| Muthoot Gold Loan | 12% p.a. to 27% p.a. | Rs.1,500 onwards |
| SBI Gold Loan | 7.50% p.a. onwards | Rs.20,000 to Rs.50 lakh |
How to calculate gold loan interest?
You can calculate gold loan interest in excel using the following formula; =PMT(RATE, NPER, PV) where RATE refers to the rate of interest which is applicable to the loan amount, NPET refers to the total number of monthly instalments you need to pay or the loan tenure period, and PV stands for the principal loan amount.
How do Lenders calculate mortgage interest rates?
Lenders typically quote interest rates as an annual percentage rate (APR). But if you pay interest monthly, you must convert that rate to a monthly rate by dividing by 12 for your calculations. For example, a 12% annual rate becomes a 1% monthly rate.
What is the definition of “gold loan”?
What is a gold loan? The gold loan, also referred as a loan against gold, is a secured loan that a borrower takes from a lender in lieu of gold ornaments such as gold jewelry. The loan amount sanctioned to you by lenders is generally a certain percentage of the gold’s value.
What is a gold mortgage?
Gold loan or loan against gold is a secured loan in which a customer pledges his/her gold ornaments as collateral with a gold loan company. The company, in turn, gives a loan amount as per the market value of gold to the customer.