Which Bank is Best for Gold Loan 2022?: Gold mortgages can be a key factor in meeting the need for cash in times of financial crisis. What is special is that a gold mortgage loan is cheaper than a personal loan and term loan and it is easy to get.

Gold mortgages increased

Gold mortgages last year, according to RBI data

An increase of 66.2 percent. A total of over Rs 68,000 crore gold mortgage loans were disbursed. Non-banking financial institutions (NBFCs) mainly provide gold mortgages.

Gold Loan Get Instantly –

Loans on gold provide immediate cash to the needy. – Andromeda ‘and’ Apna Paisa CEO V. Swaminathan said that a gold mortgage loan can be obtained without any paperwork or paperwork.

– The borrower does not have to provide any proof of income. – The loan amount is also repaid immediately. Personal loans and other property mortgage loans take time.

For Gold Loan No Credit Score Required

Adil Shetty, CEO, Bank Bazar, said, “This is a mortgage loan. So it is cheaper than personal loans and credit cards. Another advantage is that it does not require a credit score. People with a low credit profile can also get a gold mortgage loan.

Big Risk In Gold Loan

The biggest downside to gold mortgage debt is that there is only one. The borrower may lose gold if the loan is not repaid. Both banks and NBFC lenders can lend up to 75 percent of the gold price. The maximum repayment period is 24 months.

This term is very short compared to other loans. The repayment period of a personal loan is 60 to 72 months.

Which bank offers the cheapest Gold Loan?

If you suddenly need money, gold kept in the house can be useful for you. With a gold loan, you can get a loan on gold kept at home. There are many gold loan companies in the country that can lend you gold at home. In addition, there are many banks that can lend you gold at home. Here we are informing you about their interest rates.

These banks offer cheap gold loans for their Customer

– Federal Bank 6.99 percent interest rate.

– SBI, the country’s largest public sector bank, offers an interest rate of 7%.

– Punjab & Sind Bank 7% interest rate.

– Punjab National Bank (PNB) 7.25 percent interest rate.

– Canara Bank 7.35 percent interest rate.

– Indian Bank 8% interest rate.

– Bank of India (BOI) 8.40% interest rate.

– Karnataka Bank interest rate is 8.49 percent.

– 8.50% interest rate in Uco Bank.

– HDFC Bank 8.50% interest rate.

Meanwhile, funds can take up to 75% of the value of the mortgaged gold as a gold loan, and the interest rate on gold depends on the purity of your gold and other criteria.