 "Planning to take a gold loan? Here're rates, charges offered by banks")
- The interest rate on loan against gold starts at 7.25 per cent and goes up to 18 per cent per annum, which makes it a better alternative than credit cards.
- Since it's a secured loan, lenders process it faster than a personal loan.
- You will have to go physically to the lender’s branch to avail of it. Branches are open currently in green and orange zones.
- You can get loan up to 60-80 per cent of the value of your gold. Some lenders transfer the money into your bank account within half an hour.
- This loan allows you to make partial payments of both interest and principal if you want to.
- If you avail of an overdraft facility, interest is charged only on the amount borrowed and for the time you take to repay it.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%