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Planning to take a gold loan? Here're rates, charges offered by banks

The disbursal is quick and interest rate is reasonable

Topics
gold loans | Unsecured lending | Interest Rates

Bindisha Sarang 



gold loan
Since it's a secured loan, lenders process it faster than a personal loan

  • 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.
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First Published: Sun, May 24 2020. 20:01 IST

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