14-Jul-2020
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Need funds to submit your child’s college fees before the due date or for a medical procedure for a family member?
Such crucial times ask for immediate cash. Selling off the house or other assets, or getting a personal loan can be a difficult and expensive deal at such times.
A smart alternative to them is using the gold lying idle in the house or a bank locker, to arrange for immediate funds at a low-interest rate.
In India, using gold to arrange for money is not a new concept. Indians have always seen their gold as a mark of security for the grey days.
According to RBI, the overall loan segment in India grew due to faster growth in the loan against the gold jewellery segment in the country. The outstanding gold loans stood at Rs. 62,221.07 crores in June 2021.
Interest rate: | 13.50% per annum to 16.95% per annum |
Loan Amount: | Rs. 25,001 to Rs. 25 lakhs |
Interest rate: | 10.00% per annum to 17.00% per annum |
Loan Amount: | Rs. 20,000 to Rs. 1 crore |
HDFC gold loan
Interest rate: | 11.00% per annum to 16.00% per annum |
Loan Amount: | Rs. 10,000 onwards |
Interest rate: | 9.00% to 9.15% per annum |
Loan Amount: | Up to Rs. 25 lakhs |
Punjab National Bank gold loan
Interest rate: | 7.70% to 8.75% per annum |
Loan Amount: | Rs. 25,000 to Rs. 10 lakhs |
The interest rates may vary for different borrowers. Customers can use the online gold loan calculator to check their eligibility and expected interest rate on a gold loan.
Banks have always been known for the lengthy paperwork and documentation they require to sanction a loan. Some banks charge high foreclosure fees if the borrower wants to pay back the loan early. Additionally, they may charge a high percentage as a processing fee, adding to the loan’s cost for the borrower.
Due to several such reasons, borrowers often look for an alternative to bank loans that meets their urgent cash requirements without wasting time or effort.
Muthoot FinCorp offers gold loans with minimum paperwork and attractive interest rates.
Muthoot FinCorp Gold Loan is available to borrowers under different gold loan schemes that meet the financial needs of customers.
Get a gold loan in a few easy steps:
Customers can repay the loan amount and the interest applicable in comfortable monthly instalments to get back their pledged gold. This way, they can meet their financial requirements without having to give away the benefits of the increasing value of their gold ornaments and coins.
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