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How much a gold loan will cost you: SBI vs PNB vs Canara Bank vs Other banks

According to the SBI site — sbi.co.in, gold loan interest rate at SBI is 7.30 percent per annum

Gold Loan Rate: A divine being number of banks offer gold loan however while going for this type of home loan finance, one should take note of that a bank can present to 75 percent of LTV (loan to esteem) proportion of one’s gold. Implies, if you are selling gold worth ₹1 lakh in bank, you can get up to ₹75,000 gold loan against your gold.

Thus, one should guarantee that how much advance is getting authorized and what is the LTC offers of one’s gold getting sold. Aside from this, various banks demand different interest rate on their offered gold loan. Thus, this is a significant variable while selecting gold loan from a bank.

Here we rattle off 5 banks that offer least expensive gold loan interest rate:

1] State Bank of India (SBI): according to the SBI site — sbi.co.in, gold loan interest rate at SBI is 7.30 percent per annum. A candidate can get up to ₹50 lakh loan for a residency of 3 years. While handling one’s gold loan, SBI charges 0.50 percent processing fee of the loan sum in addition to GST. The base GST that SBI charges while processing gold loan is ₹500.

2] Punjab National Bank or PNB: The PSU bank is offering gold loan at beginning interest rate of 7%. The greatest gold loan interest rate exacted by PNB is 7.50 percent.

3] Canara Bank: This state-claimed bank is offering gold loan at a interest rate of 7.35 percent. It exacts a processing fee from ₹500 to ₹5000, contingent on the gold loan sum.

4] Punjab and Sind Bank: This bank is offering gold loan at a yearly interest rate going from 7% to 7.50 percent. Least processing fee charged here is ₹500 while greatest processing fee charged by this bank is ₹10,000.

5] Union Bank: This state-claimed bank is offering gold loan at a yearly interest rate of 7.25 percent to 8.25 percent. The PSU bank site is quiet on processing fee required while processing one’s gold loan.

6] Bank of Maharashtra: This bank is offering gold loan at an appealing yearly interest rate of 7%. It charges processing fee from ₹500 to ₹2000 alongside GST.

In this way, gold loan interest rate collected by the Bank of Maharashtra is least expensive among the significant banks in India and it is charging a sensible processing fee too. Notwithstanding, gold loan interest rate at SBI, PNB and Canara Bank is additionally sensible however their processing fee makes them somewhat dearer than the Bank of Maharashtra.

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