We are here today to guid and explain to you regarding few of the leading banks and non banking financial companies that provide you the gold loan.
LEADING BANKS
HDFC BANK
To make the gold loan at HDFC more ideal it offers to process it just within 45mins of time. This is also open to all the charges being costed to the borrowers and allows with just minimal documents. The repayments made available are TERM LOAN, OD, BULLET REPAYMENT. The interest rates depend on the choice you opt from the repayment options available. The tenure of gold loan starts from 3months to 24months. It offers a borrower to repay only on the interest of the loan every month and the monthly outflow is just starting from ₹1000 per lakh, that is the rate is 12% per year. The minimum loan amounts are ₹25,000.
Canara Bank
This bank offers an interest of 7.65% per annum onwards. The tenure period offered by this bank is from a period of 6 months to 2 years. The percentage of loan amount is 0.25%. It is offering a loan starting from ₹ 5,000 to ₹ 20 lakh.
Axis Bank
The interest at Axis Bank starts from 13% per annum onwards. Tends to offer a loan amount from ₹ 25,001 to ₹ 25 lakh. The tenure period offered by axis bank is of a period from 3months to upto 3 years of time. The loan amount to be noted includes GST+1%.
Bank of Baroda
This offers an interest rate of 8.75% per annum and the loan amount offered by Bank of Baroda is up to a value of ₹ 25 lakh. The tenure period can last up to a time period of 12months, which is one full year. This has an interesting percentage of loan amount that is from 0% to upto 0.50% but plus GST included.
NON BANKING FINANCIAL COMPANIES (NBFCs)
It is said to be one of the most leading part of Non banking financial companies which offers to lend you with gold loan at some very best prices. The details are as follows, the interest rate starts from 11.9% onwards, and the best thing about the cost at which loan amount is offered starts from ₹ 1,5000 and it can be upto NO LIMIT. The tenure period starts from just 7days and can be upto 36 months. The percentage of loan amount is from 0.25% to 1%.
Manappuram Finance
This is also a top most non banking company to offer the loan against your gold at the best price. The interest rate here is up to 29% per annum. The price of the loan amount being offered starts at ₹ 1000 to ₹ 1.5 crore and coming to the tenure period is from 3months onwards. While the percentage of loan amount is ₹10 at the time of the loan being attached.
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