Loans against gold have become increasingly popular for obtaining quick loans whenever needed. Many people take loans by mortgaging their gold with banks. These loans offer many benefits. However, if you take a loan of 5 lakhs, how much EMI should you pay per month? Let’s look at the list of banks offering gold loans at the lowest interest rates.
Nowadays, gold is not only for decoration but also for financial security. When money is scarce, gold can be mortgaged, and loans can be taken from banks. Banks provide loans on gold at the lowest interest rates. The documentation required for taking these loans is also minimal. In recent times, many people have been borrowing gold for business or other needs. They pay back the loan on time and get back their gold.
Currently, the gold price of Tulam has crossed Rs. 66 thousand. Now, banks are also coming forward to give more loans on gold. Most banks have interest rates of less than 9%. If you take a loan of Rs. 5 lakhs by depositing gold in the bank for 2 years, how much will be the EMI per month? Let’s find out which banks are offering low-interest loans.
Indian Bank, a leading public sector bank, offers gold loans at an interest rate of 8.65%. If you take a gold loan of Rs. 5 lakhs for a tenure of 2 years, your monthly EMI will be Rs. 22,599.
HDFC Bank, a leading domestic private sector bank, also offers gold loans at lower interest rates. Currently, gold loans are given at an interest rate of 8.5%. If you take a loan of Rs. 5 lakhs for a tenure of 2 years, the monthly EMI will be Rs. 22,568.
Punjab National Banks, including Canara Bank, charge 9.25% interest on gold loans. If you take a 5 lakh gold loan in these two banks, you will need a monthly EMI of Rs. 22,725.
Most people take gold loans from the Union Bank of India, which has the most branches in Telugu states. This bank’s gold loan interest rate is 8.7%. If you take a Rs. 5 lakh loan for a 2-year tenure, your monthly EMI will be Rs. 22,610.
State Bank of India, the largest public sector bank, has gold loan interest rates of 9.6%. If you take a loan of Rs. 5 lakhs for 2 years, you will have to pay a monthly EMI of Rs. 2,798.
Bank of India, another public sector bank, offers an interest rate of 8.8% on gold loans. For a two-year gold loan of Rs. 5 lakhs, you will pay a monthly EMI of Rs. 22,631.
