In India Gold is treated as safe heaven asset class, indeed it is treated as an alternative to liquid cash. By Pledging gold ornaments, many financial institutions offers instant loan facility within minutes. So the relation between gold and cash is inter-linked.
Eventoday, Indians prefer to take gold loans as they are easily available and offers higher liquidity. Most of the times, Gold loans helps in fulfilling childs higher education, meet the needs of business expenses, agriculture needs(Farmers)etc.
Such relevance is there for Gold Loan. So if you are looking for gold loan and want to compare interest rates of all lending institutions, check it out here-
|Name of the Bank||Interest Rate(Per Annum)-Depending on the Loan Amount|
|State Bank Of India||7% onwards|
|Bank of Baroda||9-9.15%|
|Punjab National Bank||7.70-8.75%|
|Bank of Maharashtra||7.10%|
|Union Bank of India||9.40-10.15%|
Please note that banks charge “Processing Fee’ for sanction of gold loan and it may vary from bank to bank.
Before taking gold loan, enquire about the Processing Fee details of all banks in advance and take decision.