Gold Loan: How much interest will have to be paid on gold loan of 5 lakhs, how much will be the EMI of banks

The Central Bank is giving gold loan at the rate of 7.10 percent on a loan of 5 lakhs for 2 years. Central Bank EMI will be Rs 22,409. Indian Overseas Bank is offering loan at the rate of 7.40% and EMI of Rs 22,477.

Aug 03, 2022 | 2:02 PM

TV9 Bharatvarsh | Edited By: Ravikant Singh


Aug 03, 2022 | 2:02 PM




If there is a dire need of money in a crisis, then only two things come to mind.  Loan should be taken either from relative or from a partner, or on the gold kept in the house.  Relatives can even refuse to give you money for one time.  But this is not the case with gold loans.  If your gold is genuine, then the bank or finance company will definitely give a loan.  That too with full respect.  Gold or jewelry kept in the house is the best thing in bad times.  All you have to do is keep in mind the current gold rate, on the basis of which the gold loan rate and EMI is determined.

If there is a dire need of money in a crisis, then only two things come to mind. Loan should be taken either from relative or from a partner, or on the gold kept in the house. Relatives can even refuse to give you money for one time. But this is not the case with gold loans. If your gold is genuine, then the bank or finance company will definitely give a loan. That too with full respect. Gold or jewelry kept in the house is the best thing in bad times. All you have to do is keep in mind the current gold rate, on the basis of which the gold loan rate and EMI is determined.

Like other loans, gold loan can also be repaid in installments.  Your gold will be returned to you when the entire loan amount is returned.  Since the loan is taken from banks or finance companies, there is no risk of gold being lost or adulterated.  However, you must keep in mind that take a gold loan from a trusted bank or finance company only so that there is no risk of any kind of danger.  How much loan against gold will be available will depend on the current gold rate and the purity of the gold.

Like other loans, gold loan can also be repaid in installments. Your gold will be returned to you when the entire loan amount is returned. Since the loan is taken from banks or finance companies, there is no risk of gold being lost or adulterated. However, you must keep in mind that take a gold loan from a trusted bank or finance company only so that there is no risk of any kind of danger. How much loan against gold will be available will depend on the current gold rate and the purity of the gold.

Gold loan comes under the category of secured loan, so you do not need to give a high credit score.  If you have a low credit score then it will work.  Your gold should be pure and meet the conditions of the lender.  If everything goes well, you will be given the loan amount within a few hours of applying for the loan.  You do not even need to submit separate papers for the loan as your gold is the security.  This is the reason why banks are less hesitant in giving gold loans.

Gold loan comes under the category of secured loan, so you do not need to give a high credit score. If you have a low credit score then it will work. Your gold should be pure and meet the conditions of the lender. If everything goes well, then within a few hours of applying for the loan, you will be given the loan amount. You do not even need to submit separate papers for the loan as your gold is the security. This is the reason why banks are less hesitant in giving gold loans.

Now let us know what is the rate of gold loan in which bank and how much EMI will be deducted.  Here we will see the rate of loan of 5 lakhs and tenure of 2 years.  The Central Bank is giving gold loan at the rate of 7.10 percent on a loan of 5 lakhs for 2 years.  Central Bank EMI will be Rs 22,409.  Indian Overseas Bank is offering loan at the rate of 7.40% and EMI of Rs 22,477.  The country's largest public sector bank State Bank of India is offering a loan of Rs 22,568 at the rate of 7.80 percent.

Now let us know what is the rate of gold loan in which bank and how much EMI will be deducted. Here we will see the rate of loan of 5 lakhs and tenure of 2 years. The Central Bank is giving gold loan at the rate of 7.10 percent on a loan of 5 lakhs for 2 years. Central Bank EMI will be Rs 22,409. Indian Overseas Bank is offering loan at the rate of 7.40% and EMI of Rs 22,477. The country’s largest public sector bank State Bank of India is giving loan on EMI of Rs 22,568 at the rate of 7.80 percent.

Punjab and Sind Bank is offering Gold Loan on EMI of Rs 22,591 @ 7.90 percent.  Federal Bank is offering loan on EMI of Rs 22,611 @ 7.99 percent.  Punjab National Bank is offering loan on EMI of Rs 22,648 @ 8.15 percent.  Canara Bank is offering Gold Loan on EMI of Rs 22,648 @ 8.15%.  Union Bank is offering Gold Loan on EMI of Rs 22,671 @ 8.25%.  Bank of India is offering Gold Loan on EMI of Rs 22,705 @ 8.40 percent.  Indian Bank is offering Gold Loan on EMI of Rs 22,705 @ 8.40 percent.

Punjab and Sind Bank is offering Gold Loan on EMI of Rs 22,591 @ 7.90 percent. Federal Bank is offering loan on EMI of Rs 22,611 @ 7.99 percent. Punjab National Bank is offering loan on EMI of Rs 22,648 @ 8.15 percent. Canara Bank is offering Gold Loan on EMI of Rs 22,648 @ 8.15%. Union Bank is offering Gold Loan on EMI of Rs 22,671 @ 8.25%. Bank of India is offering Gold Loan on EMI of Rs 22,705 @ 8.40 percent. Indian Bank is offering Gold Loan on EMI of Rs 22,705 @ 8.40 percent.






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