5 Banks And Gold Loan Companies To Take A Gold Loan From

Gold Loan is an instant, safe and secured loan against your gold ornaments. As of now in the market there are a number of companies which are giving gold loan which often makes it confusing to select from where to take a gold loan. The things we should concentrate on when we opt for Gold Loans is the processing fee, interest rate, tenure and prepayment charges. Considering all these details we can select where to take gold loan from and we have a list of 5 banks and institutions from where one can select a gold loan. One of the top private Banks in India, ICICI Bank gold loan charges a processing fee of one per cent of the loan amount. There is also a service charge that is applicable on the gold loan. the interest rate varies from 10 percent to 16.50 per cent depending upon a few things. These include the loan tenure. Remember, the loan tenure ranges from 6 to 12 months. ICICI Bank also charges a pre-payment charge of one per cent of the outstanding amount, if you payback early. There is a penal charge on the loan, if it is not paid on the due date of every month at the rate of 0.50 percent of tenure/Month.Advertisement HDFC Bank which is also one of the top private banks in India also offfers gold loans. There is a processing fee of 0 to 0.5 percent of the loan amount and service charges as applicable.The interest rate varies from 11.50 percent to 13.00 percent depending upon a few criteria like the loan payment tenure. This tenure ranges from 6-48 months.There is also a prepayment charge which varies from 0 percent to 1 percent of the outstanding amount. There is a Penal charge if the loan is not paid on the due date of every month at the rate of 0.16 percent of tenure/Month. Manappuram Finance or MAFIL is a non-banking financial company and it is Indias first listed and highest credit rated gold loan company. The company offers gold loan with a processing fee that is fixed at Rs.10 and should paid at the time of settlement. The interest rate varies from 14 per cent to 26 per cent depending upon the loan repaying tenure, which can be 1 day to 3 Months. The applicable pre-payment charges are Nil. There is a penal charges if loan is not paid on the due date of every month, which will be 0.25 percent of tenure/Month. Muthoot like Manappuram is another of the the gold loan companies in India. The company charges a processing fee of 0.25 percent to 1 percent of the loan amount and service charges that are currently applicable. The interest rate varies from 12 per cent to 24 per cent depending upon the loan tenure for repaying, which could be from 1 month to 36 months. The prepayment charges are nil. There is a penal charge if the loan is not paid on the due date of every month will be 0.16 percent of tenure/Month SBI is the only nationalised bank which stands in the race of gold loans and and its gold loan charges are as follows: The processing fee is 0.51 percent to 1.01 percent of the loan amount and the service charge applicable is a maximum of 1022. The interest rate is 11.05 per cent fixed, while the loan repaying tenure is 3 months to 30 months. Interestingly, the prepayment charges are nil. There are no penal charges if the loan is not paid on the due date of every month. All the above banks have EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme for Repayment.