PNB Gold Loan is a loan against your gold jewellery. It is a secured loan where your gold jewellery acts as collateral for the loan amount. The loan amount is based on the value of your gold jewellery and the current market rate. PNB Gold Loan comes with numerous benefits and features that make it a convenient and attractive option for borrowers.
PNB Gold Loan Highlights
|Interest Rate||Starting at 7.90%|
|Loan Tenure||12 – 18 Months|
|Minimum Loan Amount||Rs 0.25 lakh|
|Maximum Loan Amount||Rs.10.00 lakh|
|Processing fee||0.75% of the loan amount plus GST|
|Documentation charges||Rs.500 – Rs. 5,000 including taxes|
What is a PNB Gold Loan?
PNB gold loan is a type of loan that is secured by gold. The gold serves as collateral for the loan, and the lender typically offers a lower interest rate than with unsecured loans. PNB Gold loans can be used for a variety of purposes, including business expansion, personal emergencies, or investments in gold. borrowers the freedom to prepay or foreclose their loan without incurring any additional costs. The approval process is quick and easy, and you can get your loan in as little as 24 hours. The interest rate on gold loans is competitive, and you can borrow up to 80% of the value of your gold.
PNB Gold Loan Interest Rate – 2022
When it comes to taking out a loan, one of the most important factors to consider is the interest rate. After all, this is the amount of money that you will be required to pay back on top of the original loan amount. Thankfully, PNB offers competitive interest rates on their gold loans, making it a great option for those in need of quick cash. pnb gold loan interest rates are based on Repo Linked Lending Rate (RLLR) which is 7.90%. Here is a look at the current interest rates for PNB gold loans:
SCHEME FOR ADVANCE AGAINST GOLD JEWELLERY/ORNAMENTS
|Loan Type||Rate Of InterestBased On RLLR|
|OD||RLLR+BSP + 0.75%|
ADVANCE AGAINST SOVEREIGN GOLD BONDS
|Loan Type||Rate Of Interest Based On RLLR|
|Term Loan/Demand Loan||RLLR+BSP+0.40%|
Note: These interest rates are subject to change at any time, so be sure to check with PNB before taking out a loan. However, even with these rates, PNB gold loans are still an attractive option due to the many benefits they offer.
PNB Gold Loan Interest Rate Calculator
PNB gold loan interest rate calculator is a great tool to use when considering a gold loan. It can help you determine what your interest rate would be and how much you would need to repay each month. It is important to remember that the interest rate on a gold loan can fluctuate, so it is important to check the calculator frequently.
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Features and Benefits of PNB Gold Loan
Let’s take a look at some of the key features and benefits of PNB Gold Loan:
- Competitive interest rates: PNB Gold Loan offers competitive interest rates starting from 7.90% per annum. This makes it an affordable and attractive option for borrowers looking to avail a gold loan.
- Purpose: In addition to productivity like farming and allied activities, this money also helps with our other expenses, such as medical and educational expenses. This can also help if we need unexpected cash for things like a marriage.
- Flexible repayment options: PNB Gold Loan offers flexible repayment options with tenors ranging from 12 to 18 months. This gives borrowers the flexibility to choose a repayment tenure that best suits their needs and repayment capacity.
- No pre-payment charges: PNB Gold Loan does not charge any prepayment or foreclosure charges.
- Easier to Qualify: This type of loan is easier to qualify for than other loans because the gold used as collateral lowers the risk for the lender.
Eligibility Criteria for PNB Gold Loan
PNB offers gold loans to both individuals and businesses. The eligibility criteria for a PNB gold loan are as follows:
- You must be an Indian citizen
- You must be at least 18 years old
- You must have valid ID proof (PAN card, Aadhar card, passport, etc.)
- You must have a regular source of income
- You must have some form of collateral (gold jewellery, coins, bars, etc.)
If you meet all of the above criteria, you can apply for a PNB gold loan by filling out an application form and submitting it to your nearest PNB branch.
Documents Required for PNB Gold Loan
When you are ready to apply for a PNB gold loan, there are a few documents that you will need to have in order to complete the process. Here is a list of the required documents:
- A valid photo ID: This can be your passport, driver’s license, or any other government-issued ID.
- Proof of residence: You will need to provide a utility bill or any other official document that proves your current address.
- Income proof (If Required): In order to qualify for a PNB gold loan, you will need to provide proof of income. This can be in the form of payslips, tax returns, or any other official document that shows your income.
- Gold collateral: Of course, you will need to provide the gold that you are using as collateral for the loan. The gold must be in the form of jewelry, coins, or bars, and it must be inspected by a PNB representative before the loan is approved.
How to Apply for PNB Gold Loan
Are you in need of quick financial assistance? If yes, then a gold loan from Punjab National Bank (PNB) could be the ideal solution for you. PNB offers gold loans at competitive interest rates and with a host of other benefits. In this article, we will take you through the process of applying for a PNB gold loan.
Applying for a PNB gold loan is simple and can be done either online or offline. If you choose to apply offline, then you will need to visit your nearest PNB branch with your KYC documents and the required amount of gold. The bank will then appraise the gold and disburse the loan amount.
If you wish to apply online, then you can do so by visiting the official website of PNB. On the website, you will need to fill in an online application form and submit it along with scanned copies of your KYC documents and photos of the gold that you wish to pledge. Once your application is processed, the loan amount will be disbursed to your account.
Who Should Apply for a Gold Loan?
A gold loan is a type of secured loan where the borrower uses their gold as collateral against the loan. The interest rate on a gold loan is usually lower than that of an unsecured personal loan, making it a popular choice for borrowers who are looking for a low-cost loan. Gold loans can be used for a variety of purposes, including financing a business, paying for medical expenses, or consolidating debt.
So, who should apply for a gold loan? Generally, anyone who owns gold and needs financial assistance can apply for a gold loan. However, there are some situations where a gold loan may not be the best option. For example, if you need a large amount of money and don’t have enough gold to collateralize the loan, you may want to consider other options. Additionally, if you’re not comfortable with using your gold as collateral, you may want to consider another type of loan. If you’re looking for a low-cost loan and are comfortable using your gold as collateral, then a gold loan may be right for you.
PNB Gold Loan Customer Care
PNB Gold Loan Customer Care is available to help you with any questions or concerns you may have about your gold loan. You can contact them by phone & email.
- Toll-free numbers: 1800 180 2222 and 1800 103 2222
- Email ID: email@example.com
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PNB Gold Loan is a great option for those in need of quick cash. The loan amount is based on the value of your gold, so you can borrow as much or as little as you need. The interest rates are reasonable, and you can repay the loan over a period of time that suits your needs. If you are looking for a gold loan, PNB is a good option to consider.
FAQs on PNB Gold Loan
Q1. What is PNB Gold Loan?
A. PNB Gold Loan is a loan against gold offered by Punjab National Bank. The loan can be used for various purposes such as wedding expenses, medical emergencies, business expansion etc. The loan amount is determined based on the value of the collateral (gold).
Q2. How much loan can I get against gold?
The loan amount will depend on the purity and weight of your gold. You can get up to 80% of the value of your gold as a loan.
Q3. What is the interest rate on PNB Gold Loan?
A. The interest rate on PNB Gold Loan starts at 10.75% per annum. However, the final interest rate will be decided by the bank based on your profile and other factors.
Q4. What are the repayment terms for PNB Gold Loan?
The repayment tenure for PNB Gold Loan is flexible and can extend up to 36 months.