Rs 2 lakh Gold Loan EMIs From Rs 6175: Check Out The Latest Offers From Top Lenders
Gold loans are often the preferred financing option for countless borrowers in the country. Not only could these secured loans help meet the borrower’s financial goals, but they could also be extremely helpful during a financial emergency.
The high availability of loan collateral (household gold jewelry or coins), usually lower interest rates than unsecured loan products such as a personal loan, and the ability to make loan disbursements quickly and easily are usually the main reasons behind the popularity of gold loans. This funding facility could also be very useful for borrowers with average to low credit scores who may not qualify for good personal loan deals.
However, before applying for a gold loan, borrowers must verify that the value of their pledged collateral is sufficient to meet their funding needs. Lenders typically lend up to 75% of the market value of the pledged gold in the form of gold loans. You should also compare different gold loan quotes online to find the one that best suits your needs, according to BankBazaar.
In addition, prospective borrowers should also consider related fees such as the processing fee and foreclosure fees (if applicable) before finalizing their decision. Most importantly, you should carefully consider the affordability of your gold loan EMIs before making a decision, as any negligence in making repayments could result in the potential loss of your precious assets.
So if you are looking for a gold loan, here are the latest deals from some of the country’s leading banks and NBFCs. We have also provided the indicative EMIs for Rs 2 lakh gold loans taken out for 3 years for each of the lenders listed in the table below.
Note that we only considered the lowest advertised gold loan rate for each of the lenders, did not include any processing fee or other fees for the EMI calculation, and the interest rates that apply to you may be higher depending on the loan amount and LTV ratio, loan term or other terms of your chosen lender.
Interest Rates and Indicative EMIs for Rs. 2 Lakh 3 Year Gold Loans
Disclaimer: The interest rates on gold loans for all listed (BSE) public and private banks and selected NBFCs were taken into account for the preparation of the data. Banks whose data is not available on their website are not taken into account. Data collected from respective websites on June 29, 2021. Lenders have been listed in ascending order by interest rate, i.e. the bank / NBFC that offers the lowest interest rate on gold loans (for various loan amounts) is placed at the top and the highest the lower. The lowest advertised rate offered by the lenders has been taken into account in the table. The indicative EMIs have been calculated based on the interest rate shown in the table for Rs 2 lakh gold loans with a term of 3 years (processing fee and other fees are assumed to be zero for the EMI calculation). * Minimum APR for the quarter January through March 2021.
Data compiled by BankBazaar.com, an online marketplace for lending, credit cards and more.