Last Updated on February 22, 2023 by admin
The loan against the collateral of gold has never been as useful as it is today. The modern banking system offers a wide range of financing facilities to its customers; but everyone does not have access to these services. This is where gold loans come into play. The loan against the collateral of gold was not easy for banks to offer at lower interest rates and without any legal hassles. But now, due to the technological advancement, this facility has become easily available for Indian customers with an attractive interest rate
At Muthoot FinCorp, gold loan is a source of money to fulfil your short-term as well as long-term needs. We lend against your existing gold ornaments, making it easy for you to get cash or buy back your ornaments. It is the easiest way to avail loans and proves to be a sensible alternative to availing loans from banking channels.
Gold loan is a type of short-term financing that has recently seen a surge in popularity. As such, it is essential to find gold loan providers you can trust, and Muthoot Fincorp has stepped up to the task. With fast loan disbursements and competitive interest rates, as well as an excellent customer experience, they are a company to invest your time and money in.
Muthoot Fincorp is one of the biggest Gold Loan companies in India. With a wide network of 4,265 branches across 21 states and four union territories, it is well known for its reputation in the industry. When it comes to Gold Financing, it is the most trusted name. Customers can get a loan of up to Rs. 1 crore sanctioned within 5 minutes against jewellery. The loan process here is hassle-free with minimum documentation.
Union Bank of India:
Union Bank of India provides a Co-debt based loan that solely lays emphasis on the needy farmers along with individuals who require money urgently. The loan will be offered only on gold ornaments and on the gold coins sold by banks. Presently, Union Bank of India offers an annual interest rate of 2.65% on loans that are linked to the MCLR (marginal cost of funds based lending rate), which is one and a half percent higher than what the bank was charging earlier. The maximum amount available has been capped at Rs. 20 Lakh.
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SBI (State Bank of India) is the biggest public sector bank in India. It is a state-owned corporation with its headquarters in Mumbai, Maharashtra. Let’s look at one of the most popular offerings by SBI – Gold Loan. You can easily avail this loan when you meet the eligibility criteria set by the bank and repay it within 3 years (maximum repayment tenor). The max amount you can borrow is Rs. 20 Lakh while the interest rates start from 7.50%.
Kotak Mahindra Gold Loan:
Kotak Mahindra Gold Loan helps you to fulfill all your financial requirements instantly. Apply for this loan within minutes and avail instant funds to meet urgent requirements. The tenure can be extended as per the requirement. The minimum loan amount is Rs. 20,000 and maximum is Rs. 25 Lakh for new customer, while existing customers can apply for a maximum of Rs 50 Lakh
ICICI Bank :
For the first time in India, ICICI Bank has introduced Gold Loan that offers a variety of financial solutions to meet different needs and requirements. You can avail gold loans available at an attractive interest rate starting from 10% to meet your short- or long-term financial needs. Furthermore, ICICI Bank assures quick and simple application & approval process starting from 30 minutes for a maximum repayment period of 12 months.
Canara Bank gold loan:
Canara Bank Gold Loan, also known as Swarna loan is considered a valuable resource for all those who need urgent funds to fulfill their long standing financial commitments.