Gold Loan Tips: Where to get the cheapest Gold Loan, check the latest interest rates..

Gold Loan: In case of emergency, funds are required without any delay. In such a situation, there are many options available to arrange funds through loans, among these options, there is also a gold loan. Funds can be easily arranged with the help of a gold loan. This type of loan comes under the category of a secured loan. In this, the person taking the loan has to keep the jewelry of the house as collateral with the bank or the financial institution issuing the fund in lieu of the loan. After doing this, banks or financial institutions issue loans to the person who has applied for such a loan.

Jewelry will have to be kept in the bank as collateral
The loan amount issued by the bank is decided on the basis of the price of gold in the market. When a person applies for a gold loan with a bank, then he will have to keep the gold of the house ie jewelry with the bank or financial institution as collateral in lieu of the funds to be issued. If the person who borrows from the bank repays the loan amount and fixed interest on time, then he will get his gold back. Gold loan is a secured loan, so it is provided by most financial institutions at a lower interest rate than other loans.

These banks are giving gold loans at cheap rates
For your convenience, details about the gold loan scheme, interest rate, and monthly installment (EMI) offered by more than 15 banks and 3 non-banking financial companies are given here. Gold loan of up to 5 lahks is being offered by these financial institutions. The loan period ie loan tenure is 5 years. Union Bank, included in the list, is offering its customers a loan of up to Rs 5 lakh for 2 years at an interest rate of 8.40 percent per annum. In this loan scheme, the person taking the loan will have to deposit EMI in the form of a monthly installment of Rs 22,705. Similarly, Central Bank is offering loans at 8.45 percent interest rate, SBI at 8.55 per cent interest rate on annual basis. You can check this list before taking a gold loan. This list can prove to be helpful for you in getting a loan at a cheaper rate.