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PNB Gold Loan Per Gram

PNB Gold Loan Calculator

Last Updated 01st Mar 2021
Eligibility Criteria PNB Gold Loan
Gold Loan per gram ₹ 2,476 to ₹ 3,026 depending on the purity of gold
Age of Borrower 21 - 65 years
Maximum Loan Amount ₹ 10 Lakh
Maximum Loan to Gold Value Ratio Up to 75%
Purity of Eligible gold 18 carat to 22 carat gold
Maximum Loan Tenure 12 months
Lowest EMI Per Lakh ₹ 8,734
Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

PNB Gold Loan Per Gram

PNB gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewellery. You will get loan on the basis of the purity and gold price of your jewelry adjusted for loan to value ratio.
As per the latest gold prices, PNB offers a gold loan per gram of ₹ 2,476 to ₹ 3,026. Highest PNB gold loan rate per gram today is ₹ 3,026 for 22 carat jewellery calculated at a maximum LTV of 75% and average gold loan prices of last 30 days in 2021 is ₹ 4,483 of 22 carat.

Gold Loan Calculator PNB

MyLoanCare’ s PNB Gold Loan Calculator gives you an estimate of the amount of gold loan you can avail basis the following factors.

  • Purity and net weight of gold used in jewelry: The bank will use their in-house valuer to assess the purity and net weight of gold in your jewelry. Gold used in the jewelry should be of a purity of 18 to 24 carats. PNB will also reduce the weight of gems and stones from the jewelry to calculate the net weight of jewelry. The valuer will give his findings in writing.
  • Price of gold: Once the valuer estimates the purity and net weight of gold in your jewelry, PNB will multiply it with the price of gold to calculate the value of gold. RBI has instructed banks to apply the past 30 days average price of 22 carat gold adjusted for purity of gold. So, if the gold is of 20 carat purity, PNB will apply the 30 days average of 22 carat gold multiplied by a factor of 20/22 to adjust the value of gold.You can also check today's gold rate at MyLoanCare.
  • Loan to Value Ratio: Once the value of jewelry is calculated, PNB will apply a LTV of up to 75% to calculate your jewel loan amount eligibility. If you are willing to take a loan amount lower than your maximum LTV, PNB may offer you a lower interest rate.

PNB Gold Loan Rate Per Gram by Gold Purity

The following table gives an approximate estimate of gold loan per gram PNB will offer against gold jewelry of different purity levels at a maximum LTV of 75% and lower LTV of 65%.

Gold Purity Gold rate per gram- average of past 30 days PNB best Gold Loan per gram PNB lowest Gold Loan per gram
22 carat₹ 44,830₹ 3,026₹ 2,623
20 carat₹ 40,755₹ 3,026₹ 2,384
18 carat₹ 36,679₹ 2,476₹ 2,146

The above table shows the method by which PNB Bank will calculate your per gram gold loan for gold of varying purity.

  • Gold loan per gram in PNB Bank offer for 22 carat jewelry will be between ₹ 2,623 to ₹ 3,026
  • PNB Bank gold loan per gram offer for 20 carat jewelry will be between ₹ 2,384 to ₹ 3,026
  • Gold loan per gram offer of PNB Bank for 18 carat jewelry will be between ₹ 2,146 ₹ 2,476

Tips to Get Best Gold Loan Amount Per Gram from PNB

  • PNB accepts both hallmarked and non-hallmarked jewelry for getting a gold loan. However, you can get highest gold loan per gram for hallmark jewelry, as it reduces the chances of under-valuation by the valuer. Also, some banks charge a lower processing fees on hallmarked gold jewelry.
  • PNB adjusts the price of 22 carat gold for purity of gold. Hence, always try to borrow against higher purity jewelry as it will fetch you the highest amount for gold loan.
  • PNB will calculate the net weight of jewelry to calculate the amount of loan against gold you can get. Always, try to choose jewelry which has minimum gems and stones. Most of the banks will reduce the weight of gems and stones from total weight of jewelry. PNB will rely on the report of his gold valuer to calculate the net weight. Higher the weight of gems and stones in jewelry, lower the net weight and value of jewelry which results in lower amount of jewel loan you can are eligible to get Further, PNB will not accept diamond jewelry if the gold used is of less than 18 carat purity. Most of the diamond jewelry is made in 16 carat to 18 carat gold and hence, will result in very low gold loan per gram.
  • Always try to get the maximum LTV on the value of gold. PNB is allowed by RBI to charge a maximum LTV of up to 75% to calculate the amount of gold loan you are eligible for.

ILLUSTRATION: The loan amount eligibility is decided on the basis of purity of gold, LTV and weight of gold. Suppose Mr. A and his two friends Mr. B and Mr. C own different amounts of gold with varying purity. Mr. A has 50 gram of gold with a purity of 22 carat. Mr. B has 60 gram of gold with a purity of 20 carat and Mr. C has 70 grams of gold with a purity or 22 carat. They approach PNB to avail a gold loan. The price applied to calculate their gold loan amount eligibility based on maximum LTV of 75% will vary by the purity of gold and hence, will result in varying gold loan eligibility.

Carats / Weight of gold Gold Weight (in gm) Purity of Gold (in carat) Gold Loan Eligibility
Mr. A 50 22 ₹ 2.01 Lakh
Mr. B 60 20 ₹ 2.19 Lakh
Mr. C 70 18 ₹ 2.30 Lakh

As noted in the illustration above, despite having the highest weight of gold, PNB will offer the lowest gold loan rate of ₹ 2.01 Lakh due to lower purity of gold at 22 carat.

In the same illustration, PNB will offer the highest gold loan amount to Mr. A at ₹ 2.30 Lakh, despite having the lowest weight of gold. Hence, clearly one can improve the gold loan amount eligibility from PNB by opting to pledge a high purity gold jewelry.

PNB Gold Loan EMI Calculator

Gold Loan EMI of PNB is a fixed amount that you pay each month towards the repayment of your jewel loan. PNB offer EMI scheme on gold loan. The following table is illustrative and is applicable only if the bank offers EMI scheme on gold loan. Lowest EMI offered by PNB is ₹ 8,734 per lakh loan amount at lowest gold loan interest rate of 8.75%. Gold loan EMI of PNB depends upon:

  • Rate of interest: Higher the interest rate, higher will be the EMI. For a 12 months gold loan from PNB at interest rate of 8.75% per annum, EMI will be ₹ 8,734 per ₹ 1 Lakh loan amount. At interest rate of 8.75% for the same loan, the EMI will be ₹ 8,734
  • Loan tenure: Longer the loan tenure, lesser your monthly EMI. At 8.75% per annum, the EMI would range from ₹ 1,00,729 to ₹ 8,734 for loan tenure ranging from 1 month to 12 months

Use EMI Calculator to calculate your interest on gold loan at different tenure

Gold Loan EMI for ₹ 1 Lakh loan amount at lowest 8.75% interest rate offered by PNB Bank for different tenures

6 months 12 months
PNB EMI for a loan amount Rs. 1 lakh at 8.75% 17,095 8,734
Total amount you pay back to the bank including principal and interest 1.03 Lakh 1.05 Lakh
Interest you have to pay over loan tenure 2,570 4,808

As you can see in the above table that longer the loan tenure, lower is the EMI you pay on gold loan. However, your total interest outgo is significantly higher in case of long tenure loan. In the above example, if you take a ₹ 1 Lakh loan for a period of 12 months, the lowest EMI you will pay of ₹ 8,734. However, you pay an interest of ₹ 4,808 on a ₹ 1 Lakh loan.

In comparison, if you take a ₹ 1 Lakh loan from PNB at the lowest interest rate for a period of 6 months, your monthly EMI will be as high as ₹ 17,095 and pay an interest of only ₹ 2,570 which is less than what you paid in a 12 months loan. Hence, you must choose your loan tenure wisely as longer tenure leads to high interest cost.

Other Loan Calculators

FAQs

What is the age limit required for gold loan from PNB?

The minimum age should be 21 years and maximum age should be up to 65 years.

What is the maximum loan amount that I can avail on gold loan from PNB?

The maximum loan that you can avail is up to 75% of the market value of the gold depending on the quality of the gold.

What is the loan tenure of PNB gold loan?

PNB gives gold loan to the applicants for a maximum tenure of 12 months. So, the borrower should be sure about the repayment capacity of the loan.

What kind of gold items are accepted and rejected as a security?

Gold ornaments with carats in the range of 18 to 24 and weight of more than 50 grams are accepted by PNB. PNB does not allow customer to borrow against gold bars, exchange traded funds and ladies mangal sutra.

How much processing fee is applicable in PNB gold loan?

PNB charges a processing fee of 0.70% of loan amount + taxes on gold loan.


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PNB Gold Loan News - Mar 2021
  • 2021-02-08 : PNB reported net profit of 506 crores
    PNB posted an 18.5% year-on-year decline in its net profit to Rs 506 crore for the quarter ended December. Further, the bank reported net interest income on the back of retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans at Rs 8,313 crore.
  • 2020-12-29 : PNB completes IT integration of all branches of two merged entities
    Punjab National Bank clarified that the customers of the former OBC Bank are now migrated to CBS of PNB wherein they can transact seamlessly via existing branches and digital banking channels like internet banking and mobile banking. The amalgamation of PNB, United Bank of India and OBC has come into effect from April 1, this year. The merger created the second-largest nationalized bank in terms of business and total branches.
  • 2020-11-03 : PNB reported an 18% decline in Q2 net profit
    PNB posted a 22% increase in net profit to Rs 621 crore in the second quarter against Rs 507 crore in the year-ago period. Bank net interest income rose to Rs 8,393 crore and the bank’s net interest margin improved to 3.21% for the quarter ended September. Further, PNB’s total income backed by retail loans like home, personal, gold, two-wheeler and car loans along with mudra and business loans stood at Rs 23,439.
  • 2020-08-25 : PNB to offer one-time loan restructuring option
    Punjab National Bank is planning to provide a one-time loan restructuring window to corporate and retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans. The plan is to assist customers whose income has decreased due to COVID-19 pandemic and subsequent lockdown.
  • 2020-08-24 : PNB Q1FY21 net profit at Rs. 475.19 crore
    Punjab National Bank posted a net profit of Rs.475.19 crores for the period ended June 30, 2020, as against a net loss of Rs.596.99 crores for the period ended March 31, 2020. In addition to this, the bank reported total income of Rs.24727.72 aided by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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