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PNB Gold Loan Interest Rate

PNB Gold Loan Interest Rates Apr 2021

Last Updated 12th Apr 2021

PNB offers one of lowest gold loan rate of 8.75% , both for its existing bank customers as well as new borrowers. PNB jewel loan interest rate varies by amount of loan, purity of gold and loan to value ratio. Check Best Offers.

Gold Loan in PNB
PNB Gold Loan Rate 8.75% onwards
Processing Fee 0.70% of loan amount + taxes
Loan Tenure 1 month to 12 months
Loan Amount ₹ 1,000 to ₹ 10 Lakh
Prepayment Charges Nil
Gold Loan SchemeEMI Scheme, Bullet Repayment Scheme, Overdraft Scheme
Apply for Gold Loan @ 9.50%* Get upto ₹ 500* Cashback

PNB Gold Loan

Gold Loans are loans availed by pledging your gold ornaments with a bank. PNB gold loan can be taken for meeting urgent personal expenses like children education, marriage and other financial emergencies in the family as well as for business purposes. The gold mortgaged acts as a security to the loan. Taking a loan from PNB has the following benefits:

  • Pan India presence with a large branch network
  • Reasonable rate of interest
  • Complete safety of your gold in bank lockers

PNB Gold Loan Details

If you are planning to take a Loan against Gold from PNB, you need to know the following details of its gold loan schemes:

  • Purpose of Gold loan: To meet personal and business expense requirements
  • Collateral: Loan against security of your gold jewelry
  • Type of Gold Accepted: Gold jewelry of up to 50 grams with a purity of 18 to 22 carat
  • Customer Segments: PNB offers jewel loans to all individuals above 18 years of age including salaried, self-employed professionals, businessmen, students, pensioners and housewives
  • Gold Loan Features
    • PNB Gold Loan Interest Rate starts from 8.75%
    • PNB charges a processing fees of 0.70% of loan amount + taxes
    • Loan Tenure of Gold Loan ranges from 1 month to 12 months
    • Lowest EMI per lakh on Gold Loan from PNB is ₹ 8,734 offered at the lowest gold loan interest rate of 8.75% at the longest loan tenure of 12 months
    • PNB allows prepayment of jewel loans with Nil charges
  • Documents Requirement: Only basic KYC documents for address proof and income proof required. The bank doesn’t require you to submit your income proof or doesn’t check your CIBIL score for approving a gold loan.
  • Popular Gold Loan Schemes of PNB
    • EMI Scheme
    • Bullet Repayment Scheme
    • Overdraft Scheme

Comparison of PNB Gold Loan with other Banks

PNB offers gold loan at affordable interest rates. However, you must analyze multiple banks and their offers before applying for a jewellery loan.

Particulars PNB SBI HDFC Bank
Interest Rate 8.75% - 8.75% 7.50% - 7.50% 9.50% - 17.10%
Processing Fees 0.70% of loan amount + taxes 0.50% of the loan amount, minimum-₹ 500 1.50% of the loan amount
Loan Tenure 1 month to 12 months 3 months to 36 months 3 months to 24 months
Loan Amount ₹ 1,000 to ₹ 10 Lakh ₹ 20,000 to ₹ 20 Lakh ₹ 25,000 to ₹ 50 Lakh
Foreclosure Charges Nil Nil Nil after 3 months
Repayment Options Y Y Y
Lowest EMI Per Lakh ₹ 8,734 per lakh ₹ 3,111 per lakh ₹ 4,591 per lakh

How can I get a Gold Loan from PNB ?

You can apply for a gold loan with PNB directly through branch walk-in or by filling an online application form. However, to get the best gold loan rate offers and comparison of all banks, you can apply online through MyLoanCare. MyLoanCare will give you a detailed comparison of gold loan schemes of all banks, calculate your gold loan eligibility and connect you to the best bank for gold loan. Customer representatives of bank will get in touch with you instantly to fix up an appointment for branch visit. You will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting loan is smooth, convenient and quick. You can get gold loan in a single branch visit during which PNB will do an appraisal of your jewellery in terms of its purity and weight. In case, the jewelry meets the bank standards, the bank will sanction your loan and give you an instant loan against the security of your gold jewelry.

PNB Gold Loan Interest Rate Calculator

Lowest Gold Loan Interest Rate in PNB is 8.75%.The factors that are used by PNB to calculate interest on gold loan are loan amount, loan tenure and loan required as a percent of value of gold jewelry. PNB’s existing account holders get gold loan at best rates compared to other customers.

  • Loan Amount: The amount of gold loan you avail depends on the weight of jewelry you can pledge with the bank. Generally, banks offer a jewel loan per gram of gold which differs by the purity of gold and loan to value ratio offered. Banks offer lower interest rates for higher amount. PNB offers loan between ₹ 1,000 and ₹ 10 Lakh amount.
  • Relationship with the Bank: PNB offers special rates, offers and charges to the existing account holders of the bank. Those who have made their payments on time in the past can get the benefit of low gold loan interest rate from PNB.
  • Loan tenure: Many banks charge higher rate of interest for gold loans of lower tenure and lower interest rate for gold loans of higher tenure. PNB offers gold loan with a tenure of 1 month to 12 months.
  • Loan to Value ratio: Maximum gold loan to value of gold jewelery ratio on gold jewelry has been fixed at 75% by RBI. However, PNB also offers loans at lower LTVs. Interest rate on loans with lower LTV will be lower compared to loans with higher LTV. Maximum LTV offered by PNB is 75% calculated on net weight of gold in your jewelry.
  • Purpose of Loan: All banks, including PNB also offer gold loan for agricultural purposes at low concessional rates, as the same is counted under priority sector lending targets of the bank. PNB's gold loan interest rate for agricultural loans is generally lower by 1-2% compared to its gold loan rate for regular customers.

Other Charges of Gold Loan PNB

In addition to interest rates, PNB also carry some other charges while offering gold loan which include:

  • Processing fees – PNB charges minimum processing fees 1.50% of the loan amount. To get lowest fee, gold loan interest rates comparison, offers and cashback apply online through MyLoanCare.
  • Prepayment and foreclosure – Banks allows prepayment of gold loan and typically levy prepayment or foreclosure charges i.e. Nil.

Documents Required for PNB Gold Loan

The documentation process of PNB is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows:

  • Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card
  • Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement

FAQs

How much gold loan can I avail from PNB?

You can get upto ₹ 10 Lakh as gold loan from PNB.

How can I check my PNB gold loan status?

You can log in to your MyLoanCare account, the status of your loan will be shown on the home page of your account. Alternatively, you can also check your gold loan status by logging into the net banking account that received at the time of availing the loan. However, if you are concerned about the loan approval status, then in case of a gold loan, the process of acceptance to disbursal is done within 24 hours.

Is gold loan PNB available online? Is there a PNB gold loan online payment facility?

No, you cannot apply gold loan online in PNB to get a quick loan. Yes, PNB offers gold loan online payment facility.

Are there any prepayment charges on gold loan?

Yes, you can prepay your jewel loan. Applicable prepayment charges - Nil.

Does PNB offer Agricultural Gold Loan?

No, PNB does not offer any special gold loan scheme for agriculture. You will need to avail loan against gold against the bank’s regular gold loan scheme, even if you need it for agricultural purposes.


PNB Gold Loan News - Apr 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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