PNB Gold Loan Interest Rate
PNB Gold Loan Interest Rates May 2017
|Interest Rate||10.75% - 11.75% Check Best Offers|
|Repayment Options||EMI Scheme, Bullet Repayment Scheme, Overdraft Scheme|
|Loan Tenure||12 months|
|Loan Amount||Rs. 1,000,000|
|Processing Fee||upfront fees of 0.70% of loan amount + taxes|
PNB Gold Loan
PNB Gold Loan Interest rate calculator works on various inputs like:
- Loan Amount - Generally banks offer lower interest rates for higher amount. However, PNB offers loan Rs. 1,000,000 amount.
- Relationship with the Bank – PNB offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low PNB gold loan interest rate.
- Repayment Capacity - Before giving loan to the borrower, PNB checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.
Eligibility of gold loan in PNB relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
- Quantity and quality of gold pledged: Gold loan eligibility depends upon the weight and assessment of purity of the gold jewelry that is being pledged. Gold ornaments karatage should be in the range of 18 to 24 karats. Both hallmarked jewellery and non hallmarked jewellery can be used for availing jewellery loan.
- Gold loan rate per gram: PNB will value the jewelry based on price of 22 carat gold adjusted for purity. PNB use thirty days average rates of 22 carat gold prices. You can also check today gold rate at MyLoanCare.
- Form of gold pledged: You can get loan from PNB against jewelry or ornaments with a purity of 18 carats or more and specially minted gold coins with a weight of up to 50 grams. You will not be eligible for loan against gold bars, ETFs (exchange traded funds), specially minted coins of more than 50 grams and ladies mangal sutra.
- Purpose for which loan is used: You can use the gold loan from PNB for personal, business and agricultural purposes. However, you should not use gold loan for speculative purposes such as purchase of gold coins, jewels, land, and investment in stocks, futures and options.
Gold Loan EMI of PNB is a fixed amount that you pay each month towards the repayment of your jewel loan. Lowest EMI offered by PNB is Rs. 8,827 per lakh loan amount at lowest gold loan interest rate of 10.75%. 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 10.75% per annum, EMI will be Rs. 8,827 per Rs. one lakh loan amount. At interest rate of 11.75% for the same loan, the EMI will be Rs. 8,873
- Loan tenure Longer the loan tenure, lesser your monthly EMI. At 10.75% per annum, the EMI would Rs. 8,827 for loan tenure 12 months
Documents Required for PNB Gold Loan
The documentation process of PNB is smooth. Here is a list of documents which are required to apply for home loan from PNB:
- Identity proof: PAN Card, Driving License, Passport, Driving License, Voter’s ID Card, Aadhar Card
- Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Registry Copy
Compare Gold Loan Interest Rates of PNB with other banks
Frequently Asked Questions on PNB Gold Loan
PNB gold loan interest rates today are 10.75% to 11.75%.What is the lowest EMI per lakh on PNB gold loan?
If you apply for loan against gold from PNB, your lowest EMI per lakh will be Rs. 8,827.What is the minimum and maximum tenure of PNB jewel loan?
You can repay your jewel loan from PNB in a flexible period of maximum 12 months.How much gold loan amount I can borrow from PNB?
PNB offers you loan against gold if you need a maximum amount of Rs. 1,000,000.How much processing fee is charged by PNB on jewel loan?
PNB charges a processing fee on gold loan- upfront fees of 0.70% of loan amount + taxes.Are there any prepayment charges on gold loan?
Yes, you can prepay your jewel loan. Applicable prepayment charges - Nil.