Compare Gold Loan - PNB vs Canara Bank

Compare EMI of PNB and Canara Bank Gold Loan

Which bank offers lower interest rate on Gold Loan – Canara Bank or PNB?

As per the current rates, Canara Bank offers a lower interest rate of 7.35% on Gold Loan when compared to PNB which offers a Gold Loan at 8.75%.

How does Canara Bank Gold Loan compare with PNB Gold Loan?

Gold Loan or Jewel Loan is an easy loan to get instant credit without the need to have a good credit score and income documents. Anyone is eligible to get the gold loan, provided the person has 18-22 carat gold jewelry to offer as collateral. Hence, while comparing Canara Bank and PNB for gold loan and choosing the best bank, it is important to compare three factors which are their rate of interest, gold loan per gram eligibility as well as repayment options such as EMI, Bullet and Overdraft.

• Lowest Canara Bank Gold Loan interest rate is 7.35%, which is lower than the lowest interest rate of PNB at 8.75% and hence, Canara Bank is offering a cheaper loan option.
• When compared on other Gold Loan charges such as processing fees, PNB charges a processing fee of 0.70% of loan amount + taxes while Canara Bank charges a processing fee of 0.5 of the loan amount, Min ₹ 1,000 and Max ₹ 5,000.
• Canara Bank offers Gold Loan upto an amount of ₹ 20 Lakh while PNB offer Gold Loan upto an amount of ₹ 10 Lakh. Canara Bank can be a better option if you are looking for a high value amount.
• PNB allows prepayment facility on gold loan to close the loan before the tenure at Nil while Canara Bank offers prepayment facility at 2%+GST (Within 3 Months), 0 (After 3 months) charges. You can choose the option with lower charges to close high value amount.
• with an average customer rating of is equally comparable to with an average customer rating of , and hence, the customer can expect the same kind of service levels from these banks.

You must select the bank of your choice after evaluating the advantages and disadvantages of PNB and Canara Bank.

What are the best repayment options available on Gold Loan – Canara Bank or PNB?

• PNB offers EMI Scheme on gold loan to repay the loan in equal installments every month till the end of the tenure. This scheme is apt for salaried applicants who have monthly cash inflows to their bank accounts.
• Canara Bank and PNB offer bullet repayment scheme which allows borrowers to pay the lump sum at the end of loan tenure. The interest is calculated every month, however the amount is to paid at the end of term. This scheme is suitable for those who have near-term cash flow issues and they do not have to worry about paying the loan immediately.
• One unique feature of PNB is its overdraft facility which allows borrowers to minimize their interest outgo by paying interest only on the loan amount utilized. This scheme makes it an apt choice for self-employed and businessmen with fluctuating fund requirements.

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