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Compare Gold Loan - PNB vs Fincare Small Finance Bank

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Bank
Parameters
Interest Rate
Interest Rate
8.75% - 9.00%
10.99% - 24.99%
Processing Fees
Processing Fees
0.70% of loan amount + taxes
Upto 0.5%
Loan Amount
Loan Amount
₹ 1,000 to ₹ 10 Lakh
₹ 10,000 to ₹ 40 Lakh
Loan Tenure
Loan Tenure
1 month to 12 months
3 Months to 9 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 8,734
₹ 11,626
Foreclosure Charges
Foreclosure Charges
Nil
NIL
EMI Scheme
EMI Scheme
Y
Y
Bullet Repayment Scheme
Bullet Repayment Scheme
Y
Y
Overdraft Scheme
Overdraft Scheme
Y
N
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
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Compare EMI of PNB and Fincare Small Finance Bank Gold Loan

Loan Amount PNB Fincare Small Finance Bank
₹ 50,000 ₹ 4,367 ₹ 4,419
₹ 1 Lakh ₹ 8,734 ₹ 8,838
₹ 5 Lakh ₹ 43,668 ₹ 44,188
₹ 10 Lakh ₹ 87,336 ₹ 88,377

Which bank offers lower interest rate on Gold Loan – PNB or Fincare Small Finance Bank?

As per the current rates, PNB offers a lower interest rate of 8.75% on Gold Loan when compared to Fincare Small Finance Bank which offers a Gold Loan at 10.99%.

How does PNB Gold Loan compare with Fincare Small Finance Bank 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 PNB and Fincare Small Finance Bank 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 PNB Gold Loan interest rate is 8.75%, which is lower than the lowest interest rate of Fincare Small Finance Bank at 10.99% and hence, PNB 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 Fincare Small Finance Bank charges a processing fee of Upto 0.5%.
  • Fincare Small Finance Bank offers Gold Loan upto an amount of ₹ 40 Lakh while PNB offer Gold Loan upto an amount of ₹ 10 Lakh. Fincare Small Finance 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 Fincare Small Finance Bank offers prepayment facility at NIL 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 Fincare Small Finance Bank.

What are the best repayment options available on Gold Loan – PNB or Fincare Small Finance Bank?

  • Fincare Small Finance Bank and PNB offer 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.
  • Fincare Small Finance 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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Gold Loan News - Jun 2021
  • 2021-06-23 : Muthoot Fincorp acquires 54% stake in Paymatrix
    Gold loan company Muthoot Fincorp has acquired a 54% stake in Hyderabad-based fintech startup Paymatrix by buying out existing investors as part of its added focus on the digital payments segment. Muthoot Fincorp has around 2 million customers in gold loans, retail loans, small business loans, affordable housing, two-wheeler and used-car loans, money transfer, foreign exchange, insurance sales, and wealth management, through its 3,600 branches.
  • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
    Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
  • 2021-06-15 : Indian Overseas Bank declared a profit of Rs 831 crore
    IOB closed the last fiscal with a net profit of Rs.831 crore as against a net loss of about Rs.8,527 crore. The total income for the year ended 31.03.2021 stands at Rs.22,525 crore as against Rs.20,766 crore for FY20. IOB plans to come up with Prompt Corrective Action to focus on loan recovery, low-cost deposits and less capital consuming advances.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-10 : Indiagold became the first company to offer a loan against digital gold
    The Gurugram-based company is offering loans of upto Rs. 60,000 against digital gold. It will be charging an interest rate of 1% on all the loans offered.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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