Compare PNB vs ICICI Bank Gold Loan

Compare Gold Loan EMI of PNB and ICICI Bank

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

As per the current rates, PNB offers a lower interest rate of 8.15% on Gold Loan when compared to ICICI Bank which offers a Gold Loan at 10.00%.

How does PNB Gold Loan compare with ICICI 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 ICICI 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 8.15%, which is lower than the lowest interest rate of ICICI Bank at 10.00% and hence, PNB is offering a cheaper loan option.
• Compared to other Gold Loan charges such as processing fees, PNB charges a processing fee of 0.70% of loan amount + taxes while ICICI Bank charges a processing fee of 1% of the loan amount.
• PNB allows prepayment facility on gold loan to close the loan before the tenure at Nil charges while ICICI Bank offers prepayment facility at 1% of loan outstanding. You can choose the option with lower charges to close the high value amount.
• ICICI Bank has an average customer rating of 5, while has an average customer rating of , based on which it is clear that ICICI Bank has a high customer service focus, an easy Gold Loan process and a quick turnaround.

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

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

• ICICI 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.
• PNB offers 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 the 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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