Compare Gold Loan - PNB vs ICICI Bank

Bank	SBI Muthoot Manappuram HDFC Bank Yes Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank PNB Fincare Small Finance Bank	SBI Muthoot Manappuram HDFC Bank Yes Bank ICICI Bank Federal Bank Canara Bank Andhra Bank Axis Bank IndusInd Bank Fincare Small Finance Bank
Parameters
Interest Rate	Interest Rate 8.75% - 8.75%	10.00% - 19.76%
Processing Fees	Processing Fees 0.70% of loan amount + taxes	1% of the loan amount
Loan Amount	Loan Amount ₹ 1,000 to ₹ 10 Lakh	₹ 10,000 to ₹ 15 Lakh
Loan Tenure	Loan Tenure 1 month to 12 months	6 months to 12 months
Lowest EMI Per Lakh	Lowest EMI Per Lakh ₹ 8,734	₹ 8,792
Foreclosure Charges	Foreclosure Charges Nil	1% of loan outstanding
EMI Scheme	EMI Scheme Y	Y
Bullet Repayment Scheme	Bullet Repayment Scheme Y	N
Overdraft Scheme	Overdraft Scheme Y	N
Customer Ratings (Read Reviews)	Customer Ratings (Read Reviews)	5/5.0

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Compare EMI of PNB and ICICI Bank Gold Loan

Loan Amount	PNB	ICICI Bank
₹ 50,000	₹ 5,996	₹ 5,279
₹ 1 Lakh	₹ 11,993	₹ 10,558
₹ 5 Lakh	₹ 59,964	₹ 52,791
₹ 10 Lakh	₹ 1,19,929	₹ 1,05,582

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

As per the current rates, PNB offers a lower interest rate of 8.75% 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 8.75%, which is lower than the lowest interest rate of ICICI Bank at 10.00% 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 ICICI Bank charges a processing fee of 1% of the loan amount.
ICICI Bank offers Gold Loan upto an amount of ₹ 15 Lakh while PNB offer Gold Loan upto an amount of ₹ 10 Lakh. ICICI 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 ICICI Bank offers prepayment facility at 1% of loan outstanding charges. You can choose the option with lower charges to close 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 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.

How can I choose the best bank for Gold Loan?

You can choose the best bank for a Gold Loan by making a detailed comparison between top lenders on the basis of interest rates, processing fee or Gold Loan offers. Apart from that, you can visit online marketplaces like MyLoanCare to choose the best Gold Loan offer. Here, you will get the option of choosing the best bank amongst the shortlisted ones based on your loan requirement.

Which type of Gold Loan is the cheapest?

The cheapest Gold Loan is the one that is offered at the lowest Gold Loan interest rates. This is because the lowest Gold Loan interest rates mean the lowest EMI, as the interest charged will be less. Thus, these loans can be attained with the least repayment burden. Currently, PNB offers the cheapest Gold Loan at 8.75%.

How do I check my eligibility for PNB and ICICI Bank Gold Loan?

You can check your eligibility for PNB and ICICI Bank Gold Loan by using MyLoanCare Gold Loan eligibility calculator. You have to enter details like required loan amount and weight of gold to check the amount of loan you are eligible for. You can apply loan for the eligible amount to repay the EMI you can comfortably service.

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Gold Loan News - Mar 2021

2021-03-02 : Banks credit rose by 6.58% and deposits by 11.75%
Reserve Bank of India reported that the Bank credit which involves home, personal, LAP, two-wheeler, gold and education loans along with business and mudra loans grew by 6.58% to Rs 107.04 lakh crore in the fortnight ended February 12. Further, deposits which include FDs and RDs increased by 11.75% to Rs 147.81 lakh crore.
2021-02-26 : IRDAI gives approval for Axis Entities-Max Life Insurance deal
The Insurance Regulatory and Development Authority of India has given its approval to acquire up to 12% stake in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities. The IRDAI approval was an important venture transaction that was first announced in April 2020
2021-02-26 : IndusInd Bank to grow loan book by 15-18%
IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
2021-02-26 : Canara Bank organized Mega Retail Expo in Mumbai
Canara bank organized a mega retail expo camp at Gala Auditorium, Patuck Campus in Santacruz (East). The retailers present at the expo displayed salient features of their products which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan. A total loan amount of Rs. 224.30 Crores were sanctioned through the expo.
2021-02-25 : SBI offered customers to apply for the gold loan via call or SMS
Customers can now apply for the gold loan from SBI by giving a missed call on 7208933143 or SMS GOLD at 7208933145, and the bank will then respond with a callback. A minimum loan amount of Rs 20,000 up to a maximum of Rs 50 lakh is sanctioned by the bank.

*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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