Quick Answer: Is Gold Loan Safe?

What is the rate of gold loan per gram in HDFC Bank?

HDFC Gold Loan Key FeaturesLoan AmountUp to Rs.

1 Crore (With Income Proof)HDFC Gold Loan Interest Rate9.90% per annumHDFC Gold Loan Per GramLoan Per Gram Today is ₹ 4,680Processing Fee1.50% of the Principal Loan AmountPrepayment Charges2%+GST (Within 3 Months), 0 (After 3 months)2 more rows•Oct 1, 2020.

Does gold loan increase cibil score?

Prompt repayment of any loan can boost your credit score significantly, and Gold Loan is no different. Hence, a Gold Loan taken and repaid early or on time will have a more positive impact on your credit score rather than taking an unsecured personal loan.

What happens if gold loan is not paid?

Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution. This is now a non-performing asset and will be sold off for recovery.

How much gold loan can I get per gram?

Gold Loan Per Gram – SBI, Manappuram, HDFC, Axis, Yes BankGold Loan per gram₹ 2,737 to ₹ 3,345Loan Amount Eligibility₹ 1,000 to ₹ 2,00,00,000Lowest Gold Loan Interest Rates9.90%Loan as percent of gold valueUp to 90%Purity of gold18 carat to 22 carat3 more rows

How long does it take for gold loan?

Gold loan is given for a short duration, which usually ranges from a year to 36 months.

Which bank has less interest rate for gold loan?

Banks with lowest Gold Loan RatesBanksInterest RateTenureSBI7.50%3 months to 36 monthsCanara Bank7.65%12 monthsFederal Bank8.50%6 months to 12 monthsPNB8.75%1 month to 12 months2 more rows

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gram₹ 2,696 to ₹ 3,295 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan Amount₹ 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows

Which bank is better for gold loan?

Bank / NBFCGold Loan Interest RateProcessing FeeKotak Mahindra Bank10.5% to 17%Upto 2%HDFC Bank9.50% to 17.55%1.50% + GSTBandhan Bank10.99% to 18.00%1% + GSTICICI Bank10% to 19.76%1% of loan amount25 more rows•Aug 9, 2020

Is gold loan a good option?

Here are the key things that should guide your decision. If you are planning to repay your gold loan within the next year, then gold loan is the best option, say analysts. But if you are planning to repay the loan over a period of three to five years in instalments, then personal loan is a good option.