Indians attach a lot of sentiments to their Therefore, India is the biggest Gold consumer in the world. Ahead of Dhanters, Akshay Tritiya, or Navratri, the marketplace comes up with many offers and schemes on the sales of goGoldnd Personal loans to fulfill the upcoming requirements of festivities.
You can get instant liquidity against your goGoldithout parting them off. To avail cash against several leading financial institutions has made it possible in recent years.
Although both kinds of money lending work in similar terms, they are pretty different. People often confuse the functioning of a personal loan and a gold loan. Here is detailed information below about how both functions of the loan.
Why is it a wise decision to go for a personal loan? A Personal loan is the fastest-growing option for consumers today. It is a loan for all purposes, where there is no collateral required. These days, with the invention of technology, one can apply for a personal loan sitting in the comfort of their home.
In times of emergency needs, one can get the funds in a very short span. The interest rates are lower and are available for long periods. No collateral is required, and one has to submit minimum documentation to get the personal loan.
There is a variable range of amounts, ranging from Rs 15000 to 10lacs, which one can avail of as per their requirement. Some personal loans are available with additional benefits like insurance coverage.
Financial lenders occasionally announce schemes and offers for personal loans. Personal loans are great. If you find yourself in a financial ditch, they can be a huge support.
Loan Interest Rates* Processing Fees
SBI Personal Loan
|
11.00%
|
In the range of 0.5% to 1%
|
HDFC Bank
|
15.50%
|
Up to 2.50% of the loan amount
(Min Rs. 1,999; Max Rs. 25, 000) |
ICICI Bank Personal Loan
|
11.25%
|
Up to 2.25% per annum of
loan amount + GST |
Bajaj Finserv
|
12.99%
|
Up to 3.99% of the loan amount/td>
|
Citibank
|
10.99%
|
Up to 2.0%
|
IDFC Bank
|
11.50%
|
Up to 1% of the loan amount
|
Axis Bank
|
15.75%
|
Up to 2.00%
|
Tata Capital
|
11.25%
|
Up to 2.5% + GST
|
Fullerton India
|
20.00%
|
Up to 6.50%
|
IndusInd Bank
|
11.99%
|
Min 1% to Max 2.50%
|
Kotak Bank
|
11.25%
|
Up to 2.5% plus tax
|
RBL Bank
|
14.5%
|
Up to 3%
|
IIFL
|
13%
|
Up to 2% + GST
|
HDB Financial
|
13.99%
|
Up to 2% of the loan amount
|
Karur Vysya Bank
|
13.90%
|
0.30% (Min Rs. 500)
|
PNB
|
12.00%
|
1.80% + taxes
|
Vijaya Bank
|
12.90%
|
0.10%, Max. Rs. 10000 + ST
|
Union Bank of India
|
12.60%
|
0.50%, Min Rs. 500
|
Syndicate Bank
|
14.20%
|
0.50%, Min Rs. 500
|
Standard Chartered Bank
|
11.99%
|
0%
|
Indian Overseas Bank
|
12.45%
|
0.60%
|
Andhra Bank
|
12.85%
|
Case to Case
|
Bank of Baroda
|
11.60%
|
2%, Min Rs. 250
|
Bank of Maharashtra
|
12.95%
|
1%, Min Rs. 1,000
|
Canara Bank
|
14.10%
|
1.0%
|
Corporation Bank
|
12.90%
|
1.50%, Min Rs. 500
|
Dena Bank
|
11.60%
|
2%
|
Federal Bank
|
10%
|
0.5%, Min Rs. 500
|
IDBI Bank
|
12.50%
|
1% + applicable taxes
|
Allahabad Bank
|
12.80%
|
1.06%, Min- Rs. 1068
|
Indian Bank
|
14.20%
|
0.51%, Min- Rs. 510
|
Yes Bank
|
10.75%
|
Starting at 0.99%, Up to 2.5%
|
Gold loan vs. Personal LoanA gold loan is a credit that can be procured by pledgingGoGolds collateral to the lender. Anyone who owns goGoldancan can apply for a gold loan. Be it jewelry or even gold coins. It is one of the easiest ways of getting loans.
In recent years, many leading financial institutions and NBFCs have devised schemes and offers to help people with gold loans meet their economic expectations. One of the thesignificantr drawbacks of gold loans is that if one cannot repay the loan amount, the results are hazardous.
The prices of gold loans keep fluctuating, so to obtain a gold loan, the calculation of loan value is done in different ways. Some calculate the gold value of the last two weeks' prices and then take an average cost to determine the rate per gram of gold, while some take the daily value of gold to evaluate the rates.ConsiGold, which plans suit you the best, and which plans to give you a higher value for your goal?.
Lenders offer gold loans for a short period compared to personal loans, and hence, they are risky for the consumer. Many times, there are financial emergencies where we fall short of finances and cannot repay the loan. This increases the chances of getting our collateral seized by the lender. The penalties levied upon non-repayment of the loan amount are huge, and risks are involved with it.
Top Lender's Interest Rates
Name of the Bank
|
Interest Rate (p.a.)
|
Loan Amount
|
Loan Tenure
|
ICICI Bank
|
10.0% to 16.70%
|
Rs.10,000 to Rs.15 lakh
|
6 months to 12 months
|
Axis Bank
|
15% to 17.5%
|
Rs.25,001 to Rs.20 lakh
|
6 months to 36 months
|
HDFC Bank
|
10.1% to 16.05%
|
Rs.10,000 onwards
|
6 months to 48 months
|
Canara Bank
|
12.00%
|
Rs.10,000 to Rs.10 lakh
|
12 months
|
Muthoot Finance
|
0% to 27%
|
Rs.1,500 onwards
|
7 days to 12 months
|
Bajaj FinServ
|
12% onwards
|
Up to Rs.10 lakh
|
Up to 240 months
|
State Bank of India
|
9.70%
|
Rs.20,000 to Rs.20 lakh
|
12 months to 36 months
|
Kotak Mahindra Bank
|
10.5% to 17%
|
Rs.25,000 to Rs.25 lakh
|
3 months to 36 months
|
IndusInd Bank
|
11.25% to 15.50%
|
Up to Rs.10 lakh
|
3 months to 12 months
|
Manappuram Finance
|
Up to 29%
|
Up to Rs.1.5 crore
|
3 months
|
The above points will assist you in deciding which options to choose from for your emergency financial demands.
As a Gold loan is stringent and involves many risk factors, in terms of penalty and higher chances of not getting back defaulting, it is suggested that one should go for a Personal loan.
