People are now relying on Gold Loans to meet their short-term financial requirements. If you are one of those people then you need to look for a bank that charges less interest on Gold Loans. This is simply because there are so many financial institutions that guarantee access to Gold Loans. However, each financial institutions has its own interest rate that they rely upon whenever you borrow a Gold Loan. In this article, we are going to look at the financial institutions that charge less interest on Gold Loans Check Universal Account Number status by UAN Login at unifiedportal-mem.epfindia.gov.in website
Manappuram Gold Loan Interest Rate
Any customer who borrows a Gold Loan from Manappuram will have to make do with annual interest rates of 26%. This interest is usually fixed and hence customers will not have to worry about changes that occur without their knowledge. Manappuram calculates their Gold Loan interest based on the outstanding loan balance in your account. This is done until you close your Gold loan account.
HDFC Gold Loan Interest Rate
HDFC bank also offers Gold Loans to members who are into Short term loans. Any person who has used HDFC bank will tell you that they have the fastest Gold Loan processing system that you can ever imagine. This is mainly because they allow members the chance of applying Gold Loans from the comfort of their homes or work places. In addition to this, they charge an interest of 9.6% onwards whenever you apply for a Gold Loan. However, HDFC has additional charges like Stamp duty, late payment, foreclosure charges just to list but a few.
SBI Bank Gold Loan Interest Rate
The State Bank of India is one of the financial institutions that enjoy a large customer base in India. This is thanks to the numerous services that they offer customers. When it comes to Gold Loans, SBI bank charges an interest rate of 2.50% above base rate i.e. 12.50% per annum. This is quite a favorable interest when you compare it to other financial institutions that offer Gold Loans.
Axis Bank Gold Loans Interest Rates
Axis Bank guarantees customers loans from RS.25000-Rs.2000000 against any gold ornament that they have at hand. The bank charges an interest rate of 14.50%-17% with customers expected to pay a processing fee of 1%. The good thing is that you can access your Gold Loan within a day after making an application. Unfortunately, you will have to pay additional charges whenever you apply for a Gold loan in Axis bank. These additional charges include valuation charges of Rs.500 and Penal interest of 2% per month on any overdue amount.
ICICI Bank Gold Loan Interest Rate
Customers who are using ICICI bank will have to make do with 10.5%-16.5% interest rate whenever they apply for a Gold Loan. You will also have to pay a processing fee, which is usually 1% of the loan amount.
The decision that you make when choosing a bank for your Gold Loan solely depends on your financial requirements. It is therefore advisable that you look at every bank before deciding on one that meets your needs.