Which bank is best for gold loan?

Gold Loan Interest Rates Comparison

Name of the Bank Interest Rate Loan Amount
Canara Bank Gold Loan 7.35% p.a. Rs.5,000 to Rs.35 lakh
Muthoot Gold Loan 12% p.a. to 26% p.a. Rs.1,500 onwards
SBI Gold Loan 7.00% p.a. onwards Rs.20,000 to Rs.50 lakh
Kotak Mahindra Gold Loan 10.00% p.a. – 17.00% p.a. Rs.20,000 to Rs.1.5 crore

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Likewise, people ask, can I get interest on gold?

The current interest rates are as under : For 1 year : 0.50% p.a. Above 1 year up to 2 years : 0.55% p.a. Above 2 years up to 3 years : 0.60% p.a.

Then, how do you find the interest rate? How to calculate interest rate

  1. Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. …
  2. I = Interest amount paid in a specific time period (month, year etc.)
  3. P = Principle amount (the money before interest)
  4. t = Time period involved.
  5. r = Interest rate in decimal.

Likewise, how much loan can I get for 1g gold?

As shown in the table above, if you take a loan against 18-carat gold, you will be eligible for a gold loan of Rs. 3,329 per gram of gold. A gold loan per gram rate of Rs. 3,409 per gram is available if you take out a loan against 22-carat gold.

What is Mclr in gold loan?

MCLR stands for Marginal Cost of Fund based Lending Rate. MCLR rate is the internal benchmark rate used by banks to fix the interest rate on floating rate loans. Starting from 1st April 2016, all banks in India are required to benchmark and price their loans to MCLR.

What is the current rate of gold?

Gold Rate Today in India (in Rs/1 gm)

Gold Rate Gold Rate In Bangalore Gold Rate In Chennai
22 Carat 4511.00 4542.00
24 Carat 4921.00 4955.00

What is the maximum tenure for gold loan?

What is the Maximum Tenure on a Gold Loan? Gold Loans come with relatively shorter repayment tenures as compared to most other loans. Typically Gold Loan maximum tenure for repayment is 24 months in case of long-term loans repaid in EMIs, and six months in case of short-term loans repaid in a lump sum.

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

SBI issues a Gold Loan per gram rate of

SBI Gold Loan Interest Rate 7% per annum – Updated Dec 05 2021
The purity of Eligible gold 18 carat to 22-carat gold

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

Union Bank Of India Gold Loan Key Features – Apply Now

Union Bank Gold Loan Interest Rate 7% per annum
Union Bank Gold Loan Rate Per Gram Rate Per Gram Today is ₹ 3,506 to ₹ 4,621
Union Bank Gold Requirement Minimum 18 Carat
Union Bank Gold Loan Processing Fee 1% of the Principal Loan Amount

What is today’s gold rate?

Today 22 Carat Gold Price Per Gram in India (INR)

Gram 22 Carat Gold Today 22 Carat Gold Yesterday
1 gram ₹ 4,651 ₹ 4,650
8 gram ₹ 37,208 ₹ 37,200
10 gram ₹ 46,510 ₹ 46,500
100 gram ₹ 4,65,100 ₹ 4,65,000

Which bank offers cheapest gold loan?

Low Interest Gold Loan Rates: Top 5 Banks

Banks Interest Rate Tenure
ICICI Bank 9.00% 6 months to 12 months
HDFC Bank 9.00% 3 months to 24 months
Yes Bank 9.99% 6 months to 36 months
IndusInd Bank 10.00% 3 months to 24 months

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