What is the difference between personal loan and gold loan?
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What is the difference between personal loan and gold loan?
The loan tenure is the period the lender gives to the borrower to pay off the loan. Personal loans tend to have terms ranging from one to five years, while gold loans give much shorter repayment periods ranging from three years to as little as seven days, depending on the loan amount.
Which is cheaper gold loan or home loan?
A home loan top up interest rate is cheaper than a gold or personal loan. This is because a top up loan interest rate is only 0.5\% to 1\% higher than home loan interest rates.
Which is the lowest gold loan interest rate?
Low Interest Gold Loan Rates: Top 5 Banks
| Banks | Interest Rate | Tenure |
|---|---|---|
| HDFC Bank | 9.00\% | 3 months to 24 months |
| Yes Bank | 9.99\% | 6 months to 36 months |
| ICICI Bank | 10.00\% | 6 months to 12 months |
| IndusInd Bank | 10.00\% | 3 months to 24 months |
How can I get a low rate personal loan?
9 Ways to Improve Your Chances of Getting a Low Personal Loan Interest Rate
- Shop around.
- Get a co-signer.
- Sign up for an autopay discount.
- Avoid fees.
- Use collateral.
- Work with a credit union.
- Choose a shorter repayment period.
- Improve your credit score.
Which bank is best 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 |
Which is best for gold loan?
List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021
| Gold Loan Providers | Interest Rate | Tenure |
|---|---|---|
| HDFC Bank | 9.90\% onwards | 3 months to 24 months |
| ICICI Bank | 11\% p.a. onwards | 3 months to 12 months |
| Canara Bank | 7.65\% p.a. onwards | 6 months to 2 years |
| Axis Bank | 12.50\% p.a. onwards | From 3 months to up to 3 years |