Questions

What is the difference between personal loan and gold loan?

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

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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

  1. Shop around.
  2. Get a co-signer.
  3. Sign up for an autopay discount.
  4. Avoid fees.
  5. Use collateral.
  6. Work with a credit union.
  7. Choose a shorter repayment period.
  8. 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

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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