As gold prices soar to unprecedented heights, reaching Rs 66,000 per 10 grams due to weakening US economic indicators, individuals seeking financial flexibility are presented with a lucrative opportunity.
Leveraging the value of gold through loans can be an effective strategy for addressing immediate cash needs or asset relocation.
Exploring Gold Loan Options:
Bankbazaar.com data reveals compelling interest rates offered by private sector banks for gold loans, providing borrowers with an array of choices to suit their financial requirements.
Top Offers:
- HDFC Bank: Leading the pack, HDFC Bank extends gold loans at a competitive 8.5% interest rate for a two-year tenure on loans up to Rs 5 lakh, translating to a monthly EMI of Rs 22,568.
- Indian Bank: Offering a competitive rate of 8.65%, Indian Bank provides gold loans up to Rs 5 lakh for two years, with monthly installments amounting to Rs 22,599.
- Union Bank of India: Setting a new standard for affordability, Union Bank of India offers gold loans at an attractive 8.7% interest rate, resulting in a monthly EMI of Rs 22,610 for a two-year tenure on loans up to Rs 5 lakh.
- Bank of India: With a slightly higher interest rate of 8.8%, Bank of India extends gold loans up to Rs 5 lakh for two years, requiring borrowers to pay a monthly EMI of Rs 22,631.
- Canara Bank and Punjab National Bank: Offering loans at 9.25% interest, both Canara Bank and Punjab National Bank present an option for borrowers, with monthly EMIs of Rs 22,725 for a two-year tenure on loans up to Rs 5 lakh.
- Bank of Baroda: With an interest rate of 9.4%, Bank of Baroda provides gold loans up to Rs 5 lakh for a two-year tenure, with borrowers paying a monthly EMI of Rs 22,756.
- State Bank of India (SBI): SBI extends gold loans at 9.6% interest, requiring borrowers to pay a monthly EMI of Rs 22,798 for a two-year tenure on loans up to Rs 5 lakh.
- ICICI Bank: Offering loans at 10% interest, ICICI Bank provides a solution for borrowers, with monthly EMIs of Rs 22,882 for a two-year tenure on loans up to Rs 5 lakh.
- Axis Bank: Despite competitive rates elsewhere, Axis Bank stands out with a higher interest rate of 17% on gold loans up to Rs 5 lakh for a two-year tenure, resulting in a monthly EMI of Rs 24,376.
