Punjab National Bank Gold Loan Highlights |
|
|---|---|
| Interest Rate | 9.25% p.a. |
| Processing Fees | 0.30% of loan amount or Rs 500, whichever is higher |
| Repayment Options | Overdraft, Bullet Repayment, EMI based |
| Tenure | Up to 1 year |
| Loan Amount | Rs 25,000- Rs 25 lakh |
| LTV Ratio | Up to 75% of gold’s market value |
| Collateral | Pledge of gold jewellery/ornaments |
Punjab National Bank Gold Loan Interest Rates
The interest rate for PNB Gold Loan is fixed at 9.25% p.a. The lender determines Punjab National Bank Gold Loan interest rates based on the type of gold loan and the nature of the loan facility, whether it's a demand loan or overdraft.
| Type of Gold Loan Scheme | Interest Rates (p.a.) |
|---|---|
| Advance against Gold Jewellery/Gold Ornaments (Overdraft) | 9.25% |
| Advance against Gold Jewellery/Gold Ornaments (Demand Loan) | 9.25% |
Also read: Best Gold Loan Interest Rate
Gold Loan Interest Rates Offered By Partner Banks & NBFCs
| Bank/NBFC/Fintech | Interest Rate | |
|---|---|---|
| State Bank of India | 8.75% p.a. onwards | Apply Now |
| Axis Bank | 17% - 19% p.a. onwards | Apply Now |
| Punjab National Bank | 9.25% p.a. onwards | Apply Now |
| Bank of India | 8.80% p.a. onwards | Apply Now |
| IndusInd Bank | 8.80% p.a. onwards | Apply Now |
| Bank of Baroda | 9.40% p.a. onwards | Apply Now |
| Union Bank of India | 9.30% – 10.65% p.a. | Apply Now |
| Canara Bank | 9.25% p.a. onwards | Apply Now |
| HDFC Bank | 8.50% - 15.97% p.a. | Apply Now |
| Federal Bank | 8.99% p.a. onwards | Apply Now |
| ICICI Bank | 10% p.a. onwards | Apply Now |
| Bajaj Finserv | 9.50% – 28% p.a. | Apply Now |
| Manappuram Finance | 12% p.a. onwards | Apply Now |
| Bank of Maharashtra | 9.30% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8% - 24% p.a. onwards | Apply Now |
| Indian Bank | 0.77% per month | Apply Now |
| IIFL Finance | 11.88% - 27% p.a. | Apply Now |
| Rupeek | 8.88% p.a. onwards | Apply Now |
| Muthoot Finance | 10.90% p.a. onwards | Apply Now |
| Shriram Finance | 11.40% p.a. onwards | Apply Now |
PNB Scheme for Advance Against Gold Jewellery/Ornaments
Purpose: Consumers can avail Advance against Gold Jewellery or Ornaments to raise funds for personal requirements and non-agricultural purposes only, such as education, marriage, medical expenses, and other unforeseen expenditures.
Loan Amount: Rs 25,000-Rs 25 lakh
Repayment:
Applicants can make repayments through any of the following repayment options:
- Bullet Repayment, where payment of interest and principal occurs at maturity, i.e., up to 1 year.
- EMI based and Overdraft account, which is interest-based
- Overdraft Facility which is renewed every year
Margin of Punjab National Bank Gold Loan:
| Particulars | Margin |
|---|---|
| Overdraft | Up to 25% |
| Demand Loan- Bullet Repayment | Up to 30% |
| Demand Loan- EMI based | Up to 25% |
Also read: Best Gold Loan EMI Calculator
Punjab National Bank Gold Loan Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fees | The processing fee for PNB Gold Loan is 0.30% of the loan amount or Rs 500, whichever is higher. |
| Documentation Charges | NIL |
Eligibility Criteria for Punjab National Bank Gold Loan Applicants
Punjab National Bank hasn't provided specific details about the eligibility criteria for their gold loan applicants. However, like other lenders, they likely consider factors such as the applicant's age, the weight and purity of the gold pledged, and other relevant financial aspects when assessing eligibility.
Also read: Best Gold Loan Eligibility
Documents Required for Availing Punjab National Bank Gold Loan
For availing a Punjab National Bank Gold Loan, applicants may need to provide the following documents:
- A duly filled application form along with photographs
- Address Proof: Aadhaar card, PAN card, Passport, utility bills
- ID Proof: PAN card, Aadhaar card, passport, driving license
Also Read : Best Gold Loan Documents Required
Features of PNB Gold Loan
The key features of a PNB Gold Loan include:
- Loan Margin: Borrowers are required to bring in a loan margin of 25%, and 35% for the bullet payment option.
- Valuation: PNB accepts 22 carat gold for approving loans. If the gold ornament or jewellery is of lower purity, PNB will convert the value into 22 carat and then sanction the loan.
- Security: Customers need to pledge gold ornaments, jewellery, or coins issued by any bank as security for the loan. When PNB approves a loan against gold coins, the maximum weight per coin per customer should not exceed 50 grams
- Repayment Tenure: Loans availed for agricultural purposes can be repaid in 12 monthly installments or two half-yearly installments, with interest retrieved on a half-yearly or yearly basis as per the harvest season. For non-agricultural purposes, loans can be repaid in 12 monthly installments or two half-yearly installments, with the principal repaid within the 12-month tenure.
- Quantum of Finance: For productive purposes, the minimum loan amount approved by Punjab National Bank is Rs. 25,000, while for non-productive purposes, the maximum loan amount approved is up to Rs. 10 lakh.
FAQs on PNB Gold Loan
1. What is the maximum amount of PNB gold loan I can avail?
You can access loans of up to Rs. 10 lakh.
2. Is the interest rate linked to the RLLR or the MCLR?
The interest rate is linked to the RLLR.
3. Are they any charges levied in case I pre-close the loan?
There are no charges applicable in the event of early repayment.
4. What is the processing fee that is levied on gold loan from PNB?
The processing fee is 0.75% of the loan amount, with a minimum charge of Rs. 500 plus GST and a maximum charge of Rs. 5,000 plus GST.
5. What are the different purposes the loan can be availed for?
- Agricultural or allied purposes
- Non-productive purposes such as meeting marriage expenses, educational expenses, and medical expenses