Which Banks are the best to give you low interest gold loan for your wedding?

Gold loans are one among the best option if you are looking any financial help for your wedding expenses as they come with lower interest rate than personal loans. There are top banks in India providing excellent gold loans at lowest rates.

State Bank of India (SBI)

Interest Rate: Its interest rate starts at 7.30% per annum.

Features: Its tenure period ranging from 3 to 36 months. You will need to submit minimal document and fast loan approval. Loan amount you can avail up to 75% of today’s gold market value.

 

HDFC Bank

Interest Rate: This bank interest rate starts from 8.50% per annum.

Features: Disbursal will be done under 1 hour. A transparent process with no hidden charges and its tenure period is from 3 to 24 months.

 

ICICI Bank

Interest Rate: ICICI bank interest rate starts at 9% per annum.

Features: Its maximum loan to value ratio is under RBI rules. You will get hassle free repayment options. They have various gold loan branches for quick processing.

 

Punjab National Bank (PNB)

Interest Rate: There interest rate is at 8.75% per annum.

Features: You don’t get prepayment charges and tenure period ranges from 6 to 12 months with excellent competitive processing fees.

 

Muthoot Finance

Interest Rate: Muthoot interest rate is at 7.75% per annum.

Features: They provide gold loans as low as Rs 1,500 and there high loan to value ratio is up to 90%. You will also get an excellent repayment schemes.

 

Manappuram Finance

Interest Rate: Starting at 7% per annum which depends on tenure and LTV.

Features: An instant loan approval will be done in minutes with low processing fees. Get higher flexibility repayment options.

 

What are all to be followed while Choosing a Gold Loan

•  You must compare the interest rates with many other banks and NBFCs.
• Choose for the lender who are providing the highest LTV
• Choose for tenure which is flexible for your prepayment ability.
• Check for any other additional charges like hidden costs or processing fees.
• NBFCs like Manappuram and Muthoot are faster while banks like SBI and HDFC has lower interest rates.

 

Recommendations for Wedding Loans

• For low interest rates you can choose for SBI and HDFC are ideal.
• For instant disbursal you can choose for NBFCs like Muthoot or Manappuram are better.