Top 5 Government Banks Offering Gold Loans at Lowest Interest Rates

Gold Loans at Lowest Interest Rates:

The demand for gold loans in India has seen a massive rise over the past year, with a growth of about 122%. The total value of gold loans across the country has now reached ₹2.94 lakh crore. For those who need immediate funds but don’t want to sell their gold ornaments, pledging gold for a loan is a smart and secure option.

Gold Loans at Lowest Interest Rates:

Among the many financial institutions, five government banks are offering gold loans at some of the lowest interest rates. These banks include the Central Bank of India, Indian Overseas Bank (IOB), Punjab National Bank (PNB), Bank of India (BOI), and State Bank of India (SBI).

The Central Bank of India tops the list, offering loans at interest rates between 8.05% and 8.35% per year. Customers can avail loans up to ₹40 lakh depending on the value of the gold.

Next on the list is the Indian Overseas Bank (IOB), where the interest rate starts at 8.20%, and borrowers can get up to ₹50 lakh as a loan.

Punjab National Bank (PNB) provides gold loans at 8.35% interest, with a maximum limit of ₹25 lakh.

The Bank of India (BOI) offers loans with interest rates ranging from 8.60% to 8.75%, and customers can borrow up to ₹30 lakh.

Lastly, the State Bank of India (SBI) provides gold loans at an interest rate starting from 8.75%, with a loan limit of up to ₹50 lakh. SBI also offers a flexible repayment period of up to 36 months, making it convenient for borrowers.

With competitive interest rates, minimal processing fees, and quick approval, gold loans from these government banks are becoming the most preferred financial solution for people facing short-term cash needs.

Disclaimer:
This article is for informational purposes only. Interest rates and loan limits may change based on each bank’s latest policy and RBI guidelines. Readers are advised to check official bank websites or visit their nearest branch for updated details before applying.

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