There is no defect in taking a gold loan if a sudden need for money. On paying the loan money, your gold is returned. The special thing is that banks and NBFCs are offering gold loans at very attractive rates. More interest rates on personal loans are between 11 per cent to 18 per cent, you are getting gold loan at 8-9 per cent interest rate. The special thing is that RBI has a special eye on gold loan. He is constantly making the rules strict keeping in mind the interest of customers of gold loan.
Indian bank Giving gold loans at the lowest interest rates. You can take gold loan from this government bank at only 8 percent interest rate. This means that if you take a loan of one lakh rupees, then you will have to pay an EMI of only 8,699 rupees every month. This is much cheaper than a personal loan.
Punjab National Bank There is also a government bank. It is giving gold loan on only 8.35 percent interest. This means that if you take a gold loan of one lakh rupees from PNB, then you will have to pay an EMI of only 8,715 rupees every month.
Bank of india 8.6 percent of the gold is giving gold loan to customers at interest rate. It is a government bank, from which there is no risk in taking a loan. If you take a loan of Rs 1 lakh from this bank, then you will have to pay an EMI of Rs 8,727. This EMI is much lower than EMI of Personal Loan of one lakh rupees.
Canara bank 8.80 percent is giving gold loan at interest rate. This is much lower than the interest rates of personal loan. If you take a gold loan of one lakh rupees from Canara Bank, then you will have to pay an EMI of Rs 8,736 every month.
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Union Bank of India has kept the interest rate of gold loan at 8.95 percent. This is also a government bank. If a loan of one lakh rupees is taken from this bank, then you will have to pay an EMI of only Rs 8,743. It is prudent to take loans from public sector banks. Their interest rate is less than private banks.