Punjab National Bank is one of the top banks to offer banking and financial services in India. Founded in 1984 and managed by the Government of India, this bank brings an extensive collection of financial products for customers. PNB Gold loan is one of its many useful and important financial products which you are going to look into in this section.
Gold loan is a type of secured loan to avail which the borrower pledges his gold articles such as jewellery, ornaments, coins etc. to the lender as a collateral. It is also known as loan against gold.
The amount of loan sanctioned by a lender is a certain percentage of gold which is based on its current market value. Assessing the reason to avail gold loan, the bank sanctions this loan with a certain interest rate.
Here are some features of gold loan by PNB which you can count:
Quantum of Finance : There is no set amount of loan against gold to be availed for productive purposes. In case of non-productive purposes, the maximum amount of gold loan you can avail is Rs. 10 lakh. The margin of loan to be bought by the borrower is 25%.
Interest Rate: The loan against gold offered by PNB that can be availed for desired purposes comes with nominal interest.
Valuation: As per the RAD, gold loan can be availed only against 22-carat gold. If any jewellery is lesser than that, its value will be converted to 22 carats by the bank based on which the loan value will be decided.
Repayment Tenure: The loan can be repaid in 4 quarterly or 12 monthly installments and the interest to be retrieved by the bank applies on half-yearly or yearly basis.
Gold loan is a secured loan that can be procured against gold ornaments, jewellery, coins etc. This loan proves to be a blessing at the time of dire emergencies. PNB offers gold loans for productive purposes like agricultural/allied practices or non-productive purposes which includes medical expenses, educational expenses, marriage expenses etc.
Apart from that, here are some reasons why gold is loan can be everything you need sometimes:
Quick Processing: In case of a gold loan, the procedure will be implemented at a quicker pace as compared to other types of loans, given that you hand your gold articles over to the lender in exchange. It means that your gold is backed by the bank and they have a right to sell it in case you fail to repay the loan.
Security: It is obvious. One of the important reasons why gold loan can be a useful idea is because it comes with a secured side. Your gold articles are secured in a vault by the bank, being safe, until you repay the loan.
No Hassle: Gold loan reduces the chaos of rushing through the bank branch/website, submitting piles of documents and what not. You need not to perform many formalities such as showing income proof, CIBIL etc. in order to avail it. Great. Isn’t it?
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TYPE |
CHARGES |
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Documentation charges |
Loan upto Rs.2 lakh = Rs.270 plus GST Loan above Rs.2 lakh = Rs.450 plus GST |
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Upfront fees |
0.70% plus GST |
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Prepayment charges |
NIL |
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Processing fees |
0.75% of the loan amount (Minimum Rs.500 plus GST and Maximum Rs.5000 plus GST) |
Here are the documents required for gold loan:
Signed loan application form
Passport-size photos
ID proof: PAN card, Aadhar card, passport, voter ID
Address proof: PAN card, Aadhar card, passport, voter ID, utility bills
Post disbursement documents (If any)
The age of the loan applicant should be 21 years and maximum goes up to 65 years. Apart from that, the applicant must be Indian citizen.
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BANKS |
Interest Rate |
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14.50% to 17% |
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11% to 16% |
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10.50% to 17% |
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11.25% to 16.25% |
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10.00% to 19.76% |
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Starting at 10.75% |
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10.50% to 16.00% |
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Starting at 13% |
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10.05% to 11.05% |
| PNB Car Loan | PNB Home Loan |
| PNB Personal Loan | PNB Two Wheeler Loan |
Here are two ways you can apply for gold loan from PNB:
Offline method: To apply for a gold loan from Punjab National Bank offline, you can visit the nearest branch.
Online method: If you are not comfortable with visiting the bank branch to apply for a loan then you can visit its official website and submit your application there.
1. By customer care contact number: 18001802222 / 18001032222
2. By customer care email id : care@pnb.co.in
Financials products offered by Bank:
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The amount of PNB gold loan you can avail starts at Rs. 10, 000 and goes up to Rs. 10 lakh.
The minimum age required for PNB gold loan is 21 years and the maximum age requirement goes up to 65 years.
No. PNB does not charge any foreclosure cost. Thus, you can repay the loan and close when and if you have required funds.
You can contact the customer care to reach out to your bank in order to check your loan status or you can visit the branch in order to meet the branch officer.
You can avail the loan for productive purposes such as agricultural and other activities and non-productive purposes like marriage expenses, educational expenses, medical expenses etc.
Last Updated on : 19/Feb/2021Know More About
You're eligible for a Punjab National Bank Gold Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Gold Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Punjab National Bank Gold Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.05% - 11.05% |
| Processing Fees | 0.75% of the loan amount (Minimum Rs.500 plus GST and Maximum Rs.5000 plus GST) |
| Loan Tenure | 1 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Gold Loans EMI Calculator