Punjab National Bank is a banking and financial service bank owned by the government of India with its headquarters is in New Delhi, India. The bank was founded in 1894 and is the second largest public sector bank in India, both in terms of business and its network.
Punjab National Bank (PNB) is one of the top banks in India. The bank provides a vast array of financial products to the customers. One of them is a Gold loan. A Gold Loan is the best option available at cheaper interest rates for any individual.
Gold is one of the most precious and costly metals in India. Taking a Loan against gold can help you to overcome any drastic situation. Gold Loan is the easy way to get cash in a short amount of time. The gold loan can be availed for productive purposes including agricultural and allied activities for non productive purposes like medical treatments, educational purposes and for other unplanned emergencies. There are two types of Punjab National Bank Gold Loan is :
Loan against gold
Loan against gold in agriculture
1. Affordable rate of interest :
Punjab National Bank offers the best and affordable rate of interest to their customers. The minimum rate of interest is 10.05% per annum and maximum rate of interest is 11.05 per annum.
2. Quantum of Finance :
For productive purposes, there is no cap on the loan amount approved by Punjab National Bank. For non-productive purposes, the maximum loan amount that is generally approved is up to Rs. 10 lakhs.
3. Loan Margin :
The loan margin that has to be brought in by the borrower is 25%.
4. Proper safety and security of your gold :
Customers have to submit gold ornaments, jewelry or coins issued by any bank while applying for the advance. When Punjab National Bank approves a loan against gold coins (pledged as security), the maximum weight should not be more than 50 grams. Punjab National Bank provides the proper safety and security of your gold so you have not to worry about your gold.
5. Valuation :
As decided by the RAD, 22 carat gold will be accepted for approving loans. If the gold ornament or jewelry is less than 22 carat, then PNB will convert the required value into 22 carat and then sanction the loan.
6. Repayment Tenure :
Loans given for agricultural purposes can be repaid in 12 monthly installments or as four quarterly installments. PNB will retrieve the interest on a half-yearly or yearly basis, as per the harvest season. The loan account can be adjusted to include a maximum tenure of 12 months. The overdraft facility can be renewed on an annual basis.
Loans availed for non-agricultural purposes can be repaid in 12 monthly installments or as four quarterly installments. The overdraft facility can be renewed on an annual basis. The interest will be levied as required and the principal has to be repaid within the 12-month tenure.
|
TYPE |
CHARGES |
|
Documentation charges |
Loan upto Rs.2 lakh = Rs.270 plus GST Loan above Rs.2 lakh = Rs.450 plus GST |
|
Upfront fees |
0.70% plus GST |
|
Prepayment charges |
NIL |
|
Processing fees |
0.75% of the loan amount (Minimum Rs.500 plus GST and Maximum Rs.5000 plus GST) |
1. Signed application form
2. 2 passport size photographs
3. ID proof : Aadhar card, PAN card, Voter id, passport
4. Address proof : Aadhar card, Voter id, Passport, Utility bills
5. Post disbursement documents (If any)
Basic eligibility required for an individual for applying for gold loan :
1 The loan is issued to individuals who are Resident Indians
2. The age of the individual should be between 21 years to a maximum of 65 years
3. The Minimum purity of gold is 18 karat and maximum purity is 24 karat for getting the gold loan
|
BANKS |
Interest Rate |
|
14.50% to 17% |
|
|
11% to 16% |
|
|
10.50% to 17% |
|
|
11.25% to 16.25% |
|
|
10.00% to 19.76% |
|
|
Starting at 10.75% |
|
|
10.50% to 16.00% |
|
|
Starting at 13% |
|
|
10.05% to 11.05% |
1. Punjab National Bank Car Loan
2. Punjab National Bank Home Loan
3. Punjab National Bank Personal loan
4. Punjab National Bank Two Wheeler Loan
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
First of all visit to Punjab National Bank web portal
Now click on “personal section”
In “explore products” got to retails
Now click on “Loans”
Now go to “Gold Loan”
Fill the application form and submit it
How to contact with Punjab National Bank Gold Loan :
1. By customer care contact number : 18001802222 / 18001032222
2. By customer care email id : care@pnb.co.in
Financials products offered by Bank :
|
|||||||
|
|
You can repay the amount on EMI or bullet payment basis. Payments can also be made online by using the net-banking feature.
To check the status of your gold loan, you can contact the bank via their customer care number. You can also personally visit the branch and meet the officer who is in charge of your application to know the status of your loan.
You can close your PNB Gold Loan once you have repaid the total loan amount. A maximum of 12 months is provided as repayment tenure. PNB does not charge any foreclosure fees for Gold Loan, and thus you can repay your loan anytime when you have the required funds.
The interest rate provided by Punjab National Bank for gold loan is 10.05% to 11.05% per annum.
The minimum loan amount provided by Punjab National Bank for gold loan is Rs.10000 and the maximum loan amount provided by Punjab National Bank for gold loan is Rs.10 lakh.
The processing fee provided by Punjab National Bank for gold loan is 0.75% of the loan amount ( Minimum Rs.500 plus GST and Maximum Rs.5000 plus GST).
Last Updated on : 08/Dec/2020Know 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