Punjab & Sind Bank Gold Loan Interest Rates

In order to obtain a loan, you must pledge your gold jewellery to the bank. Gold loans from the Punjab and Sind Bank can be used for both business and personal needs, such as paying for a child's schooling, a wedding, or other family obligations.

Details of the Punjab and Sind Bank Gold Loan Scheme

Amounts

Rs. 1 Crore

Punjab and Sind Bank Gold Loan Interest Rate

7%

Per Gram

Rs. 5,268

Processing Charges

1.50%

Prepayment Charges

2%+GST

Tenures

24 Months

Characteristics of the Punjab and Sind Bank Gold Loan Scheme

  • Security: Since these items can be easily liquidated in the event of a default, banks readily and at reduced rates issue these loans secured by gold, gold jewelry, gold coins, etc.
  • Tenure: It is an emergency loan. In cases where the user is not agricultural, the tenor is restricted to one year, per RBI rules. Some banks also offer terms of up to 36 months. As soon as you have fully repaid the loan, you can pick up your gold from the bank.
  • Amount: in keeping with the jewelry's promised value. A borrower may receive a minimum of Rs 10,000 and a maximum of Rs 1 crore under the scheme.
  • Repayment: The structure of repayment is determined by the bank. Most banks provide EMI repayment or a lump sum payment at the conclusion of the loan period. Borrowers must pay interest on time in the event of a final bullet payment. At the conclusion, a bullet payment for the principal will be made.

Punjab & Sind Bank Gold Loan Interest Rate

Punjab and Sind Bank Gold Scheme

Gold Loan Interest Rate in Punjab and Sind Bank

Gold Loan Scheme

7%

Advantages of the Punjab and Sind Bank Gold Loan Facility

  • Low-interest rate: Because gold loans are secured loans, they have substantially lower interest rates than conventional loans do.
  • Minimum Paperwork: The documentation process is simple and uncomplicated, and it just requires the bare minimum of paperwork to approve the Punjab & Sind Bank gold loan.
  • Jewelry Security: We are in charge of how your jewelry is handled. As a result, the gold is kept in fire-resistant vaults.
  • Loan term: The term of a gold loan might range from three months to two years. You can create a tenure option that suits your needs.
  • Farmers can benefit from some special incentives that Punjab & Sind Bank is providing for agricultural use. This indicates that the bank is offering farmers who borrow gold for agricultural purposes a slightly reduced interest rate.
  • Transparent system: A bank's objectives aren't served by adding unstated fees to loans.
  • No restrictions on salary or income: Because the lender has no such restrictions, borrowers of any income level are eligible for gold loans at any time.
  • The smallest loan amount offered to consumers is Rs. 15000. In rural areas, it is frequently less than Rs 10,000.

Who is Eligible for the Punjab and Sind Bank Gold Loan Scheme?

  • A person needs a steady income (optional).
  • Anyone who has gold jewelry, coins, or ornaments that the bank needs to mortgage.
  • Individuals who have a current or savings account with the bank (optional).
  • The age requirement is at least 18.

What are the Documents Required for the Punjab and Sind Bank Gold Loan Scheme?

  • Properly completed and signed a gold loan application.
  • Two photos the size of a passport.
  • Identity documents include a passport, voter ID card, driver's license, PAN card, Aadhar card, and an ID card from a government agency.
  • The most recent utility bill, the most recent phone or mobile bill, the most recent credit card statement, and the current house lease agreement are all acceptable forms of identification.
  • The most recent pay stub that includes all deductions, Form 16, or the income tax returns for the past two fiscal years serves as proof of income (optional.)

Types of Punjab and Sind Bank Gold Loan Scheme

The following list includes the many product-related programs that Punjab & Sind Bank provides for Gold Loans-

- Loan Against Gold

Punjab & Sind Bank offers gold loans at interest rates to address the immediate demand for finances for any reason, whether personal or technical or not.

The gold loan is, therefore, unquestionably a secured loan; as the bank assumes no risk in disbursing the money to the borrower, it is provided at a lower interest rate than other loan products.

- Agriculture Loan Against Gold

In contrast to gold loans offered for other purposes, Punjab & Sind Bank offers farmers gold loans at a specified interest rate for agricultural purposes. They receive special offers, and they have the option to present the bank land documents used to secure the loan.

How to Repay the Gold Loan Scheme from Punjab and Sind Bank?

The Punjab & Sind Bank gold loan is currently repaid using one of the three alternative methods listed below-

  • Standing Instructions (SI): When you already have an account with the Punjab & Sind Bank, Standing Instructions are the quickest and easiest method of payment. At the end of the month, you can examine the bank account of Punjab & Sind Bank, where your EMI amount will be instantly credited.

  • Post-Dated Checks (PDC): Visit the closest Punjab & Sind Bank Loan Center to present your post-dated EMI reports from a non-Punjab & Sind Bank financial statement. An immediate grant of the new PDCs was required. It would be fantastic to compile non-ECS nations if you observe that Post Dated Checks are developing because they were.

  • Electronic Clearing Service (ECS): This payment option is typically utilized if you have a Punjab & Sind Bank account and wish to debit your EMIs from the account that you registered with us near the end of the monthly cycle.

Punjab and Sind Customer Support Number

Call 9878981144 for immediate assistance and clearance for your Punjab & Sind Bank Branch Gold Loan. You can quickly learn about the most cost-effective Gold Loan offers available from any of Punjab & Sind Bank's branches globally to employ the one that best suits your needs.

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