Punjab National Bank Gold Loan Interest Rates

• The gold loan is made available to borrowers for both personal and corporate needs.
• The gem loans have no prepayment penalties.
• Gold jewelry or gold coins are required as security or collateral for these loans.
• Gold coins or jewelry weighing no more than 50 grams is acceptable. They ought to be between 18 and 22 carats pure.
• Businessmen, students, pensioners, salaried workers, self-employed professionals, and homemakers are among the customer sectors for bank-officered gem loans. The candidate needs to be a minimum of 18 years.

For paid individuals and professionals, the PNB offers gold lending programs. The money received as a loan might be used for a variety of different or specific uses.

• Loan Against Gold - PNB offers a low-interest rate of 5.88% annually on the gold loan.
  
  
• Gold Loan for Agriculture - PNB provides loans against gold for agricultural use at a cheaper rate of interest with flexible repayment choices in an effort to help farmers from its lending program.

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

• Properly completed and signed gold loan application
• Two photos in passport size
• A passport, voter ID card, driver's license, PAN card, Aadhar card, and government department ID card are acceptable forms of identification.
• Current house lease agreement, the most recent electricity bill, the most recent phone or mobile bill, the most recent credit card statement
• 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)

• Processing Fee: Some banks impose a processing fee, which, if waived, may be agreed upon in advance. Some banks charge a minor fee for the evaluation of gold. This is given to the independent valuer.
  
• Prepayment Penalty: Some banks may impose fines when loans are repaid early. If you postpone paying interest, you will be assessed a late payment penalty.
  

The qualified applicant who wishes to submit an application for the PNB Gold Loan must visit the nearby PNB branch and obtain an application form from the bank. Fill out the application form completely, add all necessary information, and attach the appropriate files. Fill out the form and send it to the right bank.

The PNB bank offers a prepayment option that allows customers to pay off their entire loan amount before the initial term is over, free of prepayment fees.

Details about the Repayment of the Gold Loan-

• The borrower's fixed payback period may last up to 12 months. Every month, interest will be deducted from the account, but at maturity, it will also become an outstanding payment along with the principal.
  
  
• The repayment can be accomplished by a bullet payment, in which the principal and interest are paid together at maturity.

• The borrower's fixed payback period may last up to 12 months. Monthly withdrawals of interest will be made from the account, but at maturity, they will be combined with the principal as an overdue payment.
• The repayment can be accomplished by a bullet payment, in which the principal and interest are paid together at maturity.

• Gold Ornament: Only gold jewelry and ornaments are eligible for the loan.
• Loan Term: The Gold Loan has a maximum term of ten years.
• Safety and security: After determining the gold's value, securely store the gold in the bank's vault. The client is present when the process is being done. This is done to ensure that the bank's holding of the borrower's gold is completely safe and secure.
• You can get the loan in 30 minutes after approval.
• In the event of a Gold Loan, Canara Bank may charge the borrower up to 0.50% of the outstanding principal amount as a foreclosure fee.