The Punjab National Bank, commonly abbreviated to PNB, proudly wears the tag of India’s first Swadeshi bank. Established in 1895, the range of products and services have grown considerably over the years. Today, PNB offers a variety of financial products ranging from deposits and loans to insurance and mutual funds.
In fact, the PNB gold loan is a popular financial service that people looking for emergency funds often rely on. Read on to know all about it and for a deep dive into the key Punjab National Bank Gold Loan details.
Apart from PNB gold bonds, another way in which you can invest in gold is through gold coins, which are also among the many PNB gold schemes available in the market today.
Check out the main features of PNB gold coins:
You can buy PNB gold coins in denominations of 5 grams, 8 grams, 10 grams or 20 grams of gold.
They come with a purity of 24 karat and carry the Assay certification.
These gold coins are of the highest quality.
Punjab National Bank (PNB) offers gold loans to farmers and individuals engaged in agricultural activities for various purposes. The Punjab National Bank gold loan for agriculture is specifically designed to meet the funding needs of farmers for agricultural purposes.
Under the PNB gold loan for agriculture scheme, individuals engaged in agricultural activities can pledge their gold ornaments, coins, or bars as collateral to avail a loan. The gold loan amount can be used for various purposes such as purchasing seeds, fertilisers, pesticides, farm equipment, and other agricultural inputs.
PNB Jewel Loan Scheme offers several benefits to customers who want to avail themselves of a loan against their gold ornaments, coins, or bars. Here are some of the benefits of the PNB Jewel Loan Scheme:
Easy and hassle-free loan processing: The PNB Jewel Loan Scheme offers a quick and easy loan processing mechanism, making it easier for customers to avail of a loan against their gold assets.
Competitive interest rates: The interest rates offered by PNB for its Jewel Loan Scheme are competitive, making it an affordable borrowing option for customers.
High loan-to-value (LTV) ratio: PNB typically offers up to 75% of the gold's value as a loan, subject to a maximum limit of ₹10 Lakhs. This high LTV ratio allows customers to borrow a significant amount of money against their gold assets.
Flexible repayment options: PNB offers flexible repayment options, allowing customers to choose a repayment tenure that suits their financial needs and repayment capacity.
No prepayment charges: PNB does not charge any prepayment penalties if the loan is repaid before the due date, making it easier for customers to save on interest costs.
To apply for PNB gold bonds, you need to use Form A for the application process.
PNB offers many gold schemes for people interested in investing in gold. You can invest in gold coins and Sovereign Gold Bonds. You can also avail an advance against any gold jewellery you have in your possession.
The value of your Punjab National Bank gold loan per gram is determined by the quality and purity of the gold provided, with the bank accepting gold of 18 to 22 carats. Depending on the quality of the gold, borrowers may be able to access up to ₹5,219 per gram as part of their Gold Loan.
The Punjab National Bank gold loan interest rate is 9.25% per annum. This interest rate is determined by various factors such as the loan amount, loan tenure, and the purity of the gold pledged as collateral.
You can avail up to ₹10 Lakhs. Use a gold loan EMI calculator to assess your repayment schedule based on the chosen tenure, applicable interest rate and the borrowed amount.
The processing fee for the loan is calculated as 0.3% of the loan amount or ₹500 plus GST, whichever is higher.