Punjab National Bank Gold Loan

Punjab National Bank (PNB) provides gold loans at an interest rate of 9.25% p.a. for loan amounts up to Rs 25 lakh and for a maximum tenure of 1 year. PNB offers gold loans against gold jewellery or ornaments owned by the applicant. Borrowers can repay the loan through bullet repayment, EMI-based repayment, or overdraft methods.

Punjab National Bank Gold Loan Interest Rates

The interest rate for PNB Gold Loan is fixed at 9.25% p.a. The lender determines Punjab National Bank Gold Loan interest rates based on the type of gold loan and the nature of the loan facility, whether it's a demand loan or overdraft.

Also read: Best Gold Loan Interest Rate

Gold Loan Interest Rates Offered By Partner Banks & NBFCs

PNB Scheme for Advance Against Gold Jewellery/Ornaments

Purpose: Consumers can avail Advance against Gold Jewellery or Ornaments to raise funds for personal requirements and non-agricultural purposes only, such as education, marriage, medical expenses, and other unforeseen expenditures.

Loan Amount: Rs 25,000-Rs 25 lakh

Repayment:

Applicants can make repayments through any of the following repayment options:

• Bullet Repayment, where payment of interest and principal occurs at maturity, i.e., up to 1 year.
• EMI based and Overdraft account, which is interest-based
• Overdraft Facility which is renewed every year

Margin of Punjab National Bank Gold Loan:

Also read: Best Gold Loan EMI Calculator

Punjab National Bank Gold Loan Fees and Charges

Eligibility Criteria for Punjab National Bank Gold Loan Applicants

Punjab National Bank hasn't provided specific details about the eligibility criteria for their gold loan applicants. However, like other lenders, they likely consider factors such as the applicant's age, the weight and purity of the gold pledged, and other relevant financial aspects when assessing eligibility.

Also read: Best Gold Loan Eligibility

Documents Required for Availing Punjab National Bank Gold Loan

For availing a Punjab National Bank Gold Loan, applicants may need to provide the following documents:

• A duly filled application form along with photographs
• Address Proof: Aadhaar card, PAN card, Passport, utility bills
• ID Proof: PAN card, Aadhaar card, passport, driving license

Also Read : Best Gold Loan Documents Required

Features of PNB Gold Loan

The key features of a PNB Gold Loan include:

• Loan Margin: Borrowers are required to bring in a loan margin of 25%, and 35% for the bullet payment option.
• Valuation: PNB accepts 22 carat gold for approving loans. If the gold ornament or jewellery is of lower purity, PNB will convert the value into 22 carat and then sanction the loan.
• Security: Customers need to pledge gold ornaments, jewellery, or coins issued by any bank as security for the loan. When PNB approves a loan against gold coins, the maximum weight per coin per customer should not exceed 50 grams
• Repayment Tenure: Loans availed for agricultural purposes can be repaid in 12 monthly installments or two half-yearly installments, with interest retrieved on a half-yearly or yearly basis as per the harvest season. For non-agricultural purposes, loans can be repaid in 12 monthly installments or two half-yearly installments, with the principal repaid within the 12-month tenure.
• Quantum of Finance: For productive purposes, the minimum loan amount approved by Punjab National Bank is Rs. 25,000, while for non-productive purposes, the maximum loan amount approved is up to Rs. 10 lakh.