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venerdì 23 ottobre 2020

Personal Loan Vs Gold Loan: How Much EMI Would You Pay For Rs. 5 Lakh loan?


Photo: from Pixabay

Personal loan and gold loan are popular loan options as they both are easy to avail. They both come with their own set of features and benefits. Your equated monthly instalment (EMI) outgo for any loans is determined on the basis of the interest rate on the loan. When it comes to interest rates, you may find gold loan cheaper than a personal loan. Your choice of loan product would depend on your borrowing requirement.

When it comes to gold loans, you can normally borrow 75% as the loan-to-value (LTV) ratio of your pledged gold. The government has temporarily increased the LTV on gold loans to 90% till March 31, 2021. However, if are short of gold and your loan requirement is higher, a personal loan may be better for you.

Before choosing an option for yourself, make sure to compare both in terms of interest rates, processing fees, prepayment charges, etc. Take a look at the latest personal loan and gold loan interest rates offered by top 15 banks in India. Also, check the estimated EMI you would be required to pay for a loan of Rs. 5 lakh for 3 year tenure.

Personal Loan Vs Gold Loan (Interest Rates and EMI)                                                    

EMI on Personal Loan and Gold Loan of Rs. 5 Lakh for 3 year Tenure

Personal LoanGold Loan
BanksInterest RateEMI (in Rs)Interest rateEMI (In Rs)
Union Bank of India8.90%15,8778.85%15,865
Punjab National Bank8.95%15,8888.75%15,842
Central Bank8.95%15,8889.05%15,912
Indian Bank9.05%15,9128.50%15,784
State Bank of India9.60%16,0407.50%15,533
Bank of Maharashtra9.70%16,0637.50%15,533
UCO Bank10.05%16,1458.50%15,784
Bank of Baroda10.25%16,1929.75%16,075
HDFC Bank10.75%16,31011%16,369
Kotak Bank10.75%16,31010.50%16,251
Indian Overseas Bank10.80%16,3229.25%15,958
Punjab & Sind Bank11.10%16,3937%15,691
Canara Bank11.25%16,4297.65%15,588
ICICI Bank11.25%16,42910%16,369
Bank of India11.35%16,4527.35%15,519

Data compiled by from respective bank’s website as on 22 Oct 2020. Need help in calculating your EMI? Use BankBazaar’s easy Personal Loan EMI calculator.

Disclaimer: Interest rate on Personal Loan for all listed (BSE) Public & Pvt Banks considered for data compilation and Gold loan interest for such banks is considered for a comparison. Banks for which data is not available on their website, are not considered. Top 15 Banks with lowest personal loan interest are listed in ascending order i.e. bank offering lowest interest rate on Personal loan is placed at top and highest at the bottom. EMI is calculated on the basis of Interest rate mentioned in the table for Rs. 5 lakh Loan with tenure of 3 years (processing and other charges are assumed to be zero for EMI calculation); Interest and charges mentioned in the table is indicative and it may vary depending on bank’s terms and conditions.

Team BankBazaar

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