An individual has various options to meet the financial emergency requirement

An individual has various options to meet the financial emergency requirement

A few of these choices consist of using financing or redeeming their investments. One option that is such using a silver loan. Here you will find the rate of interest charged with a bank/NBFC on gold loans.


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An individual has various options to take care of a financial emergency. These generally include using a unsecured loan or redeeming their opportunities in monetary instruments such as the provident investment, shared funds etc.

In terms of borrowing from a lender, apart from availing an individual loan, you can additionally choose for a silver loan. If you should be thinking about going for a silver loan (or that loan against silver), this is what you should know.

What exactly is a silver loan? A silver loan is that loan against silver. It really is a secured loan where gold articles such as for example gold jewelry, ornaments etc. Are taken as security because of the financing bank/NBFC. The mortgage is directed at the debtor from this silver as security.

Where to avail gold loan? Apart from banking institutions such as for instance SBI, ICICI Bank, HDFC Bank etc., non-banking boat loan companies (NBFCs) additionally provide gold loans to people. NBFCs that provide gold loans consist of Muthoot Finance, Manappuram Finance etc.

Minimal and gold loan amount that is maximum

The actual quantity of loan that an individual may get against an article that is gold vary from lender to lender. As an example, ICICI Bank provides gold loans between Rs 10,000 and Rs 1 crore. Whereas their state Bank of Asia (SBI) offers gold loans between Rs 20,000 and Rs 20 lakh. While, Muthoot Finance provides silver loans starting from a minimal level of Rs 1,500 without any optimum limitation.

Tenure of silver loanThe tenure for the silver loan will vary from lender also to lender. For example, HDFC Bank provides gold loans with tenures between 90 days and a couple of years. Maximum period of payment of an SBI silver loan is 3 years. Muthoot Finance provides various kinds of silver loan schemes that are included with various tenures.

Rate of interest on silver loan charged by bank and NBFC

All information sourced from Economic Times Intelligence Group (ETIG)Interest price on silver loan sorted predicated on increasing purchase of maximum rate of interest charged by bank/NBFC Interest price information as on August 20, 2020

Exactly what are the papers needed? To avail a silver loan, the lender or NBFC will request you to offer different papers. Papers normally needed add your proof identification such as for example PAN, Aadhaar etc. And evidence of target like Aadhaar, passport, Voter-ID card etc, as well as your picture. Any documents that are additional would differ from lender to lender.

Do you know the fees? For loans like house, automobile and unsecured loans, the borrower is generally needed to pay processing charges/fees to avail the mortgage. An applicant may be asked to pay for valuation of gold which will be used as collateral by the lending institution while taking a gold loan, apart from processing fees. By way of example, HDFC Bank fees Rs 250 as valuation charges for loan as much as Rs 1.5 lakh and Rs 500 for loan over Rs 1.5 lakh.

Aside from processing charges and valuation costs, a bank also can charge paperwork and property foreclosure costs. Consequently, you need to seek advice from the financial institution and/or NBFC for all your charges that’ll be levied before availing the mortgage.

(the data linked to fees and different other modalities happens to be gathered from sites of banking institutions and NBFC on August 5, 2020. The attention prices charged for gold loans by different banks/NBFCs will soon be updated when every in the content. Week)

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