Comparison SBI vs PNB Gold loan scheme. Latest Interest Rates, Repayment Period, Quantum, Margin, Security, Processing Charges
SBI and PNB both offer loan against pledge of gold ornaments and gold coins sold by banks. Let us compare features of SBI vs PNB GoldLoan Scheme.
Purpose of Loan
| SBI | PNB |
| To meet any personal requirements | To meet any personal requirements |
Documents Required for Gold Loan
| SBI Gold Loan | PNB Gold Loan |
| Application for Gold Loan with two copies of photographs. Proof of Identity with proof of Address Witness Letter in case of illiterate borrowers. | Application for Gold Loan with two copies of photographs. Proof of Identity with proof of Address Witness Letter in case of illiterate borrowers. |
Quantum of Loan
| SBI Gold Loan | PNB Gold Loan |
| Minimum Loan Amount : Rs 20,000 /- Maximum Loan Amount : Rs 20.00 lakh | Minimum Loan Amount : Rs 25,000/- Maximum Loan Amount : Rs.10.00 lakh |
RATE OF INTEREST for Gold Loan
| SBI Gold Loan | PNB Gold Loan |
| 1 yr MCLR+0.5% 1 yr MCLR = 7% 7.50% | RLLR + 1.95% RLLR 6.65% = 8.6% |
Margin Requirements for Gold loan
| SBI Gold Loan | PNB Gold Loan |
| Gold Loan: 25% Liquid Gold Loan: 25% Bullet Repayment Gold Loan: 35% | 35% for bullet payment option 25% for payment of interest as and when levied option |
Security Requirements for Gold loan
| SBI Gold Loan | PNB Gold Loan |
| Pledge of gold ornaments duly verified for quality & quantity including gold coins sold by Banks | Pledge of Gold jewellery, ornaments and Gold coins issued by any bank. weight of the coin(s) shall not exceed 50 grams per customer |
Repayment OF Gold Loan
| SBI Gold Loan | PNB Gold Loan |
| Maximum : Gold Loan : 36 months Liquid Gold Loan : 36 months Bullet Repayment Gold Loan : 12 month | Loans for Agricultural Purposes: Max -18 months Loans for Non Agricultural Purposes Max – 12 months |
Repayment Mode
| SBI Gold Loan | PNB Gold Loan |
| Gold Loan: Regular servicing of interest as and when levied from the date of disbursement Liquid Gold Loan: Monthly interest needs to be served in overdraft account Bullet Repayment Gold Loan: Payment of interest and principal at maturity. | Loans for Agricultural Purposes: Interest required to be charged/recovered at yearly/half yearly intervals coinciding with the harvesting of crops. Repayment through Bullet Payment Loans for Non Agricultural Purposes: Regular servicing of interest as and when levied. Repayment through Bullet Payment |
Documents Required for Gold Loan
| SBI Gold Loan | PNB Gold Loan |
| Application for Gold Loan with two copies of photographs.Proof of Identity with proof of AddressWitness Letter in case of illiterate borrowers. | Application for Gold Loan with two copies of photographs.Proof of Identity with proof of AddressWitness Letter in case of illiterate borrowers. |
Processing Fees for Gold Loan
| SBI Gold Loan | PNB Gold Loan |
| 0.50% of the Loan amount + applicable GST minimum Rs500/- + applicable GST | 0.75% of loan amount (inclusive of appraiser fee for testing and valuation of Gold Ornaments) |
SBI offers higher amount of loan as compared to PNB
SBI - Max 20 Lac
PNB - Max 10 Lac
SBI charges lower interest as compared to PNB
SBI – 7.5%
PNB – 8.6%
SBI offer longer repayment period as compared to PNB
SBI – Max -36 months
PNB – Max 12 months
Conclusion:
Almost all features of SBI gold loan scheme and PNB gold loan scheme are same
but SBI is offering higher Loan amount as compared to PNB at lower rate
of interest as compared to PNB.
SBI is offering gold loan for a longerperiod as compared to PNB.
For more details visit:
SBI - https://sbi.co.in/web/personal-banking/loans/gold-loan
PNB- https://www.pnbindia.in/personalloangoldandjewellery.html
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