Punjab National Bank (PNB) in India offers gold loans against items like gold coins and jewelry, which can be used for emergencies, education, healthcare, agriculture, and more. Both existing and new customers can secure loans up to Rs. 10 lakhs by pledging gold jewelry, including coins bought from banks.

Punjab National Bank Gold Loan Schemes Details

• Loan Amounts: Ranges from Rs. 25,000 to Rs. 10,00,000.
• Processing Fees: 0.75% plus GST.
• Accepted Ornaments: Gold jewelry like necklaces, rings, and bracelets; includes bars, cookies, and coins of 18 to 22 carats purity.

Characteristics of PNB Gold Loans

The gold loan serves both personal and business needs with no prepayment penalties. It necessitates collateral in the form of jewelry or coins up to 50 grams and purity of 18 to 22 carats. Individuals like businessmen, students, pensioners, salaried workers, self-employed, and homemakers aged 18 or over are eligible.

PNB Gold Loan Interest Rates 2024

Advance against Gold Loan: 7.25% per annum.
Advance against Gold Jewelry: 7.25% p.a. to 7.5% p.a.
Advance against Sovereign Gold Bonds: 7.15% p.a. to 7.35% p.a.

PNB offers gold loan schemes for a wide array of clients, featuring low annual interest rates starting at 5.88%, and loans for agricultural purposes at even lower rates with flexible repayment plans.

Eligibility for PNB Gold Loan

• Must be 18 years or older.
• Must have gold jewelry, coins, or ornaments to pledge.
• Constant income is not mandatory.
• Existing or new account holders can apply (optional).

Documents Needed for PNB Gold Loan

• Completed gold loan application form with signature.
• Two passport-sized photos.
• Identity proof: Passport, Voter ID, Driver's License, PAN, Aadhaar, or government ID.
• Address proof: Current house lease, recent electricity/phone bill, credit card statement.
• Income proof (optional): Latest pay slip, Form 16, or recent two years' income tax returns.

Other Charges in PNB Gold Loan

Possible processing fees, waiver agreements, minor charges for gold evaluation by an independent valuer, prepayment penalties for early repayment, and late payment fines for overdue interest.

Application Process for PNB Gold Loan

Applicants should visit the nearest PNB branch, obtain an application form, fill it with necessary information, attach required documents, and submit.

Prepayment of PNB Gold Loan

PNB allows prepayment options where customers may repay their total loan before the term ends without prepayment charges.

Repayment Terms for PNB Gold Loan

• For Gold Loan: Up to 12 months period with monthly interest; principal, and outstanding interest due upon maturity.
• For Agricultural Gold Loan: Follows similar terms as above with whole sum due at maturity.

Benefits of PNB Gold Loan

• Only gold jewelry and ornaments qualify as collateral.
• Maximum loan term extends to ten years.
• Gold safely stored in bank vaults alongside clients.
• Loan approval and disbursal can occur within 30 minutes.
• Foreclosure may incur up to 0.50% of the remaining principal as a fee.