Gold Loan EMI: Rs 5 Lakh Loan, Rs 4,000 Interest! PhonePe Offers Gold Loans Too

• Gold loans are now accessible via PhonePe through partnerships with NBFCs like Muthoot Fincorp and Muthoot Finance.
• A Rs 5 lakh gold loan at 10% annual interest over five years results in a monthly EMI of around Rs 10,600.
• The monthly interest component for a Rs 5 lakh loan can be as low as Rs 4,000.
• It's advisable to understand interest rates and EMIs thoroughly before taking a gold loan to ensure hassle-free repayment.
• Consider taking a loan for only about half the gold's value to avoid repayment difficulties and compare bank vs. private institution rates.

Why It Matters: Gold loans are now easily accessible via PhonePe with affordable interest, but careful planning is crucial for repayment.