It often happens with most of the people that they have to resort to loans due to lack of any kind of cash when needed. There are many types of loans and in lieu of the loan, you can give anything to the bank as a security, in such a situation, if you have gold. So getting a loan becomes even easier for you.
Because through Gold Loan you can easily take loan for cash in your emergency needs. And under this you do not need much paperwork.
If you people also want to take gold loan, then our today’s post can be very helpful.
Gold loan can prove to be a better option for those people who need cash money, here you will get what is gold loan and how to get gold loan. Detailed information about the village and the process will be provided on the document rate required to take the gold loan.
What is Gold Loan?
Gold loan is a type of secured loan, in which you have to pledge your gold on the basis of security to get the loan amount, after disbursing the loan amount, the bank keeps your gold in a safe locker. Loan against gold is emergency and short term and can be granted for a minimum period of time. It is a type of emergency fund that can be availed at an interest rate.
This type of loan is taken to meet the shortfall of many types of work like home renovation, travel, medical emergency, marriage or higher education, down payment. Gold loan is a highly rated commodity that can be converted into cash in the shortest possible time. Gold loan is the best option in emergency situations, in which loan is available on the basis of gold purity and value.
According to many experts, gold loan is much better than personal loan. While the personal loan interest rate is quite high, the gold loan interest rate is slightly lower. It is a flexible loan with the lowest interest rate and easy process. You get loan up to 75% of the amount of gold as per the value of the gold
How to get Gold Loan?
Tax and investment expert Balwant Jain says that loans can be taken through banks or NBFCs. In this, the bank gives you a better interest rate, then the same NBFCS can lend you a higher amount. Before taking a loan, you can go to four to five places and get information about the low interest rate, this can give you an advantage in taking the loan.
As an NBFC, it gives loan against gold in a short time. You can visit the official website or mobile application of the bank to avail the gold loan. And by going there you can apply for the loan by completing the online process.
Documents required for taking gold loan
- Aadhaar Card
- Pan Card
- Income Certificate
- identity card |
- Electricity Bill or Telephone Bill |
- Passport size photo |
Gold Loan Interest Rate
- SBI gives its customers loans ranging from 20,000 to 50 lakhs at an interest rate of 7.50 percent or more.
- Axis Bank’s interest rate on gold starts at 12.50 percent, in which applicants can take loans from 25,001 to 25 lakhs.
- The interest rate on Gold Loan in HDFC Bank starts from 9.50 per cent, and loans from 25 thousand to unlimited amount are available.
- Muthoot Fincorp’s Gold Loan interest rate starts from 11.99 percent, and loans from Rs.15,000 to Rs.50 lakh are available.
- ICICI Bank’s interest rate starts from 10%, in which you can take loan from 10,000 to 1 crore.
Gold Rate Per Grams
Friends, take your gold to the bank you want to take a loan from, after that the bank staff will check the purity of your gold. In this, your gold will be assessed according to its purity, weight and market value.
The loan amount will be determined by ascertaining the market value of the gold on the date of applying for the gold loan, if you pledge gold ornaments. So the amount is given after assessing only the gold parts.
Additionally, other gems embedded in the piece of jewelry are not counted if you have 24K gold coins. So these coins have to be accepted only when they are issued by the bank.
Gold Loan Processing Fee
There are many banks that charge 1.5 percent + GST on the loan amount as a processing fee. This amount has to be paid before taking the loan, apart from this the bank also imposes a valuation charge. It is taken by the bank in lieu of extracting the value of gold.
In case of non-payment of gold loan
If you are unable to repay the loan amount within the given time. So a follow up reminder is sent to you by the bank or lending institution and a late fee is also charged as a penalty. Some banks also deduct an annual late charge of 2% as late fee in addition to the interest rate.
Process to Apply for Gold Loan Online
1) First of all you have to go to the official website of that bank. After reaching the home page of the website of the bank that you are a customer, you will get the loan section.
2) After reaching this section, you will be seeing various types of loan options. As well as their link will also be there, so you have to click on the gold loan option out of these.
3) Then all kinds of information related to gold loan will come in front of you. After reading the information, you have to click on Apply Now.
4) The gold loan application form will open in front of you, in which you have to fill important information. And the copy of the relevant document has to be scanned and uploaded.
5) Then after the application form is accepted by the bank, you have to go to the bank with your jewelry. The loan is issued on the basis of the value of your gold in the bank.
[ conclusion ]
So friends, in this way I have told you in very simple and Hindi language. What is Gold Loan, and how to take Gold Loan? 2023 After reading the whole post, you will understand everything. If you still have any doubt regarding this, then you can ask in the comment section below, we will definitely help you.