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Gold Loan @ 0.83 Paisa*
Gold loan is a secured loan where borrowers pledge their gold ornaments or coins as collateral to obtain funds from a lender. This type of loan is popular for its quick processing, minimal documentation, and flexible repayment options. It is an ideal financial solution for individuals in need of immediate funds, whether for personal, business, or emergency purposes.
How Gold Loans Work :
When you take out a gold loan, the lender evaluates the purity and weight of the gold being pledged. Based on this evaluation, the lender offers a loan amount, typically ranging from 70% to 85% of the gold’s current market value.
Advantages of Gold Loans:
Minimal Documentation
Quick Loan Approval and Disbursal
Lower Interest Rates
Secured and Insured
Eligibility and Documentation:
To be eligible for a gold loan, applicants typically need to meet the following criteria:
- Age Requirement: Must be at least 18 years old.
- Gold Purity: The gold to be pledged should generally be between 18 to 24 karats.
- Ownership: The applicant must own the gold being pledged. The gold can be in the form of jewelry or ornaments.
- Age Requirement: Must be at least 18 years old.
The essential documents required include:
- Valid proof of identity (e.g., Aadhar Card, Voter ID, Passport, PAN Card).
- Valid proof of address (e.g., Utility Bills, Aadhar Card, Passport, Voter ID).
- Recent passport-sized photographs.
- Citizenship: Must be a resident of India (for loans provided by Indian financial institutions).
- Valid proof of identity (e.g., Aadhar Card, Voter ID, Passport, PAN Card).
Interest Rates and Charges:
Interest Rate: The base rate is the initial rate charged by the lender, typically ranging from 9% to 15% per annum.
Processing Fee: A one-time fee charged by the lender for processing the loan application. This can range from 0.5% to 2% of the loan amount.
Valuation charges: On gold loans in India are fees charged by lenders for assessing the purity and value of the pledged gold, typically ranging from ₹250 to ₹2,500
Prepayment Charges: Some lenders impose a fee if you choose to repay the loan before the tenure ends. However, many gold loan providers offer zero prepayment charges.
Foreclosure Charges: Similar to prepayment charges, applicable if the entire loan is paid off before the end of the term.
Repayment and Loan Tenure:
Gold loans offer flexible repayment options. Borrowers can opt for:
- EMIs: Equated Monthly Installments consisting of both principal and interest.
- Bullet Repayment: Pay the entire principal and interest at the end of the loan tenure.
- Interest-Only Payments: Pay only the interest periodically and the principal amount at the end of the loan tenure.
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Questions & Answers
What is a gold loan?
A gold loan is a secured loan where you pledge your gold jewelry or ornaments as collateral to obtain funds from a lender. The value of the loan is typically a percentage of the gold’s market value, and you repay the loan amount along with interest within a specified period.
How does a gold loan work?
To obtain a gold loan, you provide your gold items to the lender, who assesses their purity and value. Based on this assessment, the lender offers you a loan amount. Upon accepting the loan terms, you receive the funds, and the lender keeps your gold items as collateral. You repay the loan within the agreed-upon tenure, and upon full repayment, the lender returns your gold items.
What are the benefits of a gold loan?
Gold loans are quick and easy to obtain since they are secured by collateral. They typically have lower interest rates compared to unsecured loans, making them a cost-effective borrowing option. Additionally, gold loans do not require a credit check, making them accessible to individuals with varying credit histories.
You can apply for Gold Loan Balance Transfer | Gold Loan BT | Loan against Gold with us.
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