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Gold is an asset. This is a loan secured against the gold ornaments/Bank coins, which a customer pledges with the bank. The loan amount can be applied for personal/business & any other non-speculative purposes. It’s a loan that can be availed easily instead of going to Pawnbroker with a higher rate of interest. In rural and urban area gold loan is very common for anyone. If you have gold assets, then you can get this loan very easily and it is safe and secure also. Now, look at some common facts…
Some Random Questions regarding Gold Loan: which might help you
Is Gold Loan safe?
Yes, but if you don’t have the assurance of returning the principal and interest in time, then you should avoid taking a loan against gold,” advises Manglik. Also, gold loans are good in a growing market. However, if gold prices correct awfully during the loan tenure, banks may ask for the payment of the contrast.
What happens if the loan is not paid?
If you default payments and don’t repay the loan, it will reflect in your credit score. The bank/lender will report this to the credit bureaus and this will negatively impact your credit score, thereby causing it to drop.
How can I get a Gold Loan?
To get a loan, you’ll walk into any Bank branch offering a Loan with your jewelers and avail of a Loan for any value from Rs 10,000 to Rs 15 lakh quickly. With a simple and straightforward documentation process, the loan can be availed of across the counter quickly.
Is CIBIL Score is vital for a Loan?
Banks do not check the CIBIL score for granting a loan. However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score.
Which Gold assets availed for a loan?
Gold bars and coins. Gold with 18-24 carat purity is granted for a loan.
Did banks check the Employment track record and income proofs for this loan?
Banks do not check your job or business stability to sanction you a loan. Loans are granted without income proofs. You just need to submit your basic KYC documents such as address proof, identity proof, and Aadhaar card to approve this loan.
Do I need to be an extant customer of the bank?
The customer needn’t be an existing customer of the bank. We suggested that while availing the loan, the customer should open a SA/CA facility with the bank which will enable the customer to not only enjoy banking services of the bank but also assist them in servicing the loan easily.
Best bank for applying for Gold Loan in India
|SBI Gold Loan||8.40% – 9.15%|
|Muthoot finance||12.00% to 24.00% p.a.|
|Manappuram||14.00% – 26.00% p.a|
|HDFC Bank||10.50% – 15.95% p.a|
|ICICI Bank||10.50% – 16.50% p.a|
|Axis Bank||14.50% – 15.50% p.a|
|Punjab National Bank||11.75% to 12.75% p.a|
What is the Loan tenure option?
You can choose the tenure of 6 months or 24 months.
What are the min and max loan amounts?
You can avail of a loan for any value from Rs.10,000 to Rs.15 Lakh instantly, as per your need.
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Can I prepay my loan amount?
Yes, you can prepay your loan amount.
Did I have to pay any other fees?
You will have to pay a nominal processing fee, as applicable at the time of disbursement of the loan.
Don’t be panic before applying for Gold Loan. If you read all terms and conditions, then there does not have anything to stress. Hope all this information assists you. Stay tuned with us. BLOGS ROCKS will update such useful information.