Most of the people in our country invest more money in gold. That’s why everyone has little if not more gold in their house because gold is such a thing. Today, a person considers it better to buy it at every festival or any festival.
In such a situation, if you ever face any trouble or you need money for any work, then you can take a loan by pledging the gold kept in your house to any bank or NBFC company. Today we will tell you this article
what is a Gold Loan?
What are the benefits of taking a gold loan?
When can a gold loan be taken?
What are the qualifications required to get a gold loan?
What are the documents needed to take a gold loan?
Which financial companies or banks can avail of gold loans?
Today we are explaining all these to you through this article. Let us know what gold loan…is.
What is Gold Loan, after all?
Friends, first of all, we want to tell you that a gold loan is a type of secured loan. A secure loan is because, under the gold loan, you can pledge your gold items to any bank or NBFC bank in return from there. Take money as a loan. The gold that we keep with the bank as security can also be called a secure loan. Sleep helps a person in emergency and short-term situations. It is like an emergency fund, and it involves very little interest.
Apart from this, a person can take a gold loan for higher education in marriage, home repair, travel, down payment, etc. Due to the high price of gold, it is converted into cash by taking a loan. In times of trouble, meeting all the needs of money is done through Gold Loan only. In Gold Loan, if you ever go to take a loan, then the loan is given to you according to the purity and value of the gold.
Employees of banking institutions say that at the time of any trouble, the best option is for a person to overcome his problems by taking a gold loan instead of a personal loan because a personal loan is an unsecured loan, and it also charges very high interest.
But a gold loan is a secured loan. Interest is also significantly less in this. As you all know, gold is available in everyone’s house nowadays, if not more, than a little. In such a situation, you can overcome your troubles by pledging gold. This is a flexible loan. Its process is also straightforward. To take a gold loan, there is no need to provide any such documents or any proof. Whenever you go to any bank or NBFC for a gold loan, you can quickly get up to 75% of the loan amount against gold.
Benefits of taking a gold loan
In today’s time, gold loan is the solution to every problem of man.
- Gold loan is readily available to the individual in an instant form. Although it takes some time to get a loan from banks, there are many private companies, and loans are readily available within minutes. Let us know the benefits of giving gold and giving…
- Who does not need more documents of any kind?
- Interest in the gold loan is less as compared to a personal loan.
- A gold loan is a secured loan.
- Gold loan is readily available to any person if his civil score is terrible.
- You can use the loan amount through a gold loan for any work you want as a personal loan.
- This loan can be taken in case of any emergency.
Few things to keep in mind for a gold loan
Friends, you all know that whenever we apply for any loan in the bank or any NBRC institution, there is some important information. It is also essential to know about them. Only after that, if you apply for this loan, then it is correct. Let us know the critical things to remember for taking a gold loan…
1. First of all, if you apply for a loan through any of your gold loan lending banks or any NBFC financial company, then get the information about the interest rate of that bank so that you There will be no regrets of any kind in the future.
2. As you all know, the gold loan is secured, and now gold is kept in the bank as security. Hence the interest of a gold loan is much less as compared to a personal loan. The most important thing you should know even before taking a loan is that you are not charging a higher interest rate on a gold loan than on a personal loan.
3. Whenever you take a gold loan from anywhere, it has to be filled in the loan amount within a specific period. If you do not pay it on time, then 2% or 3% more extra charges bank on your loan are put in by.
4. If you have made up your mind to take a gold loan? Apart from this, if you think about taking the more significant amount of gold loan, if you get the price of the gold loan right, then you should let the gold loan sell. At least you will be saved from the rate of interest.
5. Take a gold loan, but if you do not pay that loan within one year, then perhaps your gold is also sold by the companies bank, or it is auctioned. Because the bank tells you the time of repayment of the loan in advance. The loan has to be repaid within that time itself.
6. Apart from this, the last and most important thing is that on taking a gold loan, apart from the interest, there are many other things that you have to pay, so first of all, what will be the interest rate on taking a gold loan, apart from what processing charge it has Appraisal fees are charged and apart from this there are extra charges, whichever it is, information about all of them should be done first, it will be very suitable for you.
India’s leading company and bank giving gold loan
In our country today, apart from many private companies and NBFC companies, banks through which gold loan facilities are provided, let us know about some essential and top gold loan companies in India…
- Muthoot Finance Company
- Mannapuram Finance Company
- Union Gold Loan
- SBI Gold Loan
- Mahindra Gold Loan
- ICICI Gold Loan
- HDFC Bank Gold Loan
- Access Bank Gold Loan
In all these India’s top and important gold loan companies, apply to the court only after you have complete information to take a gold loan.
Gold loan amount
First of all, let us tell you for your information, gold loan is a secured loan, so by taking this loan, you get the same amount from the loan as you have mortgaged your thing with the bank, that is, 75% of the gold loan money will be given to you. Gold is given according to the price.
Interest on the amount received through Gold Loan
The rate of interest charged on the gold loan varies from the financial company to or later. Sometimes in times of need or trouble, the interest on the gold loan has to be paid more than a personal loan. Apart from this, the banks also levied some other charges, which are also mandatory to be filled. If seen in the right way, then the rate of interest charged on gold loans has been fixed at 12.75% or more. A gold loan is a secured type of loan, and it often demands a lower rate of interest than a personal loan, but some companies charge a higher rate of interest than a personal loan.
Gold Loan Repayment Timings
Whenever you apply for a gold loan, a time frame for its repayment is fixed in advance, and most of the loan repayment time is given for one year. If you do not repay that loan amount within one year, more charges are levied on your gold loan through the bank or financial company.
And for some reason you still do not contact them or pay the interest or do not pay any EMI of the loan on time, then the bank will first send a notice to you. If you have not responded to the information, the bank Auction your gold, so pay the gold loan instalment on time because gold is pledged in security instead of the loan amount with the bankers. Hence the bank becomes assured.
Other charges on gold loan
Whenever you apply for a gold loan in the bank or finance company, a processing charge of 1% is levied by the bank on the gold loan. Apart from this, bank charges are also assessed for some documents. The bank also considers a fee for the valuation of gold. Banks may also charge you a renewal fee based on the loan amount. If you have paid a delinquent loan, the bank can also levy stamp duty as per the state laws. On that, you have to pay late payment charges. You must pay GST at 18% and the prepayment fee separately when you decide to close the loan.
How to secure the gold loan in the bank
The process of securing all the jewellery made of gold in a gold loan varies from bank to bank. After the loan is disbursed, the customer’s gold is kept in the bank locker under very tight security using electronic vaults with CCTV and detectors. The sisters of gold are kept very carefully. Many people even insure their pledged gold so that in future, if it is stolen, you get the value of the lost gold as per the present value in the market. In this way, many people manage their gold loans in different ways to secure security in the bank.
Documents Required for Gold Loan
To take a gold loan, very few documents are required in all banks and NBFC institutions. The information about the essential documents which are so needed is as follows…
- Aadhar Card
- Address Proof
- Income proof
Apply for a gold loan
If you take a gold loan for any work at the time of any trouble, you have to apply in any bank by going to an MBA finance company. There you are required to take the jewellery (jewellery, biscuits, coins, etc.) And how much will you get according to that time? However, at this time, you all know that during the Karona epidemic, all the NBSCs and banks send one of their bank employees to your home and evaluate your jewellery correctly.
Then you get the loan. Apart from this, you can also apply for a gold loan online. In today’s time, many such websites are running, by visiting the official page of which you can submit your complete details by filling in it. After that, the entire process of your gold loan is done. The employee will come to you through the bank and take away your gold after evaluating it. And the loan amount will arrive in your bank account.
Repayment for Gold Loan
Whenever you apply for a gold loan, it is your own decision to make the payment. In this, you can pay in two ways, either you can deposit the loan amount in the bank together. Whatever processing charges, GST, interest rates can be deposited along with the loan amount. If your loan amount is large, if you pay it in the form of monthly instalments, then it will be right for you. Because in filling the loan in the form of monthly instalments, the person’s monthly budget does not get disturbed. If you have enough money available with you, you can run the loan amount all at once.
What is Gold Loan to you today through this article? What is a gold loan? Tell the complete information about it in detail. I hope you liked all this information given by us. If you need more information or any suggestion, you can ask by commenting in our comment section. And you must like share this post of ours.
Where can I apply for Gold Loan?
Bajaj Gold Loan, Mannapuram Gold Loan, Muthoot Finance Gold Loan.
What type of loan is a Gold Loan?
It is a secured loan.
What is the interest rate on Gold Loan?