Easy Way to Take Gold Loan - What is Gold Loan - How to Take Gold Loan
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Easy Way to Take Gold Loan – What is Gold Loan – How to Take Gold Loan

Easy Way to Take Gold Loan – What is Gold Loan – How to Take Gold Loan

Gold Loan – People buy a lot of gold in India and for this reason today you can find gold in every house, in the form of ornaments or currency or statues.

When you need money in times of trouble, gold is very useful because you can bathe it and take money. But sometimes it happens that the gold you have is either a family ornaments or an idol of Gods.

For this reason you do not find them benches. Even if you cannot sell them, you can take a loan in exchange for them.

Now many banks and finance companies give you this facility that you can keep a loan against your gold jewellery as security, which we call Gold Loan.

Car Loan

What is Gold Loan?

Gold loan is like a personal loan, whose money can be used for any purpose. But there is a difference between personal loan and gold loan.

Your credit score is seen for taking a personal loan and if your credit score is bad then you do not get a personal loan.

But this is not there in Gold loan, even if your credit score is bad, you will get gold loan.

Benefits of Gold Loan

Gold loan is a loan that you get very easily because you give gold as security for gold loan. In this, you do not need to provide more documents and you can use the money taken by it anywhere.

How do banks and finance companies give gold loans?

According to RBI (Reserve Bank of India) rules, any bank or financial company can give you a maximum loan of up to 75% on the value of your gold. According to this you cannot get more than 75% of LTV (Loan To Value).

Even after RBI, banks and financial companies also have their own rules and according to those rules you get LTV up to 60-65%.

Let us understand all this with the help of an example.

Example: Suppose you have 10 / gram Gold which is worth (2000 Rs per / gram). So how much will your 10 grams of gold be worth.

10 X 2000 = 20,000

Now the bank gave you LTV 65%, then how many rupees will you get in the loan?

20,000 / 65% = 13,000 rs

So the bank will give you 13000 rupees as a loan.

Gold Loan Calculate

How to Calculate Gold Price in Gold Loan?

To calculate the price of gold, the last 30 days of the Closing Price of Bank 22 Carat Gold comes out and according to that, the price of gold is fixed but if your gold is working from 22 Carat, then you will get its work money.

When you offer jewellery for Gold Loan, only Gold is considered value in the loan. If there is a diamond in your jewellery, then it will not be counted in the price.

Gold Loan Interest Rate

Interest rate on gold loan is according to the bank and finance company because they have control over it, but the interest rate of gold loan is work only with personal loan.

The interest rate and EMI of the rest of the gold loan depends on its LTV.

Gold Loan Tenure

The time limit for gold loan is usually from 6 months to 1 year but in some banks and financial companies you can get a longer time period which can be from 1 year to 3 years.

Gold Loan Repayment

You can pay gold loan in the form of EMI. In which you can deposit basic and interest with the help of EMI. If you want, you can also take a loan by deducting the amount of interest, in which you only have to repay the original in the end.

Can you get jewellery back after paying gold loan?

If you deposit all the money on time with interest then the bank gives you your jewelry back.

Required Documents

  1. Identity proof
  2. Address proof
  3. Aadhaar Card
  4. PAN card
  5. Gold

Disadvantages of Gold Loan

  1. If you do not miss the money taken on the gold loan, then the bank gives your jewelry bench.
  2. On the Gold Loan you get a loan of 65% of the original amount of your gold.
  3. There is also some processing fee on gold loan.
  4. The finished Gold Loan work is of long duration, so much interest has to be paid on it.
  5. Gold loan is not available for more time period.

Loan provider

Some of the important banks and finance companies that offer gold loans

  1. SBI Bank Gold Loan Scheme
  2. AXIS Bank Gold Loan Schemes
  3. ICICI Bank Gold Loan Scheme
  4. Manna puran Finance Gold Loan Schemes
  5. Muthoot Finance Gold Loan Schemes

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