Gold Loans

Gold the word itself has numerous meanings. It is one of the most influential instruments in the financial industry. To buy gold for every occasion from marriage to birthdays is a habit followed in India. People gift gold ornaments to each other in certain occasions. It’s a legacy that has been followed since ages in India. In case of financial crunch your gold can help you a lot. You can pledge your gold ornaments or coins and take a loan against it.

Gold Loans are offered by every bank and financial instrument in India. Even private lenders are actively involved in lending against gold ornaments and gold coins. Self employed individuals or professionals can always take a gold loan in case of financial emergencies. The repayment is not a big headache for self employed class. These loans are available at a lower rate as compared to personal loans. Gold loans are secured loans, security being your owned gold ornaments.

Certain benefits of gold loan for self employed class is discussed below,

A self employed individual will surely buy Gold for his or her family. Purchasing gold ornaments or coins is one of the types of savings in India; it is bought whenever a family thinks that they have some extra funds. gold loan are easily available with every bank. These are low interest rate loans in India. It is an express loan as well. Over the counter you get a gold loan in many banks and NBFC’s. Get your gold to the bank. They do the valuation with a Carat Meter. And sanction the loan to the customer within few minutes.

Loan Amount

As per the valuation of the gold being pledged, quantum of finance ranges from 20 k to 30 lacs .

Tenure

Gold loans can be repaid within the period of maximum 3 years. Many banks offer gold loans only for the period of one year.

Rate of Interest

The rate of interest depends on the profile, age and credit history of the applicant.

Eligibility

You should be minimum 21 years of age while applying for the gold loan. Maximum age can be up to 75 years for Gold loans. Gold loan is given to individual who is earning a minimum income of 5k and above. This criterion depends solely on the discretion of various banks. Different banks have different norms regarding the income part of the applicant. Repayment capacity of the customer is also checked before the loan is sanctioned. He should not be a defaulter in any of his earlier loans.

Security prospects

Gold ornaments which are to be pledged are should be owned by the applicant or his family members. Banks take utmost care regarding the security of the gold ornaments which are pledged. Ornaments are kept in safe and secured lockers till the completion of the loan tenure.

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