We have "Gold Loans" for you
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A loan which can be taken against Gold is Gold Loan. This Gold loan is a secure loan in which the person or a customer is going to take this loan against gold ornaments in India. This will be kept in gold loan companies/ banks where in return they will give you the loan amount. That amount will depend upon the present market value of the gold.
These secured gold loans, where the jewelry of the customer is deposited as security for guarantee. In this procedure you are going to give your gold jewelry to the lender from where you are getting the loan. When you complete the repayment of the loan again you will get back your Gold which you have kept for collateral at the bank. You can take this gold loan from private banks, nationalized banks and also many other financial institutes also provide you these gold loans with the best interest rates.
It is always suggested to go for a gold loan than for a personal loan. Compared to the personal loan, taking a gold loan is the better option depending on the observations. In taking this gold loan you will get the value of the gold up to 60%. With the tenure of five year you have to apply for the gold loan in which interest rate charges will be 9.90 percent per annum.
1. Get quicker loan disbursal than other loan products
2. Get maximum safety and security on your gold
3. Get cash immediately to solve any kind of emergencies
4. There is no fixed margins in gold loan
5. Expect quicker customer response and service.
6. Lowest processing fee
7. Apply online gold loan and get disbursed within a few hours
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TYPE |
CHARGES |
|
Interest Rate |
9.90% per annum |
|
Processing fee |
Upto 2% of the loan amount |
|
Part payment Charges |
NIL |
|
Foreclosure Charges |
NIL |
|
Penal Interest |
3% (inclusive of taxes) |
|
Tenure period |
4 years |
|
Loan Amount |
Rs.10000 to Rs.2 Crore |
Before applying for the gold loan know the required eligibility criteria. Here are the details of that.
1. At the time of applying for a loan the minimum age of the customer is 18 years and maximum age of the customer is 75 years.
2. Salaried, self employed, businessmen. Housewives, retired officials are eligible to get a gold loan.
3. No minimum income required
1. Filled application form
2. 2 passport size photographs
3. Identity proof
4. Address proof
5. Signature proof
6. Form 16 or PAN Card
7. Age proof
8. Post loan disbursement documents (if any)
Options for the repayment of a gold loan :
1 You can repay the loan in the form of EMI
2. You can pay the interest first and the principal amount after the completion of loan tenure
3. You can also pay interest on a monthly basis and the principal amount at the end of the tenure
|
BANKS |
Interest Rate |
|
14.50% to 17% |
|
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11% to 16% |
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|
10.50% to 17% |
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11.25% to 16.25% |
|
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10.00% to 19.76% |
|
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Starting at 10.75% |
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10.50% to 16.00% |
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Starting at 13% |
|
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10.05% to 11.05% |
How to calculate EMI of Gold Loan :
The following formula is used to calculate EMI of Gold Loan :
E = P* r* (1+r)^n / ((1+r)^n – 1)
Where,
E = EMI (Equated Monthly Installment)
P = Principal Loan Amount
r = Monthly Interest Rate
n = Monthly Loan Tenure
1. Offline Method : By visiting nearest bank branch
2. Online method : You can apply online for gold loan through 3 easy steps :
Fill up the loan application form
Complete the KYC process at the comfort of your home
Loan amount transferred directly to your bank account
Financials products offered by Bank :
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A loan which can be taken against Gold is Gold Loan. This Gold loan is a secure loan in which the person or a customer is going to take this loan against gold ornaments.
You can apply online and offline both for a gold loan.
The processing fee charged for a gold loan is upto 2% of the loan amount.
The following formula is used to calculate EMI of gold loan is E = P* r* (1+r)^n / ((1+r)^n – 1)
Where, E = EMI (Equated Monthly Installment), P = Principal Loan Amount, r = Monthly Interest Rate, n = Monthly Loan Tenure
The minimum age of the customer is 18 years and maximum age of the customer is 75 years to get a gold loan.
Nil part payment and foreclosure charges are applied to get a gold loan.
Last Updated on : 08/Nov/2020Know More About
You're eligible for a Gold Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Gold Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Gold Loans Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 14.5% - 17% |
| Processing Fees | Varies with bank |
| Loan Tenure | 1 year to years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Gold Loans EMI Calculator