How Can I Apply For Gold Loan?

What is the minimum age required to avail a gold loan?

18Any person above the age of 18 can apply for a gold loan and these loans need minimum documentation to get sanctioned.

Also, the documents needed are ones that almost everybody can easily provide – age proof, ID Proof and address proof..

Who can avail gold loan?

In order to apply for a Gold Loan, you must be: A farmer, trader, salaried or self-employed professional, or businessman. Between 21 and 70 years of age.

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gram₹ 2,697 to ₹ 3,296 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan Amount₹ 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows

Which bank gives less interest for gold loan?

Popular Banks with Gold Loan EMI SchemesBank nameGold loan Interest rateProcessing FeeIIFL9.24% – 24.00%NilAxis Bank9.75% – 17.50%1% plus GSTICICI Bank10.00% – 19.76%1% of the loan amountYes Bank10.99% – 14.50%0.75% or Rs 500 to 799, whichever is higher1 more row

Is gold loan a retail loan?

Kolkata: Gold loans – backed by gold ornaments as collateral – are gaining traction faster than other retail loan products in the changing contours of finance during the lockdown. Rising gold prices have also turned out to be a boon for this market as borrowers become eligible for higher loan amounts.

Can gold loan be renewed?

What is the tenure of repaying the gold loan? The loan period is usually 3-12 months. The period of repayment cannot exceed two and a half years, and the loan must be repaid within 30 months (or 36 months, depending on the lender). Some lenders offer the option to renew your loan to extend the tenure.

Which bank is best for gold loan?

Bank / NBFCGold Loan Interest RateProcessing FeeKotak Mahindra Bank10.5% to 17%Upto 2%HDFC Bank9.50% to 17.55%1.50% + GSTBandhan Bank10.99% to 18.00%1% + GSTICICI Bank10% to 19.76%1% of loan amount25 more rows•Oct 30, 2020

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat₹ 48,822₹ 3,29520 carat₹ 44,383₹ 3,29518 carat₹ 39,945₹ 2,696Aug 20, 2020

Is Gold Loan better than personal loan?

As longer loan tenure converts into higher interest cost, opting for a gold loan might be a more cost-effective option for those confident of repaying their loan within one or two years. Personal loan would be a better choice for those seeking a bigger loan amount and longer tenure.

Does gold loan increase cibil score?

Prompt repayment of any loan can boost your credit score significantly, and Gold Loan is no different. Hence, a Gold Loan taken and repaid early or on time will have a more positive impact on your credit score rather than taking an unsecured personal loan.

Is Gold Loan Safe?

For instance, the rate of interest on these loans is between 10% and 24% per annum. In comparison, personal loans charge 16-26 % per annum, depending on your credit profile. Therefore, “it is better to take a loan against gold than a personal loan as the rates will be lower—since this type of loan is secured.

Can I transfer gold loan?

The ease with which you can get a gold loan is usually set by the lender. This is based on factors such as interest rate, loan to value ratio (LTV), and more. … These companies can transfer your existing gold loan from the bank to another lender that is more suited to your needs.

What is gold loan margin?

The quantum of gold loans varies across banks. … If someone has already availed a loan at a 25 per cent margin, the borrower can now avail a fresh loan at a 10 per cent margin and clear the existing loan. This will provide additional cash flow by nearly 20 per cent.

How does a gold loan work?

Gold loans are secured loans where gold jewellery is used as collateral. You pledge your gold jewellery with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly instalments.

What is the eligibility for gold loan?

Age: If you are an Indian Citizen of above 18 years but below 75 years, you technically qualify for a gold loan. The quality of gold: The gold ornaments that you would have to keep as collateral with the bank should be between 18 to 22 karats; if you keep bank-minted coins, they have to be 24 karats.

How can I get gold loan online?

How does Online Gold Loan work?Safelock your Gold ornaments at your nearest Manappuram Finance branch.Register for Online Gold Loan Service and link your savings bank account.Get the loan amount credited to your bank account anytime using our mobile app or website.

How is gold loan calculated?

You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

What happens if gold loan is not paid?

Gold is Auctioned Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution.