How to get a Gold Loan | How to take a Gold Loan?

Friends, in this post we are going to talk about Gold Loan, gold is in our homes in India. We believe in gold in India that it is useful only in bad times, but many times we do not think about it and we are not able to pay the EMI of Personal Loan, Credit Card on time and these are the loans which are Personal Loan or Credit. Card loans are very expensive as compared to gold loans, now if we can take a loan against our gold, I am not saying that you have to take a gold loan, it depends on why you want a loan. I always say that Home Loan is the cheapest loan. If you have any personal needs then you want to take Gold Loan, then in this post, we will know all these things in detail.

Benefits of taking Gold Loan

So let's see what are the benefits of taking a gold loan, at what time one should take a gold loan. If you want short term money, I mean you want money for a short period of 1 year or 2 years, then you must take a gold loan, any way you get a gold loan for 3 to 4 years and more amount does not get

Then one advantage is that your credit score is also low, if your credit score has decreased due to some reason, then you will still get the Gold Loan.

Interest Rate

Its interest rate is much less than personal loans and credit card loans. A personal loan and a credit card are the most expensive and credit card are the most expensive.

Now if we talk about the interest rate of Gold Loan, then the bank gives you 2.6% interest.

In NBFC, you get 5-10% more interest as compared to the bank.

Processing Fee-

• 0.5% – 1% applies to your loan amount, it varies from bank to bank

Tenure-

• The time taken to repay the loan, you get from 3 months to 4 years.

Eligibility-

• You must be 18+
• Whether you will be able to repay the loan on time or not

Loan Amount-

• Your gold should be of 18 to 24 karat only
• Making & Impurity Charges are deducted
• Loan To Value Ratio – Max. 75%
• Maximum Loan – 50-60 %

So friends, if you like this information, then share it with your friends and if you have any questions left, then you can ask by commenting, thank you from the heart for giving such valuable time.