Acquiring loan against gold is the quickest and safest possible way. It is a simple, hassle-free procedure and it can be used to avail of a loan to meet any kind of emergency, like higher education for your wards, expansion of your business inventory, paying EMI bills for any of your recent purchases, or for confronting medical crisis. Here is how you can get loan against gold.
1. Value of the gold: The loan that the bank provides you is directly related to the value of the gold. The loan will be given also on the basis of your income, because the bank needs to look into your repayment capability. Instead of gold jewelleries, if you secure other gold items like a gold bar or a gold coin, you will reap the benefits of a better valuation.
2. Documents: Like all other bank-related procedures, a gold loan also calls for documentations. You can either fill in the application online or you can submit your personal details with the bank. You will probably have to provide PAN/Aadhar card details, address proof, identity proof etcetera to get a gold loan.
3. Signing of Agreement: Once the value of the gold is evaluated the bank takes the gold from you and keeps it in a secured vault. It remains that way until you have cleared the loan. The clearance of gold loan in India can be done over a period of 12 to 18 months depending on the bank.
4. Interest: Most of the banks in India, charges nominal loan interest rates against goal.
5. Extra payments: You might have to make extra payments other than the complete loan with the interest, which pertains to loan processing charges and gold valuation fares.
6. It is a very quick procedure: Like other types of loans you do not need to wait for long to get a gold loan. You receive it usually on the day you deposit the gold with the bank.
7. In case of default: In case you fail to repay the loan within the tenure the bank keeps the gold and uses it in whichever way it finds fit. And if you do clear the loan on time, the gold is given back to you in the same condition.
1. Value of the gold: The loan that the bank provides you is directly related to the value of the gold. The loan will be given also on the basis of your income, because the bank needs to look into your repayment capability. Instead of gold jewelleries, if you secure other gold items like a gold bar or a gold coin, you will reap the benefits of a better valuation.
2. Documents: Like all other bank-related procedures, a gold loan also calls for documentations. You can either fill in the application online or you can submit your personal details with the bank. You will probably have to provide PAN/Aadhar card details, address proof, identity proof etcetera to get a gold loan.
3. Signing of Agreement: Once the value of the gold is evaluated the bank takes the gold from you and keeps it in a secured vault. It remains that way until you have cleared the loan. The clearance of gold loan in India can be done over a period of 12 to 18 months depending on the bank.
4. Interest: Most of the banks in India, charges nominal loan interest rates against goal.
5. Extra payments: You might have to make extra payments other than the complete loan with the interest, which pertains to loan processing charges and gold valuation fares.
6. It is a very quick procedure: Like other types of loans you do not need to wait for long to get a gold loan. You receive it usually on the day you deposit the gold with the bank.
7. In case of default: In case you fail to repay the loan within the tenure the bank keeps the gold and uses it in whichever way it finds fit. And if you do clear the loan on time, the gold is given back to you in the same condition.
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