India has a strong affinity towards gold in any form such as coins, jewellery, etc. But ever given a thought that the amount of money that you spend on purchasing gold will someday come handy when you are in urgent need of cash? Gold loan, as they are called, is a form of a secured loan where you keep your gold as security. The loan amount, however, depends on the rate of gold you have pledged. The documentation procedure is hassle-free and is usually processed within 4-24 hours.
What are the eligibility criteria for obtaining a loan against gold?
A salaried or self-employed individual can opt for this kind of loan. A gold loan eligibility calculator lets you know the amount of the loan you can borrow on the basis of your salary, existing investments and interest rate. You should be 21 years old or above to take a gold loan.
What are the document requirements when applying for the loan?
1) Application form
2) Passport-sized photograph
3) ID, address, age and signature proof
4) PAN card
5) Salary Slip
6) Bank statement
How does the gold loan calculator work?
The gold loan interest calculator is a service offered by several financial portals. Even banks have started offering this tool on their websites to simplify the research of the individuals. The calculator allows you to decide on specific aspects of the loan before taking one such as loan amount, repayment tenure and interest rates:
1) Loan amount: This is the principal amount that you wish to avail of.
2) Repayment tenure: It denotes the time-frame within which you can pay off the loan. You are allowed to select the number of months as well.
3) Interest rate: It is the interest you will be charged on your loan. This can vary from bank to bank.
What are the salient features of a gold loan?
1) Fulfilment of needs: You can apply for a loan against gold to finance any of your needs such as education, health, holiday, other financial investments, etc. Remember, the lender is not concerned about the reason behind applying for a gold loan
2) Security: The amount of the gold that you pledge for the loan acts as a security
3) Tenure: The time period can differ anywhere from 7 days to 36 months. It is again based on the amount of loan you take up
4) Charges: Some of the fees that may be applicable on the gold loan are the processing fee, delayed payment, charges for non-payment of interest rate, etc.
5) Repayment: Lenders provide the following repayment options for the gold loan:
- You can repay through Equated Monthly Instalments (EMI)
- You can pay the interest monthly and repay the principal amount at the end of the tenure
- You can also pay the interest immediately and repay the loan amount at the end of the tenure
Some of the top players in the gold loan market are Axis Bank, HDFC Bank, Muthoot Finance, Manappuram Finance Limited and others.
What are the eligibility criteria for obtaining a loan against gold?
A salaried or self-employed individual can opt for this kind of loan. A gold loan eligibility calculator lets you know the amount of the loan you can borrow on the basis of your salary, existing investments and interest rate. You should be 21 years old or above to take a gold loan.
What are the document requirements when applying for the loan?
1) Application form
2) Passport-sized photograph
3) ID, address, age and signature proof
4) PAN card
5) Salary Slip
6) Bank statement
How does the gold loan calculator work?
The gold loan interest calculator is a service offered by several financial portals. Even banks have started offering this tool on their websites to simplify the research of the individuals. The calculator allows you to decide on specific aspects of the loan before taking one such as loan amount, repayment tenure and interest rates:
1) Loan amount: This is the principal amount that you wish to avail of.
2) Repayment tenure: It denotes the time-frame within which you can pay off the loan. You are allowed to select the number of months as well.
3) Interest rate: It is the interest you will be charged on your loan. This can vary from bank to bank.
What are the salient features of a gold loan?
1) Fulfilment of needs: You can apply for a loan against gold to finance any of your needs such as education, health, holiday, other financial investments, etc. Remember, the lender is not concerned about the reason behind applying for a gold loan
2) Security: The amount of the gold that you pledge for the loan acts as a security
3) Tenure: The time period can differ anywhere from 7 days to 36 months. It is again based on the amount of loan you take up
4) Charges: Some of the fees that may be applicable on the gold loan are the processing fee, delayed payment, charges for non-payment of interest rate, etc.
5) Repayment: Lenders provide the following repayment options for the gold loan:
- You can repay through Equated Monthly Instalments (EMI)
- You can pay the interest monthly and repay the principal amount at the end of the tenure
- You can also pay the interest immediately and repay the loan amount at the end of the tenure
Some of the top players in the gold loan market are Axis Bank, HDFC Bank, Muthoot Finance, Manappuram Finance Limited and others.
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