What is gold loan and how to take it? Rate of interest

Gold Loan in Hindi What is Gold Loan and how to take it?: There are many types of loans. In different circumstances, we apply for different types of loans. In this article, we will provide you complete information about gold loan.

Everyone needs money all the time. If you are doing some important work of yours and you do not have money, then you can meet your expenses by joining Gold Loan.

Many banks and non-banking financial companies (NBFCs) in India are offering gold loans to customers at attractive interest rates. In this article, we will know in detail what is gold loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan, etc., so read this article till the end.

gold loan in hindi

Gold loan comes under the category of a secured loan, that is, to take this loan, you have to provide collateral or security. When you take a loan by pledging your gold to a bank or financial company, then it is a gold loan.

Instead of taking a loan, you have to pledge your gold. You can apply for Gold Loan both online and offline. The lender checks the CIBIL Score of the customer before giving the loan. If your credit score is very good and you fulfill all the conditions of the lender, then you can take advantage of the attractive Gold Loan interest rate.

You can take Gold Loan for any of your needs like marriage expenses, higher education, medical emergency, travel, home renovation, down payment etc.

You can also meet your expenses with a personal loan. But the personal loan interest rate gold loan is more than that. Gold loan being a secured loan, you have to pledge gold in it, due to which you get this loan at a low interest rate.

HIGHLIGHTS:

loan name	How to take Gold Loan?
lender	Banks and NBFCs
Rate of interest	Different in different banks and NBFCs
loan amount	Different in different banks and NBFCs
application mode	online / offline

Gold Loan Benefits and Features

• If you need money urgently and in this situation no one is helping you with money, then you can take a gold loan and meet your needs.
• The gold you pledge can contain your jewellery, gold biscuits or gold coins.
• You can apply for higher education, marriage expenses, medical emergency, travel, etc. for any purpose. gold loan in hindi can take advantage of.
• The loan amount given under gold loan is given on the basis of the market value of your gold and the purity of the gold.
• If you pledge your jewellery, then only the gold used in the jewelery will be assessed and on the basis of that you will be given a loan. Other stones and gems used in jewelery will not be included in this.
• Due to gold being a high valuation, you get it with less documents.
• Gold loan interest rate is less as compared to personal loan, so this loan can prove to be good for you.
• Under Gold Loan, you can get a loan up to 75% of the market value of your gold, which can be different in different banks and financial institutions.
• Some lenders allow you to take back your pledged jewelery for a certain period of time. You can take back these ornaments on your special occasions and return them after a certain period.
• With the help of gold loan calculator, you can find out how much loan you can get on how many grams of gold (Gold Loan Per Gram).
• Many banks and financial institutions offer various types of loans to the farmers. Kisan Gold Loan Scheme 2022 (Gold Loan Scheme) is being run, the benefits of which can be taken by any farmer.

gold loan interest rate 2022

Gold loan interest rates differ in different banks and different financial institutions. You can get information about gold loan interest rate by visiting the official website of the lender or by visiting your nearest bank branch.

If you are an existing customer of a bank and you fulfill all the conditions of that bank, then you can get a gold loan at a low interest rate. If you are repaying your gold loan interest rate on time, then some lenders can give you a discount on your gold loan interest rate.

of any lender gold loan Before applying for a loan, it is necessary to have proper knowledge about its interest rate so that you do not face any kind of problem while paying the loan.

You should compare gold loans offered by various banks and financial institutions so that you can get cheapest gold loan can be found. You can compare interest rates, loan tenure, fees and charges, loan amount etc. from different lenders and find the cheapest gold loan.

How much is the gold loan available?

Any person who is taking a gold loan or is thinking of taking a gold loan, then there is definitely a question in his mind that how much is the gold loan available? or can be found. The loan amount given under gold loan depends on the market value of the gold you pledge.

If you pledge 24 carat gold coins then you can get more loan in this. Whenever you pledge 24 carat gold coins, you have to keep in mind that these coins should be issued by the bank.

If you buy these coins from any goldsmith then they will not be valid. When you pledge your gold to take a loan, the bank employee checks the valuation of your gold. In which he assesses the market value of gold, weight of gold, purity etc. Then on the basis of the market value of gold on the date on which you have applied for gold loan, you will get the loan amount (gold loan amount) Is given.

How to get gold loan?

If you have a question How to take gold loan? So for this you have to apply. You can apply both online and offline. You can also apply for the loan through the mobile app of the lender or by calling the customer care number.

You can apply online by visiting the official website of the lender and you can apply offline by visiting the nearest branch of the lender. The process to apply is given here:

• Online Application To do this, you have to go to the official website of the bank.
• After that click on the option of Gold Loan in Hindi.
• All the information related to gold loan will come in front of you.
• To apply, you have to click on the option of Apply Now.
• The loan application form will open in front of you.
• Enter the requested information and click on submit.
• After this the bank employees will contact you and the loan process will be continued further.

• offline application To do this, you must first take your gold and go to the branch of your nearest lender.
• The lender will do the valuation of your gold and calculate the loan amount based on the market value of that gold.
• You have to submit your required documents and fill the form.
• If your loan is approved, the loan amount will be transferred to your bank account.

Gold Loan Eligibility

Only those people who are eligible can apply for Gold Loan. Eligibility can be different in different banks and financial institutions.

Some of the common eligibility are as follows:

• Anyone who is in urgent need of money can apply for this loan.
• You must be at least 18 years of age at the time of applying.
• You must have gold or gold jewelery to pledge.
• The fineness of the gold you pledge should be 18 carats or more.
• If the fineness of your gold is 25 carat then you can get loan up to higher loan amount.
• Other Eligibility

Gold Loan Documents required

Before applying for gold loan, you must have all the necessary documents so that whenever the bank asks for the documents, you can show them all the documents immediately.

Documents for loan can be different in different banks and financial institutions. Some common documents are as follows:

• filled application form
• proof of identification
• address proof
• passport size photo
• Form 60
• pan card
• Aadhar card
• age proof
• Income proof if required.
• signature proof
• other documents

Gold Loan Fees and Charges

You have to pay various types of fees and charges for taking a gold loan. Apart from interest rate, these charges can be of many types such as processing fee, interest rate non-payment fee, late payment charge, valuation fee etc.

When you apply for a loan, the employee of the bank or financial company does the valuation of your gold, for this valuation you may be charged a valuation fee.

Along with this fee you also have to pay GST. These charges may vary from lender to lender. You should compare gold loan fees of various banks and financial institutions, which will help you get the cheapest gold loan.

What happens if the gold loan is not repaid on time?

If you are unable to repay your loan on time, then the bank or financial company from which you have taken the Gold Loan will levy late payment fees on you. This fee can be 2% per annum in addition to the interest rate, which depends on different banks or financial companies.

If you are still unable to repay your loan, then the bank or financial company becomes legally entitled to the gold pledged by you. Now that bank or financial company will bid for your gold and auction it to recover its money.

This has a very bad effect on your CIBIL score and your credit history. So pay your loan on time so that your credit score remains good.

Things to consider before taking a gold loan

• The gold loan is given to you against the gold you own, so you must have collateralised gold.
• CIBIL Score: You must have a good CIBIL score. If your credit score is very good, then you can take advantage of the bank’s attractive interest rates.
• Loan Amount: The loan amount given under Gold Loan depends on the value of the gold you pledge. The maximum and minimum loan amount of the loan is also fixed by the lender. You can borrow only as much as the lender’s maximum has fixed.
• Loan charges applicable: Various types of charges are taken by the lender on the gold loan. You should be aware of all these charges and compare gold loans from different lenders to stand a chance of getting the cheapest gold loan.
• Gold Loan Calculator: You must calculate your loan EMI before applying for the loan. By calculating the EMI of your loan, you can find the cheapest loan.
• Apart from this, your age, place of residence, repayment capacity, loan amount, loan tenure etc. are the factors affecting your loan.

gold loan calculator

Before applying for a gold loan, you should calculate your loan EMI so that you can get an idea of ​​how much money you will have to pay at the time of loan repayment. You can calculate the EMI of your loan with the help of EMI Calculator by visiting the official website of the lender for whom you are applying for Gold Loan.

The EMI of the loan mainly depends on the loan amount, interest rate and loan tenure. All these three factors affect your loan. You should apply for only that much loan which you can repay on time.

conclusion

In this article we have given you How to get gold loan Complete information about has been provided. Any person who is in urgent need of money can apply for Gold Loan. Many banks and NBFCs in India provide loans to customers at attractive interest rates.

Before applying for gold loan, you have to note that friends, if you are unable to repay your loan on time, then the bank recovers your money by selling the gold pledged by you.

That’s why you should apply for only as many loans as you need. If you still have a question that how to get gold loan, then you can write to us in the comment section.

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