Due to rising inflation day by day, many people do not have more sources of income, they have to face many problems in their personal life. People resort to loans due to lack of cash when they need money. For your information, there are many types of loans, but we will tell you how to get the cheapest and easiest gold loan –
you have to give something to the bank for security, through which the bank can give you a loan. Before taking a gold loan, you should know – like, What is a Gold Loan? What will be the gold loan interest rate? Gold Loan Interest Rate Calculator? How to get a Gold Loan? Key advantages and disadvantages of taking a loan against gold?
What is Gold Loan?
The proper and simple definition of a gold loan is that gold jewelry, gold coins or gold utensils and any thing made of gold is given by pledging it with the bank. This gold loan is a security loan, to take a gold loan, you must have pure gold from 18 to 22 carats. For your information, no matter what the bank is, the bank never gives loan on 24 carat gold and does not approve 24 carat gold.
In how many days can I get a gold loan?
In how many days the loan will be available, it is not certain, because this time is different for all banks. There are also many banks that give you a loan immediately. Some banks scrutinize your documents and gold and this process takes about 1 week to complete. That is, in how many days it will get its loan, it depends on the bank, you can also get information from the bank, they can give you accurate information about it.
How to get a gold loan?
If you want to take a gold loan, then you must have gold for this. First of all, you have to go to the bank with gold. For gold loan, your jewelry will be examined by the bank, after which the bank will approve your loan.
Apart from this, the bank will ask for the receipt of jewelry, declaration form, address proof, KYC documents. Due to this, the applicant has to fulfill the eligibility conditions set by the bank to get a gold loan.
How much loan will I get in 10 grams of gold?
| Gold Weight | Loan Amount |
| 1 gram | Rs 4000 to 5000 |
| 10 g | Rs 40,000 |
| 50 g | Rs. 2 lakh |
What will be the Gold Loan Interest Rate?
The loan interest rate of all banks remains different, and Indian Bank charges its customers 0.56% of the total loan amount as a processing for taking a gold loan. If we talk about SBI Bank, then this bank charges an interest rate of 7% to 7.45% percent from its customers.
Gold Loan Interest Rate Calculator?
All banks are offering the facility of loan interest rate e-calculator for the convenience of their customer. Through this calculation, you can easily calculate the total interest rate with the help of gold loan amount and interest rate and time period. This will tell you how much interest you will have to pay. Or calculator facility is in almost all banks.
Who offers the cheapest gold loan?
If you want to take a cheap gold loan, then you should take a loan from UCO Bank, UCO Bank is a private bank, its interest rate is much lower than other banks. UCO Bank’s interest rate is 6 to 7.50%, apart from this, the gold loan processing fee of this bank ranges from Rs 250 to Rs 5000, which is lower than other banks. This bank also gives a discount of 1% on loan processing fees to its customer.
How can a man get a loan against gold?
Gold loan can also be taken by men, for this the applicant has to accept all the necessary conditions of the bank. For a gold loan, the bank will ask you for many documents and examine the gold thoroughly, only after that you will be given the loan amount.
Key precautions while taking a gold loan against jewellery?
- Before taking a gold loan, you have to understand the terms and conditions set by the bank or company giving the loan.
- Whichever bank you want to take a loan from, all the information about that bank should be obtained in advance.
- If you are taking a loan for one year, then you have to pay the loan in 1 year only.
What are the benefits of taking a loan against gold?
- Gold Loan You get a loan easily and in a short time.
- The interest rate on gold loan is also low.
- You can use gold loan for any type of work, such as a secured loan or you can use it in other tasks.
What are the biggest disadvantages of a gold loan?
- If you fail to repay the gold loan, you may lose your jewellery.
- If you are unable to pay the loan installment within the time period, then the bank and financial institutions can impose additional charges on you as a penalty.
- Gold loan is given to you for a longer time, you can take this loan only for a maximum of 3 years.