Gold Loan: We often face a financial crisis at some point or the other. Gold helps you a lot in troubled financial times. The material assumes vast importance because it’s considered to be the most precious saving of every household. Taking a loan against gold you own is a sensible option. Thus, you are certain to get a helping hand in times of your need.
What is Gold Loan?
A secured loan that gives you an amount as per the market value of gold against your gold ornaments on condition that you would repay the amount in EMI option is what is referred to as a Gold Loan. There are various banks and financial bodies offering reliable, hassle free and quality loan.
- Application Form
- Two passport size photographs
- ID Proof
- Address Proof
The advantages of opting for Gold Loan are the fact that the value of gold has grown considerably over time. It means you can get high-value loan amounts. Importantly, you don’t need a lot of documentation to avail this loan. The Gold loan takes a very short period to process.
Instant Gold Loan
You can now walk into any of the Bank branch offering Gold loans with your jewelry. You can avail this loan for any value of Rs. 10,000 to Rs. 15 Lakhs instantaneously. With simple and easy documentation process, the loan can be availed across the counter immediately. Anyone between the ages of 18 and 75 is entitled to apply for Loan Against Gold.
Key features of Gold Loan
- Attractive Interest Rate
- Higher rate per gram
- Complete safety of your gold ornaments
Gold loan eligibility criteria and calculation
Eligibility for a this loan depends completely on the assessment of weight and purity of the gold that is being pledged. Once you approach a bank or a loan lender, it will perform an evaluation of your gold. The price of Gold and the amount of loan you are eligible for is calculated based on some important criteria.
The gold loan calculator lets you know how much loan amount you can get against your gold ornaments. Banks use 30-day average rates of 22-carat gold prices as directed by RBI. The rates used are as published daily by Bombay bullion association.
With this Loan services, it takes no more than a few minutes for your gold to generate cash.