Gold Loan in Details [ Updated 2023 ]

 

Hello friends, today I will tell you about gold loan, what is gold loan, how you get gold on gold and we will discuss all the important things about it, first of all you should understand what is gold loan. You mortgage the gold of your house in the bank according to the amount of loan you need and the bank gives you the money in its image, when you complete the rapture of the gold, you get the gold back, it is simple, it is golden now. Talking further, in banking terms, gold loan is called personal loan, which means that you can use it for personal purposes, the bank does not ask you the purpose for which you need a gold loan. Marriage tour and travel emergency Medical emergency Home function You can use gold loan for any work in home days Bank will not ask you nor you have to tell purpose In order to take a loan, the bank keeps such a security that your board keeps deposits with it. Whatever loan you want, keep some gold bracelets etc., the bank will keep such security in safe deposit with you, eligible gold. But if it is a gold bar or a coin, then you will be able to take a loan of up to 50 grams on it, you will not get a loan more than that, Hallmark, as you must have seen that many times when we go to buy jewelry, the jeweler says that my jewelry is hallmarked, but to take a gold loan, even if there is no hallmark on your jewelry, the bank will give loan on it, that is, many people expect that hallmark is necessary, now let's talk about the rate of interest which is the most There is a big important factor, isn't t it equal to home loan means gold loan is considered to be the cheapest and the reason for this is also because the bank has kept such security of your gold, if you default it is for the last 6 months, then you You can see that the public sector bank where you get the lowest rate of interest But you get gold means if your account is in a public sector bank, then I would suggest you to take gold from public sector bank only, then comes after that private sector bank goes private and highest is NBFC of NBFC, NBFC is always the last option. It should be that public sector banks agreed, private sector banks agreed, then you went to NFC because whatever the NBFC is, they charge at least three to four percent more interest than you. Because how much gold loan will I get, they ask that I have so much gold, how much loan will I get, see whenever you go to the bank with gold, the bank gets its valuation done by its empanel value, it means any goldsmith who will be the bank panel, there you will get your gold Will take the gold, he will keep it that how many carat gold is it, what is the making and what is not and he makes a whole letter and gives it that its valuation is this much, he makes Nagma in it, how many coils, how many rings and how much is the total valuation that valuation Banks can give you maximum loan up to 75% of that, because the guideline of 75% is that of Reserve Bank of India, the guideline of Reserve Bank of India says that the amount of gold which is worth 75% maximum. You can give a loan, you can give a loan less than that, but you will say that if you get a loan of 80 thousand on gold worth 1 lakh, then it is not possible, now let' s talk about civil, as I said that it is very easy to take a gold loan. Even if your civil score is bad, the bank will give you the loan, whether it is good or bad, the bank generally does not look at your civil score on gold loan and you get easy gold loan, so gold loan is also a very Good option for people. Those whose civil is bad for some reason then they can take gold loan at the lowest interest rate, now like the rate of interest that I told you earlier also that the rate of public sector banks is the lowest in India, then NBFC is the most expensive. Now let's talk about this that all the banks and NBFCs that the bank has given many options in this too, that option The option is available in your gold loan, the second option is that you keep serving the interest and go to the end and serve the principal, Every month you serve as much as you are getting and in the last, when the full principal at the time of maturity Do it, the third option is that you submit the principal and interest exactly in maturity, which is also called bullet point repayment. Means I took gold loan from bank for 2 years I will not pay anything in Bangkok for 2 years but after 2 years I will pay both principal and interest together this is the third option what are the benefits of gold loan First you get a gold loan , now whether you go to a public sector bank or a private sector bank, you get your loan within 2 hours. The interest rate is comparable to other people. Interest is less on gold loans than home loans. Even if your credit score is low, you can mail. You don't have to give any income proof. You don't have to tell this. My salary is this much. My business turnover is this much. If you need a loan to start a small business, then you can take a gold loan,