Who can avail gold loan?
Any individual within the age group between 18 – 65 years, having a regular income plus must own gold jewellery or gold coins can apply for gold loan.
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| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Forclosure Charge | |
|---|---|---|---|---|---|---|
|
6.60% - 8.00%
|
1%
|
25
|
12
|
3%
|
|
|
7.40% - 8.00%
|
1%
|
25
|
12
|
3%
|
|
|
7.35% - 8.00%
|
1%
|
25
|
12
|
3%
|
|
|
7.00% - 7.50%
|
1%
|
25
|
12
|
3%
|
|
|
8.50% - 9.05%
|
0.5%
|
20
|
12
|
3%
|
|
|
7.00% - 7.50%
|
1%
|
20
|
12
|
3%
|
|
|
7.00% - 8.00%
|
1%
|
20
|
12
|
3%
|
|
|
8.15% - 9.00%
|
1%
|
25
|
36
|
3%
|
|
|
7.60% - 8.50%
|
1%
|
25
|
12
|
3%
|
|
|
8.75% - 10.95%
|
1%
|
25
|
12
|
3%
|
|
|
7.50% - 8.50%
|
1%
|
50
|
12
|
3%
|
|
|
8.50% - 9.50%
|
1%
|
25
|
12
|
3%
|
|
.png)
|
7.70% - 8.20%
|
1%
|
25
|
12
|
3%
|
|
|
9.35% - 10.00%
|
1%
|
10
|
12
|
3%
|
|
|
8.95% - 11.02%
|
1%
|
20
|
12
|
2%
|
|
.png)
|
10.00% - 19.76%
|
1%
|
10
|
12
|
3%
|
|
|
7.50% - 8.50%
|
1%
|
10
|
12
|
3%
|
|
|
12.78% - 15.00%
|
1%
|
10
|
12
|
3%
|
|
|
10.00% - 17.00%
|
2%
|
20
|
12
|
3%
|
|
|
10.00% - 11.00%
|
1%
|
25
|
12
|
3%
|
|
|
11.95% - 12.00%
|
1%
|
25
|
12
|
3%
|
|
|
9.99% - 11.50%
|
1%
|
10
|
36
|
3%
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
6.60% - 8.00% |
|
|
|
7.40% - 8.00% |
|
|
|
7.35% - 8.00% |
|
|
|
7.00% - 7.50% |
|
|
|
8.50% - 9.05% |
|
|
|
7.00% - 7.50% |
|
|
|
7.00% - 8.00% |
|
|
|
8.15% - 9.00% |
|
|
|
7.60% - 8.50% |
|
|
|
8.75% - 10.95% |
|
|
|
7.50% - 8.50% |
|
|
|
8.50% - 9.50% |
|
|
|
7.70% - 8.20% |
|
|
|
9.35% - 10.00% |
|
|
|
8.95% - 11.02% |
|
|
|
10.00% - 19.76% |
|
|
|
7.50% - 8.50% |
|
|
|
12.78% - 15.00% |
|
|
|
10.00% - 17.00% |
|
|
|
10.00% - 11.00% |
|
|
|
11.95% - 12.00% |
|
|
|
9.99% - 11.50% |
|
Gold Loan is one of the preferred Loan in terms of financial needs. Gold Loan interest rates are most affordable. The best part of the gold loan is it does not need any specific purpose to opt. For any purpose you may opt, it might a personal, business, education, marriage, hospital expense & for number of reasons.
Gold is such an asset that can help you in your hurdle times. It requires only minimal documentation. At the same time, you need to meet specific eligibility criteria to avail Loan Against Gold.
Usually, Gold Loan Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant, course type & residency..etc.
Note: - You can avail Maximum Loan Amount on Gold Loan is Up to 90% of Gold Value.
There are factors that affects Gold Loan Eligibility Criteria as given below: -
Loan Amount: - One of the major reasons affecting eligibility is your requirement, as lenders will fund up to 90% of gold value. Therefore, demanding higher loan amount may lower your eligibility criteria.
Lower Income: - Gold loan might be a secured loan, but lender will check your monthly income to your repaying capacity. As higher the monthly income as the Loan amount depends on your eligibility.
Applicant Age: - This is a significant factor affecting your gold loan eligibility, as per the standard terms & norms of age in-between 18 – 60 years for applying gold loan, therefore avoid before & after the age norms for loan rejection.
As most of you, for any type of role one common factors that affect your loan application is none than a credit score, it might be personal loan, home loan, business loan, project loan, car loan & various loan.
Due to some unpaid or late paid payment your credit score ranging had affected a lot, how bad would be your credit score might be, you don’t need to worry when you have one ultimate solution to increase your credit score.
If you have gold ornaments & jewelry with you then, no one can stop you from borrowing loan against your gold. By paying Proper EMI on time your credit score range will gradually increase.
Who can avail gold loan?
Any individual within the age group between 18 – 65 years, having a regular income plus must own gold jewellery or gold coins can apply for gold loan.
Does taking a gold loan is good idea or bad idea?
When you have a shortage of finance, off course you opt for loan & that won’t be a bad thing since it’s the ideal way to get finance.
What are the other charges applicable for gold loan?
How to calculate gold loan?
Calculate EMI for better financial planning, you need to enter loan amount, interest rate & tenure period so that it can predict overall chart.
Does taking a gold loan is good idea or bad idea?
When you have a shortage of finance, off course you opt for loan & that won’t be a bad thing since it’s the ideal way to get finance.
What is the current rates of gold loan?
Gold loan rates starting from @ 7.50 onwards.
Which are the documents required for gold loan?
How to use gold loan calculator?
Calculating EMI is much simpler because of auto-calculation it lessen your time, just you need to enter loan amount, interest rate & tenure period that all is required for calculating within a few second it present a scheduled chart containing monthly EMI & remaining principal amount.
What is gold loan?
This type of credit facility come under secured loan where you need to pledge your gold ornaments like jewelry to get loan at low interest rates.
What are the benefits of gold loan?
How does gold loan works?
If you are planning to avail gold loan, firstly search, compare & choose your financial partner to apply. Contact them via filling up enquiry form in website or visit nearest bank for further information.
CA Vikas Jain - Our Mentor
9863-02-02-02