Quick Answer: Which Is The Best Gold Loan Company?

How is gold loan calculated?

You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid.

The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

You can use the EMI calculator to calculate the EMI for your gold loan..

What happens if gold loan is not paid?

A gold loan is a secured form of credit, and therefore, any default in payment will lead to a fall in your credit score. … It also mentions that on failure of payment, the bank will sell the pledged ornaments in order to settle the loan. If the borrower still does not respond, the ornaments are evaluated by an appraiser.

How many types of gold loans are there?

three typesThe lender offers three types of gold loans – Gold Loan, Liquid Gold Loan, Bullet Repayment Gold Loan. The Gold Loan is offered by SBI for a 36-month term. For this loan type, the repayment of the principal and interest will occur on a monthly basis after disbursal of the loan amount.

How long does it take for gold loan?

If your application meets all the requirements, it takes just an hour for the loan amount to be disbursed. Q7. What is the repayment tenure of a gold loan? Depending upon who your lender is, a gold loan can be repaid in as less as 1 day to 48 part payment installments.

How do I repay my gold loan?

You repay the loan at the end of the loan tenure. You do not have to go through hassle of servicing EMIs every month. However, interest has to be serviced periodically, as per the terms of sanction. Repayments can be made in cash,or Online Paymnets by cheque or DD.

Which is best gold loan or personal loan?

As gold loan is a secured loan, interest rate on it is less than personal loan, which is an unsecured loan. At present, personal loans are available at interest rates between 10-15% depending on your job profile and credit score. But gold loans can be availed at an interest rate between 8-12%.

Is Gold Loan Safe?

But if you don’t have the confidence of returning the principal and interest in time, then you should avoid taking a loan against gold,” advises Manglik. Also, gold loans are good in a rising market. However, if gold prices correct drastically during the loan tenure, banks may ask for the payment of the difference.

Which is the best bank for gold loan?

Best Banks Which Offers Gold Loans in India:Muthoot Finance Gold LoanManappuram Gold LoanSBI Gold LoanHDFC Gold LoanICICI Bank Gold LoanPNB Gold Loan

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gramRs. 2,844 to Rs. 3,476 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows

Which type of loan is best?

Best for lower interest rates Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.

What is gold loan interest rate?

Gold Loan Interest Rates Jul 2020 Gold Loan Rate. 9.90% Processing Fee. Upto 2% of loan amount.

What documents are required for gold loan?

Document TypeIdentity Proof. Aadhar Card. PAN Card. Valid Driving License, Valid Passport. Voter’s ID Card. Job Card issued by NREGA.Address Proof. Aadhar Card. Driving License. Valid Passport. Voter’s ID Card. Job Card issued by NREGA.

Can I sell my gold to Muthoot Finance?

Muthoot Exim Pvt Ltd has launched “Mobile Muthoot Gold Point,” which allows customers to sell their old gold at their doorstep in a transparent, safe and legal manner. … Customers will get instant cash (for value up to Rs 20,000) or credit via IMPS, NEFT, RTGS (for value above Rs 20,000).

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot lowest Gold Loan per gram22 carat46,2983,00920 carat42,0892,73618 carat37,8802,462Mar 24, 2020

What is gold loan scheme?

Gold loan is a type of secured loan where one pledges their gold articles to avail loan to meet their short-term credit and SBI Gold loan can be availed by anyone who is 18 years with steady source of income. It comes with low interest rate and minimal documentation.

Who is eligible for gold loan?

Eligibility Criteria In order to apply for a Gold Loan, you must be: A farmer, trader, salaried or self-employed professional, or businessman. Between 21 and 60 years of age.

How much gold loan can I get per gram in HDFC?

HDFC Gold Loan CalculatorEligibility CriteriaHDFC Gold LoanGold Loan per gramRs. 2,928 to Rs. 3,579 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 50 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Jul 21, 2020

What are the benefits of taking gold loan?

What are the advantages of the gold loan?Faster processing – Gold loans are secured loans and thus includes lenient eligibility criteria and minimal documentation. … Lower interest rate – As compared to unsecured loan such as personal loan, gold loans, which is a secured loan, charge a lower rate of interest.More items…•