Friends, in this post we are going to talk about Gold Loan: How to take a Gold Loan, Gold is in everyone’s house in our India. We in India consider gold as such that it comes in handy only in bad times. But many times we do not think about this and are not able to pay the EMI of Personal Loan and Credit Card on time, and the loans which are Personal Loan or Credit Card Loan are very expensive as compared to Gold Loan.
We can also take loan against our gold as compared to Gold Loan. I am not saying that you have to take a gold loan, it depends why you want a loan.
I always say that gold loan is the cheapest loan. If you have any personal need then you want to take Gold Loan, then in this post we will know all these things in detail.
Benefits of taking Gold Loan
So let’s see what are the benefits of taking Gold Loan, at what time you should take Gold Loan.
If you want money for short term, I mean you want money for short term for 1 year or 2 years then you must take gold loan. Anyway, you get the Gold Loan only for 3 to 4 years, and do not get more amount.
Then one advantage is that if your credit score is also low or your credit score has decreased due to some reason, then you will still get the Gold Loan.
Interest Rate of taking Gold Loan
Its interest rate is much lower than personal loan and credit card loan. Personal loans and credit card loans are the most expensive. Credit card loans are the most expensive.
Now if we talk about the interest rate of Gold Loan, then the bank which gives you 2.6% interest.
In NBFC, you get 5-10% more interest as compared to the bank.
How to take a Gold Loan?
0.5% – 1% of your loan amount. It varies from bank to bank.
You get the loan repayment time ranging from 3 months to 4 years.
Your age must be 18+.
Whether you will be able to repay the loan on time or not.
- Your gold should be of 18 to 24 karat only.
- Making & Impurity Charges are deducted.
- Loan To Value Ratio – Max. 75%
- Maximum Loan – 50-60 %
So friends, if you like this information about How to take a Gold Loan , then share it with your friends, and if you have any question then you can ask by commenting. Thank you very much for giving such a valuable time.