What is the procedure for gold loan?
What is the procedure for gold loan?
The idea of a gold loan is simple; you pledge your gold articles and get the loan amount in lieu. To do so, you visit a lending institution with the gold you want to pledge and the required documents. The lender performs gold purity checks and determines its weight on the basis of which it evaluates its market value.
What all documents are required for gold loan?
A borrower can get sanctioned a loan amount based on minimal documents required for pledged jewel such as the:
- Identity Proof.
- Aadhar Card.
- PAN Card.
- Valid Driving License.
- Valid Passport.
- Voter’s ID Card.
- Job Card issued by NREGA.
Which bank is best for gold loan per gram?
Gold Loan Per Gram – SBI, Manappuram, Muthoot, HDFC, Axis, Yes Bank & IIFL
| Bank / NBFC | Rate Per Gram | Interest Rate |
|---|---|---|
| Axis Bank Gold Loan | ₹ 3,506 to ₹ 4,621 | 10.00% |
| SBI Gold Loan | ₹ 3,506 to ₹ 4,621 | 9.75% |
| Indian Bank Gold Loan | ₹ 3,506 to ₹ 4,621 | 7.50% |
| Bank of Baroda Gold Loan | ₹ 3,506 to ₹ 4,621 | 10.25% |
Which bank offers cheapest gold loan?
Low Interest Gold Loan Rates: Top 5 Banks
| Banks | Interest Rate | Tenure |
|---|---|---|
| Yes Bank | 9.99% | 6 months to 36 months |
| ICICI Bank | 10.00% | 6 months to 12 months |
| IndusInd Bank | 10.00% | 3 months to 24 months |
| Fincare Small Finance Bank | 10.99% | 3 Months to 9 Months |
Is taking gold loan Safe?
Not checking creditor’s credibility: A gold loan is a secured loan, which implies that it is protected by collateral (gold in this case). This collateral remains with the creditor or lender till the loan amount is completely paid off. This is a good way to provide security to a creditor but what about the borrower.
Is bank account necessary for gold loan?
No, you can avail of a gold loan without submitting any documents for income or salary proof. Both banks and non-banking financial institutions provide a gold loan with minimum documents for identity and address proof to people above 18 years irrespective of occupation.
Does gold loan require Jewellery bill?
It is possible to get a gold credit without a bill or invoice of jewellery purchase, and there is no rule against it. Here are the steps involved in getting financing against gold coins and other forms of the yellow metal: Fill up the application form and submit it to the branch or online.
What is eligible amount in Muthoot Finance?
Muthoot Fincorp Ltd. Gold Loan Per Gram
| Eligibility Criteria | Muthoot Fincorp Ltd. Gold Loan Eligibility |
|---|---|
| Muthoot Fincorp Ltd. Gold Loan per gram | ₹ 2,552 to ₹ 3,119 depending on the purity of gold |
| Age of Borrower | 21 – 65 years |
| Maximum Loan Amount | ₹ 8 Lakh |
| Maximum Loan to Gold Value Ratio | Up to 100% |
Which company is best for gold loan?
List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021
| Gold Loan Providers | Interest Rate | Tenure |
|---|---|---|
| Muthoot Finance | 12% p.a. onwards | 7 days to 36 months |
| IIFL | 9.24% p.a. onwards | 3 months to 11 months |
| HDFC Bank | 9.90% onwards | 3 months to 24 months |
| ICICI Bank | 11% p.a. onwards | 3 months to 12 months |
What is gold loan interest rate in SBI?
7.50 per cent
SBI Gold Loan Interest Rate: State Bank of India is offering gold loan at an interest rate at 7.50 per cent.
What is the Muthoot Finance Gold Loan Calculator?
Muthoot Finance offers easy documentation, instant calculation of gold loan eligibility, low interest rates, flexible repayment options, a Gold Loan EMI calculator, and more. Your gold loan eligibility can easily be calculated using the Gold Loan Calculator that is available on the Muthoot Finance website.
Which is the best gold loan provider in India?
Muthoot Finance is regarded as the most popular gold loan providers in India, so expect utmost ease and transparency when you avail a gold loan from us. At Muthoot Finance, we are well aware of the customer’s sentiment attached with the ornaments.
Why invest with Muthoot Finance?
Muthoot Finance has nurtured trust as its most prominent value and is committed to keeping this heritage alive through generations to come. Browse the archives of all notices and reports that were shared with the investors over the years at Muthoot Finance.
How do I calculate the value of my gold loan?
You can use the Gold Loan Calculator available on the Muthoot Finance website, where according to the current gold rates, the value of your gold can be calculated per gram.
