new Delhi. People from all over the world are currently struggling with the financial crisis caused by coronavirus. However, whether they are job seekers, small or big businessmen, everyone has to face the problem of financial loss due to lockdown. People do not have cash, as well as the worry that now how to spend income without further time. If you too are worried about where to take a loan in bad times? So you don't have to worry. Let us tell you that if you have gold, then you can easily take a loan through the gold lying with you. Perhaps this is why gold in our country is considered to be the best asset to use in bad times. How can you take a gold loan, why is gold loan the best option among the rest of the loan? Know through our special report.
How can you take a gold loan?
It is quite easy to take a gold loan. Customers can take loans by depositing gold through their banks or loan financing companies.
The value of the total gold deposited is evaluated and on that basis you get the loan amount according to the value of your gold market.
All the deposited documents are checked so that later the amount can be withdrawn correctly.
Customer can easily withdraw his deposited / pledged gold by paying his loan installment.
You can take a loan by depositing gold in any bank or through a gold finance company.
Why are gold loans beneficial?
Although there are many loan options available in the market through which we can take a loan, but most experts believe that it is better to take a gold loan than a personal loan or borrowing from someone.
Gold loan is a means of availing loans at a very low interest rate.
You can easily take a bank loan against your own gold.
Gold is mortgaged and gets a loan at a lower rate of interest, which is much cheaper than a personal loan.
It is much better and safer than lying at home, your gold lying in the bank
Interest rate on personal loan is up to 13-24 per cent whereas on taking gold loan the interest rate is only 10-15 per cent.
There is a significant saving on interest by taking a large amount of loan through gold.
According to RBI guidelines, the ratio of gold to loan to value is 75%. That is, you can get a loan of up to 75% on pledged gold.
If all the documents and information are correct then the customer gets a gold loan in one day.
The farmers also get gold loan for their agricultural work, for which farmers have to submit their agriculture related documents as proof.
Gold loans do not have a lot of clutches of documents. All the customer has to do is to submit his / her identity card to the photo bank or to the gold finance company.
The most important thing is that the processing fees in gold loans are very low or zero in some banks. On the other hand, if the processing fee in the personal loan is much higher
No one has to worry about credit history or CIBIL for taking a gold loan. You just have to pledge your gold
Gold loan is approved without income certificate.
Procedure for giving interest on gold loan:
· Interest on loans taken on gold is much lower than personal, auto, business loans.
Customers have to pay interest amount to the bank every month.
If someone has taken a loan of up to one lakh rupees by pledging gold at 12% interest, then he will have to pay only one thousand rupees to the bank every month.
If someone wants to take back his pledged gold, then he can withdraw his pledged gold as per his convenience by depositing one lakh rupees simultaneously.
Gold loan is available with considerable flexible interest and facilities.
If you want to repay the gold loan ahead of time, then there is no pre-closure amount or payment fee.
Keep some important things in mind:
Always check the finance company before taking a gold loan. If you are taking a loan by pledging gold from any small finance company, then investigation is necessary.
Beware of fake loan companies and agents as they can run away with gold.
At present, banks as well as large companies like Mannapuram, Muthoot Finance are offering gold loans.
Some companies nowadays have started taking processing fees ranging from 0.5 to 2 per cent. Know about it before taking a loan
Always read the conditions before taking a loan. Because if you do not repay the loan amount within the stipulated time or 90 days, then your bank can take the outstanding amount by selling your gold.
2 to 3 percent may also have to be paid as penalty.
Before taking a loan, always take complete information about the company from your investment advisor and take any action.
This post was published on May 8, 2020 2:13 am
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