{"id":608,"date":"2024-03-24T19:57:15","date_gmt":"2024-03-24T19:57:15","guid":{"rendered":"https:\/\/passbook.me\/index.php\/gold-loan\/"},"modified":"2024-10-23T12:46:22","modified_gmt":"2024-10-23T12:46:22","slug":"gold-loan","status":"publish","type":"page","link":"https:\/\/passbook.me\/index.php\/gold-loan\/","title":{"rendered":"Gold Loan"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>All About Gold Loans<\/strong><\/h2>\n\n\n\n<p>Gold loans are short-term loans for people who need cash in an emergency. It is a secured loan and the borrower deposits collateral for the loan.<\/p>\n\n\n\n<p>The loan is given when the borrower deposits gold or gold ornaments to the bank. Different banks provide different interest rates; moreover, government bank interest rates are much more affordable than private banks.<\/p>\n\n\n\n<p>Here are some government bank interest rates.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>IDBI Bank: 7.20%<\/li>\n\n\n\n<li>SBI Bank: 7.50%<\/li>\n\n\n\n<li>Bank of Maharashtra: 7.70%<\/li>\n\n\n\n<li>Canara Bank: 7.60%<\/li>\n<\/ul>\n\n\n\n<p>Private bank interest rates are higher, such that<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Kotak Bank: 10%<\/li>\n\n\n\n<li>HDFC BANK-12%<\/li>\n\n\n\n<li>ICIC BANK-12%<\/li>\n\n\n\n<li>Axis Bank: 12%<\/li>\n<\/ul>\n\n\n\n<p>NOTE: These data can be changed.<\/p>\n\n\n\n<p>To take a gold loan, you need to pledge your gold or gold ornaments to the bank. The tenure of the gold loan is 3 months to 4 years with a loan amount of 1.5 CR, which depends on different lenders.<\/p>\n\n\n\n<p>Interest Rate: 7% onward<\/p>\n\n\n\n<p>Amount of Loan: Up to 1.5 CR<\/p>\n\n\n\n<p>Loan tenure: 3 months onward<\/p>\n\n\n\n<p>Processing fees range from nil to 2% of the loan amount, plus GST.<\/p>\n\n\n\n<p><strong>Some Key Features of a Gold Loan<\/strong><\/p>\n\n\n\n<p><strong>1) Purpose of the Loan<\/strong><\/p>\n\n\n\n<p>A gold loan is versatile and provides immediate funds for needs such as medical emergencies, investments, personal financing, and many more.<\/p>\n\n\n\n<p><strong>2) Secured Loan<\/strong><\/p>\n\n\n\n<p>This provides less risk to the lender because the collateral ornaments are with the bank. The value of the loan is based on the value of gold .<\/p>\n\n\n\n<p><strong>3) Loan Tenure<\/strong><\/p>\n\n\n\n<p>The minimum loan tenure is 3 months and the maximum is up to 4 years, but this also changes with the lender&#8217;s terms and conditions. Borrowers have to choose their tenure as per their repayment capacity and financial goals.<\/p>\n\n\n\n<p><strong>4) Charges<\/strong><\/p>\n\n\n\n<p>Many fees may apply to gold loans, like processing fees, late payment charges, and prepayment charges.<\/p>\n\n\n\n<p><strong>5) Repayment Options<\/strong><\/p>\n\n\n\n<p>Payment of EMI every month, which makes budgeting easier.<\/p>\n\n\n\n<p><strong>Monthly Interest Payment Option<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Every month, the interest needs to be paid and the principal amount repaid at the end of the tenure\u00a0<\/li>\n\n\n\n<li>Borrowers can pay the <strong>interest amount in advance<\/strong> and the principal amount at the end of their tenure. .<br><br><\/li>\n<\/ul>\n\n\n\n<p><strong>&nbsp;6) Quick Loan Disbursements<\/strong><\/p>\n\n\n\n<p>With minimal documentation, The gold loan can be approved quickly as it is often secured. Within a few hours of application loan is approved.<\/p>\n\n\n\n<p><strong>Document Required and Eligibility Criteria.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The minimum age should be 18.<\/li>\n\n\n\n<li>The applicant must have the documents for the loan.<\/li>\n\n\n\n<li>18-22 A cart of gold can be pledged.<\/li>\n\n\n\n<li>The applicant must have a good credit score, preferably 750.<\/li>\n\n\n\n<li>Document Required for Gold Loan<\/li>\n<\/ul>\n\n\n\n<p>1) Filled Application Form<\/p>\n\n\n\n<p>2) Passport-size photo<\/p>\n\n\n\n<p>3) Address Proof; Bills; Passport<\/p>\n\n\n\n<p>4) Identification Proof:<\/p>\n\n\n\n<p>Adhaar card<\/p>\n\n\n\n<p>Permanent Account Number<\/p>\n\n\n\n<p>Driving License<\/p>\n\n\n\n<p>Passport<\/p>\n\n\n\n<p>5) Proof of signature and age<\/p>\n\n\n\n<p><strong>Steps to Apply for a Gold Loan<\/strong><\/p>\n\n\n\n<p>Here are certain steps that if you follow them, you can get a gold loan.<\/p>\n\n\n\n<p><strong>Step 1: Research<\/strong><\/p>\n\n\n\n<p>Identify various lenders and compare them with your needs and eligibility criteria. Decide which one is best suited for you as per your needs.<\/p>\n\n\n\n<p><strong>Step 2: Have the Required Documentation<\/strong><\/p>\n\n\n\n<p>Before applying for the loan, you must have all the documents mentioned in the article, such as address proof, signature proof, etc.&nbsp;<\/p>\n\n\n\n<p><strong>Step 3: Application<\/strong><\/p>\n\n\n\n<p>The application process can be both online and offline; you can apply as per your choice.<\/p>\n\n\n\n<p>Online applications are submitted through a bank or non-banking websites.<\/p>\n\n\n\n<p>To apply offline, you will have to visit the bank and fulfil all the requirements as per their request.<\/p>\n\n\n\n<p><strong>Step 4: Verification<\/strong><\/p>\n\n\n\n<p>After applying the duly filed application form, the lender will check the purity value of the gold.<\/p>\n\n\n\n<p><strong>Step 5: Approval and Disbursement<\/strong><\/p>\n\n\n\n<p>After the verification, the lender will approve the loan, and the borrower will get money.<\/p>\n\n\n\n<p><strong>In case the borrower does not pay the loan AMOUNT<\/strong><\/p>\n\n\n\n<p>1) <strong>Penalty Charge<\/strong>: If the borrower does not pay the loan by the due date. An extra penalty charge will be applicable.<\/p>\n\n\n\n<p>2) <strong>Reminder Charges\/Call<\/strong><\/p>\n\n\n\n<p>The bank will call and remind you about the delayed payment .A notice is sent to the borrower&#8217;s house about the overdue payment.<\/p>\n\n\n\n<p>3) Auction<\/p>\n\n\n\n<p>If the loan is not paid and no interest is given after 15 days of notice, the gold pledge will be placed for auction.<\/p>\n\n\n\n<p><strong>Points to Consider Before Applying for a Gold Loan<\/strong><\/p>\n\n\n\n<p>\u2060lenders credibility<\/p>\n\n\n\n<p>1 Tenure of the Loan<\/p>\n\n\n\n<p>Interest rate and charges<\/p>\n\n\n\n<p>Amount of the Laon<\/p>\n\n\n\n<p>Repayment Methods<\/p>\n\n\n\n<p>Eligibility and Documentation<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All About Gold Loans Gold loans are short-term loans for people who need cash in an emergency. It is a secured loan and the borrower deposits collateral for the loan.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-608","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold Loan - passbook.me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/passbook.me\/index.php\/gold-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Loan - passbook.me\" \/>\n<meta property=\"og:description\" content=\"All About Gold Loans Gold loans are short-term loans for people who need cash in an emergency. 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