This is a process of pledging your gold with the bank and get the respective funds depending upon the quality of gold and the amount of gold loan needed. It is the best way of getting fund for a shorter span of time. Get Instant Cash in just 45 minutes against your Gold Jewellery rather than keeping it idle at home and fulfill your requirements.
The charge for the evaluation is generally borne by the borrower. Once the evaluation and the paperwork for mortgage is done, Banks will ask you to produce personal documents such as Pan Card, address proof and other things. While the requisite documents for a Gold Loan differ across lenders, most normally require no more than a proof of income or address.
The difference in Interest Rates of a Gold Loan and a personal loan can be as much as 5-8 percent on the same amount.
The lender may provide you with a loan amount of up to 90% of the value of the Gold. After having repaid the loan, you will get your gold back from the lender.
Considering the advantage a Gold Loan offers in terms of a rent-free locker, a little bit of juggling can even help you save renting a locker for your jewels.
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