Gold is the integral part of India’s culture as well as festivities and is the best form of investment. This gold can also help you from recovering from the economic crisis. There are many banks that are offering Gold Loans that offer you the money against your gold ornaments. These are specially designed to help you in a situation when you need urgent cash to meet an emergency. The Gold Loan is secured in nature and demands an asset to pledge as security with the lender.
Interest Rate For Gold Loan Jaipur
- 10.70% is the annual minimum rate of interest you can expect on this loan.
- Also, these loans come up with minimal foreclosure charges ranging from 0-3% of the total loan amount.
- By using this feature, you can skip the pending Emi’s and their respective interest rate amount.
- You can avail a gold loan from 6 months of tenure period to 5 years.
- There are no processing fee charges on these loans.
Why should one choose Gold Loan in Jaipur?
- Loan Amount: A maximum amount of Rs.10,00,000 can be availed.
- EMI options: Hassle-free payment of EMIs.
- Instant liquidity: Enjoy liquidity of cash at any time. Generate instant cash in time of need.
- Security: The customer can rest assured that their gold is in safe hands.
Documentation required for Gold Loan Jaipur
- Proof of Identity: Passport Copy/ Voters ID card/ Driving License.
- Address Proof: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.
- Signature Proof: Passport Copy/Driving License/Banker's verification/cheque.
- 2 passport size photographs.
Additional Documents Required
- Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. Proof is not required for allied agriculture purposes.
- A Demand Promissory Note.
- Certificate by the Jewel Appraiser (Bank will arrange).
- Income Proof: Salary Certificate and Form No.16.
Charges associated with Gold Loan
- Some of the service providers may waiver Loan, but some banks do charge a processing fee.
- Valuation Charge is the charges to be paid to the evaluator. Such fees are specific to the service provider. Those having in-house evaluators do not charge any extra amount for valuation.
- Most of the service providers charge for late payment; this usually varies from one institution to the other.
- The applicant should consult with the loan provider before taking the Loan. These charges could change the amount that you may finally receive and should also check for the methods of repayment of the gold loan.
Features of Gold Loan Jaipur
Following are the Features of Gold Loan:
- You can avail Gold Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery
- Get your Loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower Interest Rates
- Simple documentation and fast processing.
- Overdraft limit varies depending on the market rate of gold.
- The interest rate is payable the only amount of the overdraft that you use.
How to Calculate Gold Loan Interest Rate?
- Rate of Interest: It is the amount that is charged on the amount of Loan. The Gold Loan Interest Rate depends on the factors stated below:
- Internal/External Customer: The loan seekers who have an account in the Bank from where they want to avail the Loan, then such customers are known as internal customers. Internal customers are given a rebate on the rate of interest charged by the applicant.
- Amount of Loan: The loan amount is the primary factor that decides the rate of interest that will be charged from the applicant. The Gold Loan Interest Rate is higher for loans with lesser amounts. Thus, the more the amount of credit, the lower is the Rate of Interest.
- LTV Ratios: Furthermore, lending institutions charge a higher rate of interest on the gold loan with a high LTV ratio. Thus, the more the LTV of the gold jewelry, the higher is the Rate of Interest charged by the applicant.
Gold Loan EMI Calculator
It is essential to know the amount one has to pay every month to the Bank. Therefore, you have an option to estimate the EMI before availing a loan. You can do so very quickly. Just click below and get to know the amount of the EMI you will have to manage monthly.
FAQs About Gold Loan
How does Gold Loan work?
Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
Gold Loan is secured?
Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
What happens when you don’t repay a Gold Loan?
If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
Is Gold loan better than a Personal loan?
Yes, a Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
What is the best online platform to avail gold loan?
Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
Is there any fee payable for the Gold Loan?
Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.
Gold Loan Interest Rate of Different Banks - Updated on 2019
|Bank||Gold Loan Rate|
|SBI Gold Loan||11.50%|
|IIFL Gold Loan||11.75%|
|Allahabad Bank Gold Loan||11.75%|
|Muthoot Gold Loan||12.00%|
|Federal Bank Gold Loan||12.00%|
|Manappuram Gold Loan||12.25%|
|PNB Gold Loan||12.25%|