Don’t commit These Mistakes While Availing Gold Loan
Gold Loan is one of the best and reliable options and to avail this loan you just need to pledge your gold and after evaluation of your gold’s value, the bank or NBFC will offer you a loan. One should avoid mistakes while availing gold loan so that get the best offers and benefits of gold loan While Gold Loan offers comforts and convenience that most loan products don’t offer, it is important to avoid these common mistakes while availing Gold Loan. Following are the Mistakes while avail Gold loan.
Whether it is a marriage or festivals, gold on most occasions in India have a part, one of the reasons why most Indian households possess gold. This gold, usually kept in the form of jewellery, often comes to the rescue during financial emergencies. As a result, the gold loan market has stayed popular for a quick access to credit for many years now and banks and NBFCs have also started focusing on this segment.
Check your Lender’s Credibility: If we compare gold to personal loans then the gold loan is one of the secure loans. In a gold loan, you won’t face the lengthy paperwork and procedures. Well, the loan can be dangerous for you as well, since your gold is with the moneylender till the duration you return the complete amount. Hence, it is recommended to wisely select a reputed bank or NBFC.
Check other banks and NBFCs: All lenders agree to sanction a loan for a sum that will be decided on your gold’s current market value but never finalize the first offer. It is strongly recommended to confirm interest rates and market value from other banks and NBFCs as well. Navigate to a lender who keeps an offer of a lower interest rate or a higher loan to value ratio.
Be attentive at the time of evaluation: Usually, banks offer a loan on your gold’s current value with 18 karats or more than that. If your gold is not matching that number then it’s a waste to apply for a gold loan. When any professional is evaluating your gold, be careful at that time because evaluation checks your gold’s weight and purity, not additional gem or stone.
Comprehend the repayment structure: Without comprehending the repayment structure, never select any bank or NBFCs. Once you understand the complete structure it will help in matching your needs.
Monthly EMIs: For any salaried borrower, the basic repayment structure designs monthly EMIs which include both principal sum and interest.
Partial Payment: This structure permits you to repay the interest and principal sum as and when you want to. This is not essential to grip the EMI plan designed at the start. The repayment is personalized so it can the customer can feel no burden.
Pay only Interest EMI: Under this scheme, the moneylender asks you to make only payment of the interest as EMI and the principal is to be paid in complete on the decided date. That’s really good for the borrowers who are a heavy amount as FD or RD maturity. Avoid these mistakes while availing gold loan and try to pay only interest as EMI
So Gold Loan applicant must avoid Mistakes while availing Gold loan. To get the best offers on the gold loan you can apply with Dialabank and must avoid mistakes while availing Gold loan.
Apply Online: You can apply online with Dialabank to get the best offers on Gold Loan.
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