Gold loans can be availed by anyone by pledging their gold to the bank. Gold loans can be taken by anyone for meeting certain personal expenses that they cannot otherwise afford such as education, weddings, medicines, or house repairs. The gold provided by you acts as a mortgage to the bank while you repay the loan amount back.
Gold loans have been particularly common among individuals belonging to the lower and medium income groups, this year, due to the pandemic. In fact, it is quite shocking to see the rate at which the demand for gold loans has increased as the price of gold has been fluctuating this year. The loan amount provided against the pledged gold is dependent on not only the quality and purity of gold but also the demand for the gold and the market price of it. If one fails to pay the loan amount on time, the ownership of the gold pledged with the bank will go to the bank permanently and the bank can sell it off to earn the loan amount.
The SBI has been a trusted bank for gold loans for a very long time. They offer loans at a low-interest rate of 7% and do not require any documents for verification. They allow quick processing and disbursement of the loan with no hidden charges. You can also avail of the gold loan for a maximum tenure period of 30 months. SBI has provisions for a special agricultural gold loan scheme for borrowers who are engaged in farming and horticultural activities and interested in borrowing money for meeting their farming expenses, which they cannot otherwise afford. The interest rate on SBI agricultural gold loans is lower than the interest rate of any regular gold loan scheme provided by SBI.
SBI accepts gold jewellery of up to 50 grams with a purity of 18 to 22 carat. They are provided to anyone above the age of 18 years.
Taking a loan can be very stressful as there are many questions that people ponder over when it comes to taking a loan. Dialabank comes to your aid and clears all your confusion. So stop fretting and call 9878981144.