What is a TATA Capital Gold Loan Balance Transfer?
TATA Capital Bank offers gold loans for its customers which can be issued to the borrower in order to fund his/her business needs like working capital requirements or personal needs such as education fees, holidays, etc against the gold ornaments. The TATA Capital Gold Loan Balance Transfer is a process by which you can move your gold loan from one lender to other. There can be any reason like attractive interest rates or if you are unsatisfied with the previous lender. But not every money lender provides this service.
The moneylender determines the ease with which one can obtain a gold loan by various criteria such as interest rate, loan to value ratio (LTV), and much more. A loan provider may not offer you the best bargain for your gold in many circumstances, prompting you to refinance your gold loan. You might look for a gold loan transfer if this happens. These businesses can help you transfer your existing gold loan from a bank to a lender better suited to your needs.
What are the Benefits of TATA Capital Gold Loan Balance Transfer?
The main benefit you can get from transferring a gold loan is:-
Why should you choose TATA Capital Gold Loan Balance Transfer?
Apart from the fact that you would save money on interest, there are a few other reasons to consider transferring your gold loan to a different bank. Here are a few of them:
- You will get an increase in value of your existing loan by 30%.
- You will get flexible loan repayment choices.
- You will be increasing your savings by taking out a loan at a low-interest rate.
- You will get a loan extension in 30 minutes or less.
- You will get service for 365 days.
- Annual Percentage Rate (APR) offered to customers from April 21 to March 21*.
- The minimum APR is 12%, while the maximum APR is 18%.
- Monthly payments are required, with a maximum of six months between charges.
- There are no processing fees.
Best Banks Interest Rates for Gold Loan Transfer Service
|Bank||Gold Loan Rate|
|Yes Bank||9.00% – 15.00%|
|Axis Bank||7.35% – 14.50%|
|SBI Gold Loan||7.30%|
|ICICI Bank||10.00% – 19.76%|
|IIFL Gold Loan||6.48% – 27%|
|Allahabad Bank Gold Loan||7.00%|
|Muthoot Gold Loan||12.00%|
|Federal Bank Gold Loan||8.50%|
|Manappuram Gold Loan||9.90%|
|PNB Gold Loan||8.75%|
TATA Capital Gold Loan Balance Transfer Charges
The charges involved in transferring a gold loan vary for every bank, depending on the existing lender and a new lender. However, some actual costs which are incurred are:
Eligibility Criteria for TATA Capital Gold Loan Balance Transfer
The qualifying conditions for transferring gold loans from one bank to another change by a financial institution, but the following are the common criteria:-
Documents Required for TATA Capital Gold Loan Balance Transfer
In the case of a gold loan transfer, a lender will often request the following documents:-
TATA Capital Gold Loan Balance Transfer Process
Follow the below-given steps to transfer the gold loan from one lender to another bank:-
When should you use an TATA Capital Gold Loan Balance Transfer Service?
- When you are in immediate need of cash.
- When you need instant money for education, business, or other purposes.
- When you have already taken a gold loan and are paying its EMIs.
- When you want a loan that requires less documentation and can be completed quickly.
- When you require a gold loan with a lower interest rate than you already have.
FAQ’s About TATA Capital Gold Loan Balance Transfer
✅ Which bank is best for an TATA Capital Gold Loan Balance Transfer?
Gold loans in India are offered by most of the banks and NBFCs. Muthoot, Federal Bank, Manappuram are considered acceptable because they provide balance transfers on loans at the lowest interest rate of 6.90%, 6.99%, and 7.00%, respectively.
✅ Can the gold loan be transferred from one bank to another?
Yes, you can transfer a gold loan from one bank to another if you get a lower interest rate with another bank or are not happy with the service of a lender. Also, you must have paid at least a few EMIs with your old lender to transfer the loan. In general, lenders prefer at least 12 EMIs to be paid before moving the loan.
✅ Can we get a top-up on a gold loan?
Yes, you can get top up on a gold loan if your lender offers this facility. Generally, lenders allow top-up loans if you have made all your EMI payments on time.
✅ Are there any charges for gold loan transfer?
Yes, you will have to pay various charges for the balance transfer of the gold loan. For example, you will have to pay foreclosure charges to your old bank, and to the new lender, you will have to pay processing fees. These charges may vary from bank to bank.
✅ Is a balance transfer of gold loan a good idea?
A balance transfer of a gold loan is a good idea if you transfer your loan to a bank that offers gold loans at a lower interest rate. The reduced interest rate can significantly bring down your EMI and help you save money.
✅ What is the best way for you to repay your gold loan?
It’s just as simple to foreclose on a gold loan as it is to get it approved.
Borrowers must, however, select a repayment strategy that meets their needs and does not feel burdensome. Salaried people, for example, should choose EMI payments over bullet payback if they have a long credit cycle.
✅ What happens if you don’t pay back your gold loan?
Gold is put up for auction.
Because the gold was pledged as collateral, failing to repay the loan (three consecutive installments or more) will result in the gold being auctioned off by the bank or financial institution. As a result, this is now a non-performing asset liquidated.
✅ How does a gold loan affect your credit score?
When you take out a gold loan, all of your EMI repayment information is sent to CIBIL at regular intervals so that your credit score can be updated in your credit history. Pay the EMIs on time to return the Gold Loan: Like any other type of loan, the gold loan has a defined interest rate and term.
Table of Contents
- 1 What is a TATA Capital Gold Loan Balance Transfer?
- 2 What are the Benefits of TATA Capital Gold Loan Balance Transfer?
- 3 Why should you choose TATA Capital Gold Loan Balance Transfer?
- 4 Best Banks Interest Rates for Gold Loan Transfer Service
- 5 TATA Capital Gold Loan Balance Transfer Charges
- 6 Eligibility Criteria for TATA Capital Gold Loan Balance Transfer
- 7 Documents Required for TATA Capital Gold Loan Balance Transfer
- 8 TATA Capital Gold Loan Balance Transfer Process
- 9 When should you use an TATA Capital Gold Loan Balance Transfer Service?
- 10 FAQ’s About TATA Capital Gold Loan Balance Transfer
- 10.1 ✅ Which bank is best for an TATA Capital Gold Loan Balance Transfer?
- 10.2 ✅ Can the gold loan be transferred from one bank to another?
- 10.3 ✅ Can we get a top-up on a gold loan?
- 10.4 ✅ Are there any charges for gold loan transfer?
- 10.5 ✅ Is a balance transfer of gold loan a good idea?
- 10.6 ✅ What is the best way for you to repay your gold loan?
- 10.7 ✅ What happens if you don’t pay back your gold loan?
- 10.8 ✅ How does a gold loan affect your credit score?