TATA CAPITAL
Check Eligibility, Get Instant Approval in 2 minutes and Disbursal in 3 Hrs*
10.99% - 29.00%
Upto 3.00%
Upto Rs.35L
Upto 6 Years
Instant Gold Loan
A best gold loan is a type of financial instrument that enables borrowers to use the real gold they own, such as gold bars, coins, or jewellery, as collateral to obtain credit from a lender. The practice of securing a loan by pinning gold objects in the 18–24 carat weight range is referred to as the "gold loan meaning." The lender maintains the gold objects as security and disburses money based on their worth, which is normally up to 75–90% of the carat value and the current domestic physical gold market price.
Features and Benefits of Gold Loan
In terms of addressing your immediate financial needs, such as paying for an international education, wedding expenditures, urgent medical care, or any other personal usage, a gold loan is comparable to a personal loan.Here are the gold loan benefits and feature:
Quick Disbursal : Because gold loans in India are secured, they may be disbursed quickly with the least amount of paperwork.
Flexibility of Use: Since there is no end-use monitoring, you have the freedom to use the loan for any kind of spending.
Secured Loan Type: Other than the gold jewellery that has been pledged as security, you are not required to provide the lender with any further security or collateral.
Lower Interest Rate: Because gold is used as collateral for gold loans, interest rates on these loans are generally lower than those on personal loans.
Liquidate your idle asset : Sell off any idle assets you have, such as gold, which is a rare source of income. So a gold loan is the ideal way to generate capital and use the money when you need it to cover your expenses. The limits of a bank or other financial institution's locker are also more secure than your house.
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Eligibility Criteria for Gold Loan
Here are the gold loan eligibility and these gold loan information can help you getting instant gold loan approval:
- Indian national
- Individual
- Age range: 18 to 75
- Maximum LTV: 75% of Gold's Value Jewellery that is acceptable:
- 18 to 22 carat gold jewellery
- Necklace, Earrings, Rings, Bangles, Chain, etc.
- Jewellery must be owned by the wearer.
- No loan is given in exchange for gold bars, coins, or bullion.
- Only the gold value, excluding stone weight, will be taken into account.
- The minimum loan amount is 5,000
- The maximum loan amount is 15,000,000.
Documents required for Gold loan
Get a personal loan by providing simple documents . Here are the list of documents required for applying for a personal loan :
KYC Records
The customer must be in the branch.
Things to Know Before Applying for Gold Loan
The following information is important to know if this is your first time applying for a gold loan 0nline and offline that how gold loan works:
Maximum Loan Amount - Banks provide loans up to a maximum amount that is based on the value of the gold. As of right now, you are eligible for a loan amount equal to up to 90% of the gold jewellery's value. The decision on the amount of the loan that the bank offers to its applicants is final. As a result, you can receive a loan sum of up to Rs. 9,000 if the bank values your gold items at Rs. 10,000.
Security of Your Gold Item - Once you deposit your gold items with the banks, they take over responsibility for their protection. even get your gold items insured by some lenders. You can find out if the bank has taken any safety precautions to protect your gold items by making an inquiry.
Default on Loan Payments - In the event that you are unable to repay the loan in full, the bank reserves the right to sell your gold items at auction. You must therefore pay the sum back on schedule.