Hello friends, welcome all of you to our article today. Through this article, today we are going to tell all of you important information related to Gold Loan Gold Loan 2023 such as how to take Gold Loan 2023, Gold Loan Apply Offline, how to apply Gold Loan Online and how to take this Gold Loan Gold What will be the Loan Eligibility or Doucment Required Gold Loan , from which documents will be applied and what will be the Gold Loan Interest Rate and important information related to it.
Gold loans are highly sought-after loans in our country. Many of us possess valuable gold jewelry and ornaments, which have proven to be invaluable during difficult times. These assets have been utilized as collateral to fulfill our dreams and overcome financial challenges. Gold loans have been a long-standing practice, with gold serving as collateral for an extended period.
Gold Loan 2023
|eatures||Eligibility criteria||Documents Required|
|The process is fast and secure||Age must be between 21 to 70||ID proof, address proof, income proof|
|Least possible documentation needed||Must be either salaried or self-employed||Physical KYC (Pan card)|
|Options of lower interest rates|
“Investing in gold has become increasingly popular due to its continuously rising prices. Gold loans are considered to be one of the easiest loans to obtain in the market. The documentation process is minimal, making it hassle-free. Additionally, this type of loan is secured, resulting in a low-interest rate. Compared to personal loans and other unsecured loans, the interest rates are significantly lower.”
“Having a gold loan does not require a high credit score. However, if you want to borrow more money against your gold, the interest rates may differ from one bank to another. It is also crucial to consider the duration of the loan you desire. Since it is a secured loan, failing to repay the debt may result in the bank or lender seizing your gold.”
|Lowest Gold Loan Rate||Processing Fee||Loan Tenure||Gold Loan per gram||Repayment Options|
|9.50%||0.25% to 1% of loan amount||1 day – 9 Months||₹ 11,556 (depending upon the purity of the gold)||EMI, Bullet Repayment Scheme, and Overdraft|
Eligibility criteria For Apply Gold Loan
Before applying for a gold loan, it is important to understand the eligibility criteria. Gold loans are known for their simplicity and convenience, as they require minimal documentation and information. These loans are secured, resulting in lower interest rates, although the specific rate may vary depending on the bank.
Here are the eligibility criteria for a gold loan in bulleted form:
- Age must be between 21 and 70.
- Must be a salaried employee or a self-employed person.
- Can be a farmer, trader, businessman, office worker, or any other profession.
- The loan amount depends on the RBI’s Loan to Value Ratio, set at 90%.
- If you meet the eligibility criteria, you can avail the maximum value of your gold.
“The eligibility criteria for obtaining a loan against your gold are quite minimal. However, it is important to note that the amount you receive is heavily dependent on the Loan to Value Ratio set by the RBI. According to RBI guidelines, this ratio is set at 90%. If you meet the eligibility criteria, you can avail the maximum value for your gold.”
Application process Apply Online/Offline Gold Loan
Gold Loan Apply Online: The gold loan application process is quick and easy, with minimal paperwork. It is a hassle-free and convenient option, requiring only basic documentation. Anyone can obtain a gold loan by following the instructions provided by the bank or lender. Some loan providers even offer home visits for elderly individuals who are unable to visit their offices.
Gold Loan Apply Offline: You have the option to complete the form online, but you will still need to visit the bank to submit your physical KYC documents. The bank doesn’t spend much time on minor details for this secured loan. Your gold will serve as collateral, and if you are unable to repay the debt, the bank will seize your gold.
Best Gold Loan Rates of all Banks in India 2023
|Bank||Interest Rates||Lowest EMI Per Lakh|
|SBI Gold Loan Rates||7.30%||EMI scheme not available|
|Muthoot Gold Loan Rates||11.99%||₹ 34,002 for 36 months|
|Manappuram Gold Loan Rates||9.90%||EMI scheme not available|
|HDFC Bank Gold-Loan Rates||9.50%||EMI scheme not available|
|Yes Bank Gold-Loan Rates||9.99%||₹ 33,890 for 36 months|
|ICICI Bank||9.00%||₹ 1,00,750 for 12 months|
|Federal Bank||8.50%||EMI scheme not available|
|Canara Bank||7.35%||EMI scheme not available|
|Andhra Bank||7.60%||EMI scheme not available|
|Axis Bank||13.50%||₹ 50,845 for 24 months|
|IndusInd Bank||11.50%||EMI scheme not available|
|PNB||8.75%||₹ 1,00,729 for 12 months|
|Fincare Small Finance Bank||10.99%||₹ 1,34,401 for 9 Months|
Application Process for Gold Loan is:
- Choose the bank or lender for the gold loan deal.
- Visit the bank/lender’s premises or request a home visit (if applicable).
- Alternatively, fill out the online form.
- Submit all the required documents.
- Provide physical KYC (Know Your Customer) details, if necessary.
- Select the desired loan tenure.
- Determine the applicable interest rate.
- Wait for document verification and assessment of the gold.
- Once the verification is complete and the gold is evaluated, your credit will be approved.
Doucment Required For Gold Loan
Identity proof: Doucment Required Gold Loan
- Aadhaar card
- PAN card
- Voter ID card, etc.
- Aadhaar card
- Ration card
- Passport, etc.
Other gold loan documents:
- Additional documents that may be requested during the loan approval process.
PAN card: Doucment Required Gold Loan
- Required for physical KYC verification.
- Salary slip for salaried employees.
- Bank statements for self-employed individuals.
FAQ”S Gold Loan 2023
Avail a gold loan from a bank in India with interest rates ranging between 7% p.a. and 29% p.a. You can avail a loan amount of up to Rs. 1.5 crore and repayment tenure starting at 3 months and going up to 4 years depending on the loan scheme availed by you.
To be eligible for a Gold Loan, you should be in the age group of 18 to 65 years. Gold Loan eligibility criteria also involve the loan repayment tenure. Typically Gold Loans are offered for minimum and maximum tenures of 6 and 24 months respectively, and you should be able to repay the loan within this tenure.
Personal loans usually have higher interest rates than other types of loans since they are given without any form of security. Due to this, it is crucial to confirm the payback period provided by the bank or NBFC and interest rate also vary depending on the amount, tenure and credit score Gold Loan Interest Rate.
Gold Loan Of Rs 1 Lakh and Interest To Be Paid
Currently, most lenders offer gold loans with interest rates starting around 10% and going up to 30% per year. Most lenders provide an online interest or EMI calculator to help borrowers figure out the interest they would have to pay.