Gold loans are cheaper, particularly for short-run credit seekers, compared to credit cards or personal loans. But, like all loans, complete information is essential before moving into a monetary agreement.
Essential things to grasp regarding gold loans
Lenders provide loans up to 80th of the gold’s value after checking the metal for purity and ascertaining its price.
Coins and bars with higher purity provide additional price than gold jewelry (ornaments covered with precious stones are not included in the loan amount).
The interest on the loan will vary from 13%–16% once a year. It’s typically repayable in 12–60 months in equal instalments and includes interest and principal.
Any person over the age of 18 who has gold to be pledged will opt for such loans.
Benefits
It is a secured loan. Therefore, although you've got a bad credit history, it won’t impact your probabilities of obtaining a loan.
You choose to pay only the interest element, and the principal may be paid as a payment amount at the end of the loan tenure.
For those of you concerned in agriculture, you may avail of a gold loan at a reduced interest rate, which might be as low as 8 May 1945.
Since your gold is that required collateral, the work concerned is that the bare minimum, all you need are your id and address proofs.
HDFC gold loan eligibility criteria
HDFC gold loan per gram provides you with an estimate of the loan amount that you can borrow opposite to your gold jewelry. A person can get a loan based on your jewelry’s purity and price adjusted for a loan-to-value ratio.
Gold Loan Per Gram of HDFC Bank has begun from ₹ 2,572 - ₹ 3,144 depending on the Gold loan purity and provides the tenure of 24 months as the maximum limit. It has provided the age starting from 21 to 65 years old, and the maximum loan amount would be ₹ 590 lakh.
Here are the eligibility criteria for HDFC gold loan
Gold Loan per gram- ₹ 2,572 to ₹ 3,144 depending on the purity of gold.
Age of Borrower- 21 - 65 years.
Maximum Loan Amount- ₹ 50 Lakh.
Maximum Loan to Gold Value Ratio- Up to 85%.
The purity of Eligible gold- 18 carats to 22-carat gold.
Maximum Loan Tenure- 24 months.
Lowest EMI Per Lakh- ₹ 4,591.
HDFC gold loan rate per gram
The section presents an approximation of the gold loan per grams that HDFC Bank would give against jewelry of various purity levels at a maximum LTV of 75% and a minimum LTV of 65%.
If the Gold loan purity is 22 carats, then the gold per gram rate is ₹ 46,577 and HDFC Bank- best Gold Loan Per Gram is ₹ 3,144, while the lowest gold per gram is ₹ 2,725.
Gold Purity of 20 carats gold loan rate per gram is ₹ 42,343 and HDFC Bank- best Gold Loan Per Gram is ₹ 3,144 and lowest is ₹ 2,477.
18 carats gold purity per gram rate is ₹ 38,109, and HDFC Bank Lowest Gold Loan Per Gram is ₹ 2,229, and best is ₹ 2,572.
The above information depicts the methodology used by HDFC Bank, which will calculate your gold loan per gram for the gold of varying purity.
Gold loan per gram in HDFC Bank provides for 22-carat jewelry will e between ₹ 2,725 - ₹3,144.
HDFC Gold Loan per gram for 20 carats will be lies between ₹ 2,477 - ₹ 3,144.
Gold loan per gram offer for 18 carats then will be between ₹ 2,229 -₹ 2,572.
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