As the government saw people are slowly recovering from their crisis and they are now able to pay the loans back in full RBI released new guidelines to pay back the loans.The first method of paying back the loan is that you can pay back the principal amount of the loan first and then pay the interest rates when the loan matures. After paying back the principal amount you are allowed to have your gold articles back.You are also allowed to make partial repayment of the loan. Here you have to pay the partial loan amount along with the interest on it. This way you don’t have to pay as much money upfront as the last criteria. Although paying back the loan amount in part is not that easy. Make sure you are considering all your finances while doing this. HDFC Gold Loan provides this kind of repayment method.
The bullet repayment method is a scheme where you can repay the loan fully in one installment. This consists of the full principal amount along with the entire interest rate charged on this amount. This way you don’t need to pay any EMIs you can just pay the full amount at the end of the tenure and get your loan back. Although remember this is a very large amount and you need to save up to pay it in full. This repayment method is only applicable for short loan tenures which can be paid back in just some months or one year’s period of time.
Any loan comes with an EMI. It is very important to think about the EMIs to be paid throughout your payback tenure. Gold loans are a secured type of loan and secured loans generally have lower interest rates and comfortable payback periods. Secured loans do not have any risks associated with the lender aka banks so they try to sell more secured loans and they keep attractive interest rates for them. Gold loan tenures range anywhere from 12 to 60 months which is a comfortable period to pay back for most people. Gold loan interest rates are from 7% to 11%. If you compare these to personal and business loans the interest rates are quite low.
You can receive a 90% loan of gold’s value which is higher than other secured loans such as a car or home loan. Gold is also a less risky object to avail a loan upon than a car or home. Remember we generally buy loans thinking of it as an investment. So actually helping your finances and liquidating loans is not wrong. Everyone needs help with their finances once in a while and secured loans with a lower interest rate and comfortable payback periods are a great option to do so.
Gold loan is a safe and fast way of securing loans when in a financial emergency. Gold loans have very basic criteria such as the gold article and basic KYC information such as Adhar card and pan card.Some banks don’t even require proof of employability but, these banks generally tend to have higher interest rates. Useful for self-employed personnel This loan is also useful for farmers, traders, businessmen, etc.
Some more documents which can be required are income tax receipts, form 16, bank account statements, a letter from a recognized public authority, telephone bill, electricity bill, or water bill which is not more than 3 months old. Salary slips and income tax returns are required for checking the repayment capabilities. Remember all these rules are in force to protect you from taking a loan which you will not be able to pay back. Never apply for a loan that is more than 10% of your annual income.
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