India is one of the largest gold consumers, a gold loan is a loan against gold is a secured type of loan, in which gold is placed in a bank to get the money, the gold loan does not take into consideration one’s credit score. The amount of loan sanctioned usually given 75% of gold’s usually amount. After getting the amount the borrowers can repay the amount through monthly instalment.
For example, if you are applying for an ICICI gold bank loan, after getting the money, you can pay the outstanding money through monthly instalments.
Unlike the other loan gold loan has no restriction and can be applied for any reason.
The entire process of applying for a gold loan is simple and a time saver, you bring your gold to the lender along with all the necessary documents.
Unlike all the other loans, the gold loan has no eligibility criteria, you bring your gold and get 75% of the gold’s money. The only gold loan eligibility criteria are that the gold must be your own gold.
Apart from the interest rates, there are quite many charges the bank pose on you example gold loan processing fee, document fee etc.
Your ornaments will be analyzed in front of you so that you won’t get suspicious about jewels tampering.
Compare to all other unsecured loans, the gold loan interest rate low and affordable.
Before giving the loan the lenders will evaluate the gold’s quality and check whether it’s good or bad and will give the money according to gold’s quality.
After analyzing the gold’s quality, the lender will give the documents which you have to sign it and after that, the lender will give 75% of gold’s money to you.
No matter which bank you applied, the applying process is quite the same and common for all the branches.
The repayment methods are quite easy and available in multiple methods for our convenience.
There is no need for fear whether your gold jewel gets replaced by another one, usually reputed ones won’t do that and always prefer for customer’s satisfaction.
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