The Oriental Bank of Commerce gold loan online calculator may also help a borrower figure out how much EMI they will have to pay for the borrowed loan sum. You can examine and decide from repayment tenure permutations and the range of interest rates and combinations provided by several banks with the support of this EMI calculator.
Gold Loan Details
Since the banks issue the loan against gold as collateral, it is a secured loan. Banks offer this loan to borrowers by holding gold jewelry and coins as collateral or insurance, which is returned to the borrower upon timely and complete repayment of the loan. A gold ornament secured loan is available for a short to medium term period and is approved within minutes of loan approval.
Why is Gold Loan so popular?
Individuals tend to take out a gold loan to meet their immediate financial needs for several reasons. Major specifications are as follows:
Compared to other lending opportunities such as personal loans, business loans, MSME loans, and so on, this loan has a low-interest rate.
Flexible repayment period ranging from a few days to a maximum of five years
On gold loans, many financial institutions do not charge prepayment penalties.
Documentation is minimal, and the procedure is straightforward.
Disbursements of loans are made immediately.
Highlights of Gold Loan Eligibility:
To apply for a gold loan with India's central banks, a person must own gold and be 18 years old and no more than 70 years old.
Interest Rates: In India, most banks and non-banking financial companies (NBFCs) offer gold loans at reasonable interest rates, with manageable EMIs and flexible repayment options.
The above are the eligibility of a gold loan .
Documents Required for a Gold Loan Application
Applicant's KYC documents, which include the following:
Completed application form
Two passport-size pictures taken recently
Voter ID cards, Aadhar cards, passports, and driver's licenses are examples of identity proof papers.
Proof records should discuss.
Utility bills, such as phone and electric bills, and any other documentation needed by the lender
How does the Oriental Bank of Commerce Gold Loan EMI Calculator work?
To use the Oriental Bank of Commerce gold loan EMI calculator, you will need to provide the following information:
The interest rate that the lender is willing to pay.
The principal of the Gold loan that has been subscribed/required
The repayment cycle that is used
After entering these three data, the EMI calculator will measure the monthly installments due from the borrower (taking into account current gold prices).
FAQs
Q. Who is qualified for a gold loan?
Answer. Any Indian between the ages of 18 and 70 who owns gold jewelry and coins may apply for a gold loan with limited documentation (gold bars and gold coins weighing more than 50 grams each are usually not approved as collateral for a gold loan).
Q. How long does a gold loan last?
Answer: A gold loan will last anywhere from a few days to several months. A gold loan could have a term of a few years in rare situations, but this would be at the bank's discretion and depend on the loan sum disbursed.
Q. What happens to the gold that was used as security?
Answer: When you put up the loan as collateral for a gold loan, the bank or NBFC (non-banking financial company) holds the gold ornaments or coins in a safe vault until the loan amount plus interest is repaid in full.
Q. How do I use the EMI calculator for a gold loan?
Answer: The simple gold loan EMI calculator uses critical gold loan information, including loan principal, tenure, and applicable interest rate, to estimate your equated monthly payments for a particular loan. This service is offered to you at no cost and for an unlimited number of occasions for your convenience.
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