How to get a gold loan?
This question is considered very common when you are going to take any kind of loan. Moreover, getting to know the whole process is essential while applying for the loan. Sometimes, you get confused when you are unable to get the information. However, You can borrow money and pay it back in the form of EMI. There are many essential needs you want to pay the money to someone regarding the bills. For that, you have to only reckon upon the gold you are having in the form of jewelry. There is a small process of evaluation when you are going to deposit the gold. They have to do some paperwork. Furthermore, you have to submit some documents which they have to check. Moreover, they will check the gold without the embedded stones. You can avail Yes bank gold loan with good interest rates. Finally, they will disburse the loan within a couple of hours.
The in-between steps you must know-
There are many small points you must have to know. Apart from the procedure, you should look towards these points. The borrower asks you to pay the amount within the maturity period. There is an option to pay the money on an EMI basis. On EMI you have to plan how you manage the budget and pay the amount within the given time. There is not such a plan which you are switching to the gold loan EMI. However, the loan you have done according to the plan you will select by yourself. Unlike, other loans which are having strict policies and conditions. The Gold loan process might not be that hectic. There is a bullet payment method. This method is said to be payment in the lump sum way and within the maturity time. There is also an alternative to this: pay the principal amount at the end with interest. The loans in this method are also called balloon loans.
The market value and procedures-
The gold loan will definitely up to the market price of the gold. However, there are chances that you will get the loan with the 90% of your gold value. There is not any priority on the credit score. unlike the other secured loan, you have to do lots of paperwork. In a gold loan, you just have to deposit the ornaments you are having. It should be a pure one. Moreover, the gold loan is available in many banks with good attractive rates. The interest rate may vary from one bank to another. They offer an interest rate from 6 - 12 percent and go as low as the amount of gold you are providing. The gold loan may be a savor for the people who presently required the money. The second kind of people are those who are not having the documents properly.
The steps for a gold loan as follows:-
Firstly, you have to visit the branch.
Give them the documents they are asking you to deposit and KYC documents the aadhar card, voter id, or any other that proves the location.
After you have deposited the gold and they will check the gold if it is valid.
Then the branch people will explain to you the proper scheme and policy.
There is the possibility you will get the money 75% of the gold.
And then you can select the tenure and repayment process.
Now you have an option to take the money as cash, they will give you cash up to 50,000.
An alternative option is that they will transfer the money in IMPS/RTGS/NEFT.
Lastly, if you have to take any kind of loan. Undoubtedly, do think about a gold loan for easy availability of the money within a short time. there are many benefits which only a gold loan can provide you. you just needed a good amount of gold.
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