As most of us are keen enough to invest their time and take a loan against gold, which is nothing but a gold loan, let us explain to you what exactly this gold loan offers you and what kind of assets that one can enjoy when he/she applies for a gold loan.
Gold loans are the easy and short time taking ones to have, as most of us are aware of. In our country like India, gold is considered to be one of the most auspicious things and in return for that, you can expect what a loan can grant you with. It was recently estimated that by the end of 2020, the growth in this particular sector can go up to ₹ 3,101 billion at a CAGR of 13.7%.
You basically pledge to a certain bank or lender for a loan, in return where you offer your gold assets. Here, some gold lenders may also provide you with home assessment for your gold jewellery. And the requirements and factors like tenure and interest rate may differ from bank to bank. So let us briefly tell you about one such bank that provides a gold loan and it’s requirements.
ICICI GOLD LOAN The age limit required to apply for a gold loan with ICICI bank is specified to be 18 to 75years of age. The minimum and maximum loan amount this bank offers are from ₹10,000 to ₹1 Crore respectively. One should also make a note of the Tenure period and this particular ICICI gold loan is offering a tenure period from 3-12 months. The interest rate here with this bank starts from 10% onwards. There will also request you to submit some basic KYC and Government ID related documentation as proof. An individual should never be anxious about the repayments because a gold loan offers a variety of schemes of the payments method and one can choose accordingly and it can be paid by using the EMI methods too where calculation gets even easier for a borrower with the use of Gold Loan Calculator.
With these gold loans, a borrower has assured 100 per cent safety and security with his/her gold being kept in a Vault Safe. They in return receive it with exactly the same state of the condition it was given by them while applying for the loan. A borrower can always sit back and relax as there is nothing that runs behind a borrower and everything and anything is very much transparent enough to have a keen observation on.
In conclusion, gold loans can get you a kick start to explore something that you have paused to begin, and it can easily help restart professional lives household women just by bringing all the gold that has been kept in their lockers for years together, and this exact same gold will get you a win-win start by taking a loan against it to start anything that you dreamed of!
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