Guide for Gold Loan

About Guide for Gold Loan

Guide For Gold loan

Gold loans are loans granted in lieu of depositing gold with banks. Gold loan is cheaper, especially for short-term credit seekers, compared to credit cards or personal loans.

Gold loan A credit score is taken at a specific point in time. It does not account for your future potential. It is only a summary of your Gold loan history.

Some Tips for Gold Loan Guide:

- Lenders offer loans up to 85% of the gold’s value after checking the metal for purity and ascertaining its value.
- The interest on the loan can vary from 14%–16% per annum.
- Coins and bars with higher purity offer more value than gold jewellery.
- You have an option to pay only the interest component and the principle can be paid as a lump sum amount at the end of the loan tenure.
- It is usually repayable in 12–55 months in equal instalments and includes interest and principal.
- Any person over the age of 18 and who has gold to be pledged can opt for such loans.
- the finance company can sell the deposited gold and recover dues as per the terms of the loan agreement.

Documents Required: Voters ID, Passport, PAN Card, Aadhar Card, Driving License, Ration Card, Water/Electricity/Telephone bill, School leaving certificate.

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