Gold Loan Process in Gujarat | સોના પર લોન માટેની પ્રોસેસ જાણો

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ગોલ્ડ લોન | SBI Gold Loan| Gold Loan eligibility| Gold Loan terms & conditions |Gold Loan Interest Rate | Cheapest Gold loan । ગોલ્ડ લોન માહિતી

Sometimes, if there is a short-term need for rupees and there is gold in the house, then gold loan becomes the best option.

Sometimes people take personal loans when they suddenly need money for a short period of time. However, compared to personal loans, gold loans are easily available at low interest rates, and flexible repayment options are also available.

Gold Loan Process 2022

All government banks of the country offer gold loans at attractive rates. Under which an amount of up to 20 lakh rupees can be obtained. Anyone above 18 years of age can take this loan. Another good thing about it is that you don't need to provide any kind of income proof to take this loan. Generally, banks give loans up to 75 percent based on the value of gold. How many carats is goldThe loan amount is also decided on it. Through this article, we will get information about how to get Gold Loan, how much interest rate is charged on it, what documents are required, etc.

Who can get Gold Loan?
Anyone above 18 years of age can take a gold loan. A person is eligible to take a gold loan either in his own name alone or jointly. It includes people with regular source of income including bank employees, pensioners. No income proof is required for Gold Loan.

Minimum amount of gold loan can be obtained?
In Gold Loan, any person can get a loan of minimum 20 thousand rupees and maximum 20 lakh rupees by pledging gold in the bank.

How much is the bank's margin in Gold Loan Process?
There are many banks available in India. Many of which banks offer gold loans. Banks charge different margins by giving gold loans. Bank's margin in Gold Loan is as follows.

Type of Loan Margin
  • percentage
  • Gold Loan 25%
  • LiquidGold Loan 25%
  • Bullet Repayment
  • Gold Loan 35%
Security in Gold Loans
For Gold Loan, you have to pledge gold as your security i.e. the amount you wish to borrow in the bank as collateral. The loan amount is also determined based on the carat of the gold you pledge. Even if the weight of low carat gold is more, and the weight of high carat gold is less, the loan amount will also change.

Gold Loan Processing Fee
For Gold Loan 0.25 percent of loan amount + minimum 250 rupees GST is charged as processing fee. However, if you are a member of the bank, you can also apply for this loan through the bank's app, and for that you will not have to pay any processing fee.

Interest rate in Gold Loan
Different types of loans are offered in each BACO. Interest rates for gold loans also vary. In which usually the interest rate for Gold Loan may be 0.50 percent higher than one year MCLR for the loan amount. The borrower will also have to pay the gold appraisal charges.

Re-payment options
Re-payments on Bank Wise Gold Loans in India vary. In which the re-payment options in Gold Loan are as follows.

  • Gold Loan – Repayment of principal (principal amount) and interest will start from the second month of disbursement.
  • LiquidGold Loan – Transaction facility along with overdraft account and monthly interest also has to be paid.
  • Bullet Repayment Gold Loan – before closing or opening of loan.
Re-payment period
The re-payment period in gold loan given in banks is as follows.
  • Type of Loan Re-payment
  • duration
  • Gold Loan 36 months
  • LiquidGold Loan 36 Months
  • Bullet Repayment Gold Loan 12 Months
Documents Required For Gold Loan
Loans are given on gold in different banks in the country. The following are the general documents for taking this loan.

Two passport size photos along with the application
  • aadhar card
  • Copy of passport
  • Driving License or Election Card
  • Government-issued photo ID card
  • Defense ID card
  • Witness letter if the customer is illiterate
List of Top 10 Banks / NBFCs offering Gold Loan in India
Loans are given on gold by banks and non-banking sector in the country. The details of top-10 banks and finance companies lending on gold in the country are as follows.

  • Gold Loan આપનાર:વ્યાજદર:લોનની રકમ:Official : Website Link
  • Muthoot Finance 12% P.A. Onwards Rs 1,500 – No Limit:Click Here
  • IIFL 9.24% P.A. Onwards Rs.3,000 Onwards:Click Here
  • HDFC Bank 9.90% Onwards Rs.25,000 Onwards (Rs.10,000 for Rural areas):Click Here
  • ICICI Bank 11% P.A. Onwards Rs.10,000 to Rs.1 crore: Click Here
  • Canara Bank 7.65% P.A. Onwards Rs.5,000 to Rs.20 lakh:Click Here
  • Axis Bank 12.50% P.A. Onwards Rs.25,001 to Rs.25 lakh:Click Here
  • Manappuram Finance 9.90% P.A. Onwards Rs.1,000 to Rs.1.5 crore:Click Here
  • Federal Bank 8.50% Onwards Rs.1,000 to Rs.1.5 crore:Click Here
  • Bank of Baroda 8.75% P.A. Up to Rs.25 lakh:Click Here
  • SBI 7.50% P.A. Onwards Rs.20,000 to Rs.50 lakh:Click Here

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