Question: What Is Gold Loan Process?

What happens if gold loan is not paid?

Auction: If full repayment of the loan is not made within the period of the loan, the company has the right to sell or otherwise dispose of the gold through public auction at the risk and cost of the borrower..

What is SBI Liquid Gold Loan?

Liquid Gold Loan: Overdraft Account with transaction facility and monthly interest is to be served. This scheme also has a repayment option of up to 36 months. Bullet Repayment Gold Loan: Customer should re pay this loan on or before the term of the loan or closure of account.

Is Gold Loan good to take?

Gold loans are not only easier to get, as they are a secured form of lending, lenders often offer the benefits of different repayment structures to their borrowers. … Regular EMI – Basic month-on-month repayment structure. This is an option best suited for you if you are a salaried employee with fixed cash flow.

How long does it take for gold loan?

If your application meets all the requirements, it takes just an hour for the loan amount to be disbursed. Q7. What is the repayment tenure of a gold loan? Depending upon who your lender is, a gold loan can be repaid in as less as 1 day to 48 part payment installments.

What is the process of gold loan in SBI?

The application process is easy and does not require much time. More details of SBI Gold loan are provided below….Key Highlights of SBI Gold LoanAge18 years and aboveSBI Gold Loan Processing ChargesNil if applied through YONO 0.25% + GST | Min. Rs. 250 + GST5 more rows•Nov 11, 2020

How is gold loan calculated?

You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gram₹ 2,638 to ₹ 3,225 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan Amount₹ 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows

Is cibil score required for gold loan?

Good Credit Scores are not critical for Gold Loans RBI has made it mandatory for banks to do a CIBIL score check before giving out any loans to customers. … Gold Loans, on the other hand, require you to provide a fairly liquid tangible asset, ie, Gold, as collateral.

Which bank is best for gold loan?

SynopsisBank/NBFCGold loan interest rateProcessing feeSBI7.00% to 7.50%0.50% + GSTBank of India7.40%Rs.125 to Rs. 300 per lakhCanara Bank1 Year MCLR (7.65%)Bank of Maharashtra7.35%Rs.500/- exclusive of GST.24 more rows

Is gold loan cheaper than personal loan?

The interest rate in both personal loan, as well as gold loan, varies. As Gold loans are secured loans, so the interest rate on the gold loan is lower and starts at 9.90%. However, the interest rate of a personal loan ranges from 10.45% to 26% per annum.

What documents are required for gold loan?

Document TypeIdentity Proof. Aadhar Card. PAN Card. Valid Driving License, Valid Passport. Voter’s ID Card. Job Card issued by NREGA.Address Proof. Aadhar Card. Driving License. Valid Passport. Voter’s ID Card. Job Card issued by NREGA.

How much gold loan can I get per gram in HDFC?

As per the latest gold prices, HDFC Bank offers a gold loan per gram of ₹ 2,639 to ₹ 3,225. Highest HDFC Bank gold loan rate per gram today is ₹ 3,225 for 22 carat jewellery calculated at a maximum LTV of 90% and average gold loan prices of last 30 days in 2021 is ₹ 4,778 of 22 carat.