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From which bank to take a gold loan, how to take it and what is its interest rate?

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From which bank to take a gold loan, how to take it and what is its interest rate? From which bank to take a gold loan, how to take it and what is its interest rate? From which bank to take a gold loan, how to take it and what is its interest rate?
From which bank to take a gold loan, how to take it and what is its interest rate?

From which bank to take a gold loan, how to take it and what is its interest rate?

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How do apply for Gold Loan? What is Gold Loan? Which documents are required while taking Gold Loan? What is the interest rate of a Gold Loan? How to apply for Gold Loan in SBI?

Gold Loan means taking a loan on gold, gold will be available in almost every house in India. It is used in difficult times like getting married, building a house, or taking a gold loan in an emergency for studies is the right decision. But do you know how to apply for Gold Loan? How is all this processing done? How much is its interest rate? From which bank should I take a loan? Which bank charges the lowest interest rate? You will have many questions in your mind.

Whose answer today, how do we take this post-Gold Loan? Learn in this. Let’s know the answers to all your confusion and all your questions. First of all, know what is Gold Loan.

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From which bank to take a gold loan, how to take it and what is its interest rate?
From which bank to take a gold loan, how to take it and what is its interest rate?

What are Gold Loans? ( Kya hai Gold Loan )

A gold loan is a loan where you pledge your gold (gold) for the loan, in return for which the bank or finance company gives you a loan, and this bank keeps your gold in its safe locker.

A gold loan is a type of secured loan, where gold is pledged as security for the loan amount. The gold is kept in a secure locker by the lending institutions till the loan is repaid or by the gold lending institutions. The loan comes in handy as an emergency fund in case of an emergency, which you can apply for and get cash whenever you want. These are available at low interest.

Due to the high value of gold, it can be easily converted into cash. Gold loans are the best option to meet the shortage of money in an emergency. Gold Loan is available according to the value of gold i.e. how the gold is.

If you look at the experts or interest rate, then Gold Loan is a little cheaper according to a personal loan, the interest rate of a personal loan is slightly higher but the interest rate of a gold loan is a little less, so a gold loan is really cheap.

Its processing is very easy with low interest so that you will not have to do much work, just a little paperwork and cash in your hand. Due to the high market value of the loan, you will easily get a Gold Loan in 75% of the market.

How is the market value of gold calculated (Kaise Nikali Jaati Hai Gold Ki Market Value)

When you take your gold from the bank or NBFC from wherever you want to take a gold loan, then they see the purity of your gold. According to the weight of the gold, the purity of the gold, and the market value of the gold. do the calculations.

After this, according to the market value of the jewelry on the day for which you have applied for the gold loan, the loan amount is decided, and how much money you should give according to this gold. If you pledge, then you will be weighed only part of the gold and not the stones or other gems placed on it.

If you want to mortgage any 24-carat gold coins, then if they are made by any sonar then they will not be valid, but if gold coins are manufactured by any bank then you will get the gold loan on them.

How to apply for Gold Loan [ Gold Loan Kaise Apply Kaise Kare?

You can take a gold loan through a bank or NBFC. Bank can give you Gold Loan at a good interest rate and NBFC can lend you Gold Loan in a higher amount. Before taking a loan, you should see 4-5 places where you can get a gold loan at low interest.

This will make it easier for you to pay the interest rates of the Golan loan and it will also benefit you. In this, NBFC gives you an instant gold loan and you can make money from it. You can apply for a gold loan by going to the bank or online on mobile. From whichever bank you want to take a gold loan, you can also apply online from it.

Even if you like the article, then please read it further. Maybe the solution to your problem is ahead. You are reading this post on the loan category of our website www.HomeDecore24.com.

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Gold loan information

What should be the age to take a gold loan (Gold Loan Lene Ke Liye Kya Umar Honi Chahiye)

To take a gold loan, the age of the person should be at least 18 years, for this, you do not need to provide any proof of your income or income. In Gold Loan, you get a gold loan of a minimum of Rs 20,000 and a maximum of up to Rs 50 lakh.

Things to keep in mind before taking Gold Loan (Gold Loan Lene Se Pahle Dhyan Rakhane Yogya Baate)

  • Like any other loan, you need to make the repayment towards the gold loan. If you do not repay the loan on the stipulated date of the loan, then the bank giving you the loan can charge you a fine of up to 2-3%.
  • In a gold loan, if you do not pay the loan EMI within 3 days, then the interest penalty amount increases.
  • While giving the gold loan, the documents signed by the bank and finance companies are written in the letter that if you do not pay the EMI on time for 90 days, then after the grace period, keep your dues or installments in the bank. You can also sell your mortgaged gold.
  • There are also many such banks who charge the cost of checking the quality of gold as well as fees, so you should take care of them and apply for a gold loan in the right bank.

Keep these things in mind while taking a gold loan (Gold Loan Lete Samay In Baton Ka Rakhe Dhyaan)

1 How long is the gold loan tenure?

The tenure of the gold loan is about 2 years, which can be extended or renewed later.

2. Loan is available only for up to 75-80% of the total gold

Instead of a gold loan peso, you keep your gold as a guarantee, in which you mortgage your jewelry, gold coins, etc., in which banks give you a gold loan of up to 75-80% of your jewelry.

3. What is the repayment option?

There are many options for repayment, such as if you have taken your gold loan in the bank, then you can pay the loan from the online portal of your bank or if you have taken a loan from any finance company, then you can take the loan from its portal. can pay.

4. Is a credit card score required for a gold loan or not?

There is no need for a credit score in a gold loan because you have given your gold to him, if you do not pay interest on time, then people can sell your gold to banks, etc.

5. Which documents are required while taking a gold loan?

While taking a gold loan, you need a document like your Aadhar card, PAN card, or any one of these three documents to verify your identity. Apart from this, you also need your passport-size photo.

To get your address verified, you can get your address verified by electricity bill, ration card, etc.

6. How much interest is charged in Gold Loan? gold loan interest rate

The gold loan comes under the category of a secured loan because in this your gold stays with banks and finance companies. So that if you do not pay the interest of the loan, your gold is sold.

A gold loan is much cheaper than a personal loan. A personal loan is available at an interest rate of 10-15% and a Gold loan only at 7%.

What will happen in case of non-payment of a gold loan?

If you do not pay the gold loan interest on time, then the bank or finance company sends you a notice (reminding) you that if you do not pay the loan, then you may have to pay up to 2% more interest.

8. What is the processing fee for Gold Loan?

Some banks charge a processing fee of 1.5% and GST for gold loans, which you have to pay before taking this amount of gold loan.

9. Name of the banks which offer the lowest interest in Gold Loan

Bank Name Interest Rate

Punjab and Sind Bank 7%

Bank of India 7.35%

State Bank of India 7.5%

Canara Bank 7.65%

Union Bank 8.2%

What are the benefits of Gold Loan?

1. Gold loan is much cheaper than a personal loan interest rate.

2. In other loans, you need a credit score, but in a gold loan, you do not need a credit score.

3. You get the gold loan in a very short time because you mortgage your gold there.

4. If you want to take a gold loan, then you do not need any kind of guarantee.

5. If you prepay in a gold loan, then you do not incur any penalty.

You have seen above what is the process of a Gold Loan, which things should be taken care of, and what are the interest rates, now let’s talk about how to apply for Gold Loan in SBI Bank.

How to apply for SBI Gold Loan and what is its interest rate?

SBI’s Gold Loan is available at an interest rate of 7.50 or more. In this, you can take a loan from 20 thousand rupees to 50 lakh rupees.

SBI Gold Loan: State Bank of India is offering Gold loans at attractive rates for its customers. The good thing is that customers can opt for loan repayment according to their convenience. State Bank of India (SBI) has given this information. from his Twitter account. Choose SBI Gold Loan and avail the best festival option.

According to SBI, gold loan is being given at a low-interest rate. In addition, interest is charged on every day’s balance in the account. SBI has said, a low processing fee, and no hidden cost or administrative charge is charged. Minimum documents are required to take a loan. If you want to repay the loan amount first (prepayment), then there will be no penalty on it. If you prepay the loan, then it will lighten the interest burden of the loan.

How to apply for SBI Gold Loan?

The person taking the loan can apply for it by visiting the website of State Bank. This whole work is done in three steps. First of all, the eligibility of the loan has to be seen that how much loan can be taken. After that, the loan offers have to be checked. After this, the loan application form has to be filled out.

The minimum loan amount is Rs 20,000 and the maximum is Rs 50 lakh. 0.50 percent of the loan amount is charged as a processing fee. It will be at least Rs 500 plus GST. If you take a loan from the YONO app then this fee is zero. The loan is taken for a tenure of 36 months.

  • First of all, go to this link and click on it. From this, you will get the application form
  • After that enter the required information like loan amount, name, mobile number, pin code, etc.
  • Now click on continue
  • You are given some important instructions which have to be followed. After this, your application goes to the bank for a loan

Gold Loan Interest Comparison

SBI Gold Loan is available at 7.50 or more interest. You can take a loan from 20 thousand to 50 lakh. Axis Bank Gold Loan starts at 12.50 percent and offers up to Rs 25,001 to 25 lakhs. HDFC Bank Gold Loan interest starts from 9.50 percent and is given for an unlimited amount from 25 thousand. Muthoot Fincorp Gold Loan starts from 11.99 percent and you can take loans from Rs 1500 to 50 lakhs. The interest rate of ICICI Bank starts from 10 percent and loans from 10,000 to 1 crore are available.

What are the processing fees on Gold loans?

Some banks charge a processing fee of 1.5% and GST for gold loans, which you have to pay before taking this amount of gold loan.

How much do you get a gold loan?

Gold loan is available from 50 thousand to 50 lakh.

Which bank gives the cheapest gold loan?

Almost all banks charge the same interest or say it is set, but talk about Punjab and Sind Bank charging an interest rate of 7%.

Conclusion

Today, in this post, we have told you step by step the complete information about how to take a gold loan, so you must have got an idea of ​​how to apply for a gold loan. What are the rules of a Gold Loan? Today we have shared information about Gold Loan and many more with you through this post, hope it has helped you.

We have also told you about how to apply for Gold Loan in SBI Bank in this post. If you find the post helpful, please give your opinion by commenting below.

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