Quick Answer: How Much Gold Loan Can I Get?

Is gold loan cheaper than personal loan?

Gold loan Is cheaper than personal Loan because financial institution is taking Gold as collateral.

Personal loan is un-secured and hence carries higher interest..

Is Gold Loan Safe?

For instance, the rate of interest on these loans is between 10% and 24% per annum. In comparison, personal loans charge 16-26 % per annum, depending on your credit profile. Therefore, “it is better to take a loan against gold than a personal loan as the rates will be lower—since this type of loan is secured.

How does loan against gold work?

How does gold loan works? The entire process of gold loan is quite similar to other secured loans. In this, you take your gold articles to a lender along with the required set of documents. … As per the loan agreement, you pay off the principal amount along with the interest amount and get the pledged gold articles back.

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.

Which is best for gold loan?

Best Banks Which Offers Gold Loans in India:Muthoot Finance Gold LoanManappuram Gold LoanSBI Gold LoanHDFC Gold LoanICICI Bank Gold LoanPNB Gold Loan

Which bank gives highest value for gold loan?

Gold Loan Interest Rates ComparisonBankGold Loan Interest RatesMax TenureManappuram Gold Loan Rates12.00%12 monthsHDFC Bank Gold Loan Rates9.90%24 monthsYes Bank Gold Loan Rates10.99%36 monthsICICI Bank10.00%12 months8 more rows

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat₹ 48,852₹ 3,29820 carat₹ 44,411₹ 3,29818 carat₹ 39,970₹ 2,698Aug 20, 2020

What happens if gold loan is not paid?

Gold is Auctioned Since the gold has been pledged as collateral against the loan, failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution.

What is the minimum age required to avail a gold loan?

18Any person above the age of 18 can apply for a gold loan and these loans need minimum documentation to get sanctioned. Also, the documents needed are ones that almost everybody can easily provide – age proof, ID Proof and address proof.

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

HDFC Gold Loan Key FeaturesLoan AmountUp to Rs. 1 Crore (With Income Proof)HDFC Gold Loan Interest Rate9.90% per annumHDFC Gold Loan Per GramLoan Per Gram Today is ₹ 4,680Processing Fee1.50% of the Principal Loan AmountPrepayment Charges2%+GST (Within 3 Months), 0 (After 3 months)2 more rows•Oct 1, 2020

What are the documents required for Muthoot Gold Loan?

Documents Required for Muthoot Gold Loan Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card. Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement.

Does Muthoot Finance buy gold?

You will have to pay a nominal margin money to buy gold on EMI. The rest can be paid in instalments of 3, 6 or 9 months. You can buy gold jewellery on installments at any of the Muthoot Blue branches.

Can gold loan be transferred?

Once this interest amount has been paid, the gold loan will successfully be transferred to the new lender. … A loan transfer with us also entails maximum security measures for your gold, and flexible repayment, such as the option to pay interest once in every 6 months.

Can I pay gold loan with credit card?

No, Manappuram does not allow you to pay your online gold loan with a credit card.

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

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gram₹ 2,698 to ₹ 3,298 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan Amount₹ 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows