Gold loan also referred as a loan against gold, is a secured loan that a borrower takes from a lender in lieu of gold ornaments such as gold jewelry.
The minimum age limit to apply for a Gold loan should be 21 years. Maximum age can go up to 60 years and 65 years at the time of loan maturity.
|Age of the Applicant||18 to 70 years|
|Work Experience for Salaried||Not applicable|
|Business Stability for Self Employed||Not applicable|
|Maximum Loan on Property Value||Up to 90%|
|Maximum EMI as percent of income||Not applicable|
Know Gold Loan interest rates foreclosure charges & prepayment charges applicable in India
The Equated Monthly Instalment consists of the principal portion of the Gold Loan interest rates and the interest.
You will need to submit the following documents to apply for a Gold Loan
|Identity Proof||Address Proof||Proof of income||Other documents||Property Documents|
|Voter Card||Voter Card||Last 2 months salary slip||Documents related to running loans along with 6 months repayment bank statements||Copy of complete chain documents of the property|
|Aadhar Card||Aadhar Card||Last 6 months bank statement of salaried account||--||Copy of Agreement to Sell|
|Valid Passport||Valid Passport||Latest Form 16 / ITR||--||Copy of the Allotment Letter / Buyer Agreement|
|Driving License||Letter from a recognized public authority or public servant verifying the identity and residence of the customer||--||--||Copy of Receipt/(s) of payment/(s) made to the developer|
|Photo Credit Card||Latest Utility bill||-||-||-|
|Photo Identity card issued by Govt. body||Rent agreement on stamp Paper||--||--||--||--||Bank Statements reflecting address of borrowers of any commercial nationalized bank||Business Profile and Previous 3 years Income Tax returns||--||--||--||Credit Card Statement not older than 3 months||Previous 3 years Profit/Loss and Balance Sheet||--||--|
|Muthoot Gold Loan||12.00%|
|SBI Gold Loan||9.15%|
|Manappuram Gold Loan||12.00%|
Comparison of gold loan rates of all banks, HDFC Bank, Yes Bank, Andhra Bank, IndusInd Bank give the lowest gold loan interest rates in the range of 10.50% to 11.5%.
Gold Loans can be a viable option in a variety of circumstances. First, let’s define a Gold Loan. Some loans are earmarked for a specific purchase. You buy a home with a mortgage loan, you purchase a car with an auto loan, and you pay for college with a student loan.
Gold Loan can be used for just about anything. Some lenders want to know what you will do with the money they lend you, but as long as you’ve borrowed it for a responsible and legal reason, you can do what you want with it.
Generally, before sanctioning a Gold Loan the lender considers several factors such as the loan amount you have applied for, your repayment capacity and possibly the company you are working with. Here are six ways how you can get a Gold Loan at a lower interest rate.
Interest rates, expressed as Annual Percentage Rate , define the charges that are levied by a lender on availing a loan to the borrower. Interest rates are governed by the central bank based on the political and market situations in the country. Interest rates are different for different types of loans in India. The interest rates for Bank and educational loans are higher as they are unsecured loans without any asset as collateral. Whereas the interest rates on car and home loans are lesser in comparison as they are secured investments for the bank with an asset security to fall back on.
We have associated with given bank list we also working other bank also