Gold loan or loan against gold is the easiest and quickest way for servicing your financial needs. To avail a gold loan, all you need to do is pledge your gold ornaments with Bank/NBFC and they will provide you with a loan amount as per the market value of your gold. Unlike other loans, gold loan does not require you to provide any income or salary proof. Moreover, it has comparatively lower interest rates; requires lesser documentation, and hence is processed in lesser time.
Banks & NBFCs offer different types of schemes as per your requirement and convenience. Following are the main features of gold loans :-
- Loan amount ranges from min Rs 1500 minimum to max No Limit
- Tenure of loan is generally from 6 months to 36 months
- Loan can be paid back on a monthly or quarterly basis depending on the scheme availed and policy of Bank/NBFC
- Banks & NBFCs provide Attractive to meet clients requirements
- Gold is insured and secured safely with in-fire and burglary proof vaults
Interest rates vary 12-18%
Any person salaried/non-salaried/self-employed/student of 21 years of Age or above having gold of purity of 18 karat or above is eligible to avail a gold loan.
Maximum Loan Amount
Maximum loan of up to 75% of the market value of your gold