Here in this post, we discuss related to secured gold loan. And what is bank gold loan interest rate with your loan provider. There are lots of gold loan companies are available which will help you in Gold loan with low gold loan interest rate. So, let’s start with how to make your loan secured on gold?
What is Gold Loan :
Before all the topic let’s see What is Gold Loan? Almost we all know about this but whenever you read this article it will be in the step wise where you get all the information step-by-step. If you don’t know about this gold loan secured meaning then how you go ahead with extra benefits.
A gold loan is a secured loan that the borrower obtains from the lender by offering as collateral their gold items (within the range of 18 to 24 carats). Based on the gold’s current market worth and quality, the loan amount is normally up to 80% of the gold’s value. If you already take this gold loan then please know your gold loan interest rate today.
And if you don’t understand with gold rate of interest then there are lots of gold loan interest rate calculator available where you count the loan secured on gold loan interest rate and also get other functionality as well.
How to apply for a Gold Loan online?
At this time, we do almost all the work online same things you can do in gold loan. You just need to find best gold loan providers with low rate of interest in gold loan or else you can count through gold loan EMI calculator. If we talk about gold loan per gram rate today then it will be 2900 to 3500 Rs. And the purity of gold will be 18 to 22 carat.
- If you are first time gold loan buyer then try to find best loan provider with low gold loan interest rates.
- Go on their official website and go in contact us section or select apply now for gold loan.
- Fill up the form with require details.
- Verify yourself and after the analyzed the details they will contact you.
Gold Loan Eligibility :
Let’s see that what are the different Gold Loan Eligibility criteria you need to passed if you want to gold loan. Might be these criteria will be changed according to different loan providers. But before that let’s understand one important term that what is secured loan?
Business or personal loans that include a requirement for collateral are known as secured loans. In circumstances when your credit is insufficient to be approved for an unsecured loan or for substantial loans that are being used to buy a specific asset, a bank or lender may ask for collateral. Due to the lesser risk they provide to lenders, secured loans may be able to offer borrowers lower interest rates.
- Applicant should be 18 to 75 years old.
- Co-borrower is required if borrower is 70+ years old
- The features of gold If you hold bank-minted coins, they must be 24 karats, and only up to 50 gms per client is permitted. The gold ornaments you would have to keep as collateral with the bank should be between 18 and 22 karats.
So, now use gold loan EMI calculator federal bank online and ready to take gold loan if you passed in the above criteria.
Benefits of Gold Loan :
Now once you take the gold secured loan then you also know that what are the benefits you get with this. But once you used gold loan interest rate calculator online and count your rate of interest based on that take the decision that you want to gold loan or not.
- interest rate reduction
- accelerated processing
- Enjoy liquidity at any moment.
- Option to pay solely interest.
- No processing charges.
- No fees for foreclosure.
- No proof of income is necessary.
- No credit score is necessary.
Might be you are confused in secured line of credit then let’s know the meaning of this as well. So, A secured line of credit, as opposed to an instalment loan, which is for a certain sum, allows you to borrow as much as you need, whenever you need it, up to that amount. You can continue borrowing against the available credit as long as you pay off your existing bill in full.
Do’s and Don’ts when applying for a Gold Loan :
Now another important thing is once you take the gold loan then what to do and what to not do there for your loan will be safe. So, below we provide that which are the mistake you should avoid after taking the gold loan.
- not verifying the legitimacy of the creditor
- not weighing your alternatives:
- disregarding the repayment schedule
- Standard EMIs:
- Partial reimbursement
- EMI’s exclusive interest
- Indicative repayment:
- Abstaining from LTV Calculation
- not knowing what kind of gold is eligible for a loan:
- not knowing what type of gold is acceptable for the gold loan:
Documents Required for Gold Loan :
Now after using gold loan interest calculator or loan emi calculator for calculate rate of interest or EMI and you decide to take the gold loan then what are the document require for that. As we above said that document might be change with different gold loan provider.
- Identity Proof (Aadhar Card, Driving License, Pan Card, Voter ID Card, Passport)
- Address proof (Aadhar Card, Passport, Driving License, Voter ID Card)