As the name suggesting that this is the type of loan that is related to gold. A gold loan is the method of allowance of finance or loan against your gold Jewelry and the ornaments that is made up of gold for example such as bangles, necklaces, bracelets, pendants, watches, gold coins, gold biscuits etc. So this is the definition of gold loan.
What is the eligibility to get a gold loan ?
It is very important to know about the eligibility of the gold loan. It is applicable only those persons who are between the age of 18 and 75 years. It is applicable to those persons who are the businessmen, trader, farmer, a salaried or self – employed individual are eligible for the application of the gold loan. There are many banks that provide you a gold loan on specific interest rate. You can visit in your bank and check your eligibility through your bank that provides you a gold loan eligibility calculator. Also we can say that this is applicable to those persons who are financially strong and they have the capability to take the loan from any of the your bank. If you follow the criteria of your bank then you may be got a best loan from the bank.
Gold loan per gram :
Gold loan per gram is the main amount that is given as a loan for every gram of the pledged gold. If we can say that IIFL offers Rs 3,504 per gram. If you have 100 grams of your gold then you will be offered loan amount is Rs. 3,50,400. This is the approximately idea of the gold loan that is related to a faded amount. But if you want to really know about the loan benefit then you must have to visit in your bank. So there are many agents that will provide you a proper knowledge and proper information about the gold loan value or the rate of interest on this. Also we can say that they help to got the loan easily. In fact many of the insurer are not applicable to provide you a proper knowledge but you must have to meet with a experienced bank agents to get loan amount easily. So this is very beneficial for the people for saving their money by getting the loan from the bank or especially on the gold loan. Gold loan is the safety feature of life.
Is gold loan is the good option for the people ?
Yes this is the good option for the people because this is a type of secured loan and therefore, attract a lower interest rate so that this is more beneficial for all the consumers. However, personal loans are being unsecured till now and having the higher interest rate that the gold loan. Further we can say that gold loan attracts the lower processing fees and the other charges while these charges are relatively higher in the personal loans. So we can say that gold loan is the more beneficial to all the customers for getting more benefits you must have to go for it. As per declared value of rate of interest is very low that provide you more benefit if you are in any type of trouble then your bank will help you because you have a gold loan. So we can say that the another name of the gold loan is helping loan that relates with low rate of interest. If you have gold then you must have to take the loan that is really very beneficial for you. So all the feedback is positive for gold loan.
Gold loan is better than locker :
Yes gold loan is better than locker because in case of accidental events your banks are not responsible for the contents kept in the locker as they are not aware about the things which you had kept for the information about the gold loan. For approving your gold loan your bank may collect all the original documents and the property paper for the coverage. After approving the gold loan you must have to attain the more benefit of the gold loan. So we can easily say that gold loan is the better choice than the locker.
Safety of your gold in your banks :
Yes this is the safe option for you. But firstly you have to know about your bank that is certified or not for the gold loans. It is often to opt for the bank or a non – banking financial company ( NBFC ) that is avail you a gold loan that is secured option for the gold loans. Yes your gold is safe in the banks. It is very essential to know about the gold loan is a secured loan i.e. you must have to deposit your jewelry or any physical form of the gold with the lender so this is more comfortable for the people. So your gold kept safe in your banks but you must have to follow the terms and conditions of the gold loans.
What is the main rule of the gold loan ?
A gold loan is the type of business loan because if you have any ornaments and jewelry that is made up of gold then you are applicable for gold loan. So you can got all the loan amount by the bank and bank would have to allow a low interest rate. So you can use all the money for your business. This indicate that your business may grow and also your gold kept safe. Therefore this is a type of secured loan which the lender gold items as a collateral, such as the jewelry or the ornaments that brings with you etc. The burrower is issued a loan with this gold as a security. So we can say that gold loan can be used instead of a personal loan when borrowing money from a financial organization’s. So all these are the rules of the gold loan. So you must have to go for gold loan.