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Gold Loan FAQ
Gold Loan is a secured loan which is given against the security of gold pledged by the borrower. It makes your previous investment in gold work for you. Gold Loan is one of the easiest ways of raising funds because it requires minimum documentation, no income proofs and takes less time for disbursal and the interest rates are lesser as compared to a personal loan. It is offered by banks as well as Non Banking Financial companies. If someone wants funds for a short period than the gold loan is the best option available.
Funds can be used for any purpose, be it children's marriage, their education, medical expenses, business needs etc.
Details of Gold Loan
1. Age Limit - 18 yrs-65 yrs
2. Loan Amount - Rs.1500 - 1 Crore
3. Tenure - Maximum 15 months
4. Interest Rates - 12-16 % p.a
5. Processing Fee - Varies from bank to bank
6. Preclosure Charges- No charges if the loan tenure is over.
1. I am 21 yrs of age and unemployed right now , can I opt for gold loan ?
Ans- Yes, for gold loan you need not furnish income documents, all you need to have is address proof and identity proof along with physical quantity of gold.Minimum age requirement for gold loan is 18 yrs.
2. How much loan can I get on certain value of gold ?
Ans- You can get 80% of the market value of gold as loan.
3. I am an agriculturist , can I get gold loan ?
Ans- In rural areas Agricultural loan against gold is also available for agriculturist at very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided.
4. What is the maximum limit of the gold loan?
Ans- The maximum limit on gold loan is Rs. 1 crore.
5. What is the minimum and the maximum tenure of gold loan?
Ans- Minimum tenure is one day and maximum tenure is 15 months.
6. How can I repay my gold loan ?
Ans- Every month you need to pay interest on the amount borrowed and at the end of loan tenure you can repay the principal amount. You can also make partial repayments, in that case you are supposed to pay interest on principal outstanding only. For example, you have borrowed Rs. 1 Lac for twelve months , if after three months you make partial repayment of Rs.25000 than for the remaining tenure you need to pay interest on Rs.75000 only.
7. Do I need to produce bills for the ornaments pledged ?
Ans- No you are not supposed to produce bills for the ornaments pledged.
8. Can I take gold loan on the ornaments of family members?
Ans- Yes you can take loan on the ornaments of other family members .