What is the process of gold loan?
What is the process of gold loan?
The idea of a gold loan is simple; you pledge your gold articles and get the loan amount in lieu. To do so, you visit a lending institution with the gold you want to pledge and the required documents. The lender performs gold purity checks and determines its weight on the basis of which it evaluates its market value.
How much is gold loan per gram in muthoot?
Muthoot gold loan per gram eligibility depends upon the purity of the gold, your age and gold quantity. As per the latest gold prices, Muthoot offers a gold loan per gram of ₹ 2,625 to ₹ 3,208.
Is it safe to take gold loan from Muthoot Finance?
The Muthoot Finance company assures its customers of utmost security and constant monitoring of all their facilities. Hence, customers can be reassured that their gold is in safe custody. Muthoot Finance gives gold loans starting from Rs. 1500 with no upper limit.
Is Bill required for gold loan?
It is possible to get a gold credit without a bill or invoice of jewellery purchase, and there is no rule against it. Here are the steps involved in getting financing against gold coins and other forms of the yellow metal: Fill up the application form and submit it to the branch or online.
Does gold loan require income proof?
Unlike other types of loans, a gold loan does not require one to provide any income or salary proof. In fact, it has a comparatively lower rate of interest, requires minimal documentation, and is therefore, processed in lesser time.
Which is better Muthoot or manappuram?
As per the current rates, Muthoot offers a lower interest rate of 6.90% on Gold Loan when compared to Manappuram which offers a Gold Loan at 7.00%.
How does Muthoot gold work?
So, how exactly does a Gold Loan work? A gold loan, also referred to as a loan against gold, is a secured loan that an individual can avail from Muthoot Finance at competitive interest rates, in exchange for gold decorations such as gold jewellery.
Which company is best for gold loan?
List of Top 10 Banks / NBFCs offering Gold Loan in India – 2021
| Gold Loan Providers | Interest Rate | Fee |
|---|---|---|
| HDFC Bank | 9.90% onwards | 1.5% + GST |
| ICICI Bank | 11% p.a. onwards | 1% of the loan amount |
| Canara Bank | 7.65% p.a. onwards | 0.25% of the loan amount |
| Axis Bank | 12.50% p.a. onwards | 1% plus GST |
What happens if gold loan is not paid?
Auctioning Gold The failure to repay (three consecutive payments or more) will ultimately lead to the gold being auctioned off by the bank or the financial institution since the gold has been pledged as collateral against the loan. It is now a non-performing asset and will be sold off for recovery.
What is gold loan eligibility?
Gold Loan Eligibility Criteria Any Indian citizen above the age of 18 years and a maximum of 70 years is eligible to apply for a jewellery mortgage. Some banks require you to have a co-borrower if the credit applicant’s age is above 70 years.
