Skip to main content

Tips and Advice Before Taking a Gold Loan:


When a customer pledges gold including jewelry, ornaments e.t.c as warranty for taking a loan, it is known as a gold loan. The bank or lender uses the gold as security against prospective payment default by the customer. The loan amount sanctioned is a certain percentage of the value of the gold that has been guaranteed.

Gold loans are short-term loans and the payment period can range from one month to a few years. If you are in need of money for urgent expenses and expect to be able to pay it back in a short term period, then this type of loan might be a good option for you career development loan.
There are some certain advantages of a gold loans. These are –
Lower interest rate on gold loans that is interest rates on these loans are lower than on personal loans since this is a relatively low-risk loan for lenders as they hold your gold as warranty. 

The interest rate also varies depending on how much you want to borrow to the total value of the gold you have guaranteed. The interest rates are lower when the loan amount is not more than 50-60% of the total value of the gold promised. 
Also the most two other factors are difference between secured and unsecured loan
These loans are some of the quickest loans to be sanctioned as the banks have your gold as security.
Also No income proof required to take this loans. You are not even needed to submit a salary certificate since your gold is held as security by the lender.  

There are some more few Things to keep in mind before deciding on a gold loan those are:
Gold as a valuable thing that has emotional value in India since it is largely in the form of family ornaments.  Providing gold as a security means that you take the risk of losing your family jewelry in case you are unable to pay back the loan. This can cause mental and emotional pressure not just on the borrower but the on entire family. So before you apply, think carefully if you will be able to pay back the loan in full. It is good to have a confirmed track record of making loan repayments so that you are self-confident about your ability to get back your gold.
Quality of lender: There are several NBFCs in the country who offer eye-catching terms for these loans. However, some of them could be could possibly shut down and poorly run without notice leaving you at a loss.  It is very important to search on the various lenders and choose one that has a good reputation.
Quality of gold: Usually, gold of 18K value and above is accepted by lenders. You also need to be above 21 years of age before applying for this type of loan.



Labels:

Comments

Post a Comment

Popular posts from this blog

Easy ideas to clean sandstone tile

In dairy farming a bulk milk cooling tank is often a large storage tank for cooling and holding milk in a cold weather until it could be acquired by way of a milk hauler. The bulk milk cooling tank is a vital little bit of dairy farm equipment. It is usually made of stainless-steel and used each day to keep the raw milk on the farm in good shape. It must be cleaned after each milk collection.Raw milk producers use a range of either open (from 700 to 20000 litres) Bulk cooling tanks. Mothers usually add too much over cleaning as it's vibrant and satisfying on the eyes. Yet, cleaning is stressful and challenging. When the home is neat and tidy, everything seems being perfect and comfy. It's even great since it removes filth and germs that could trigger illnesses such as hypersensitivity, flu viruses and coughing. To refrain from these problems it is very important execute regular cleaning. Regardless of whether you're mother or kid, it could be very nice when you can emplo...
1 comment
Read more

Professionals Clean The Better Way

Carpets are very important for those organizations, since they provide a presentable look for the entrants, whether it is employees or clients. And, maintaining and cleaning them is really a task that holds paramount importance for those firms, because the aesthetic appeal of the office depends largely with them. No wonder that innumerable companies depend upon Commercial Carpet Cleaning services of reputed contractors on this field. Executing this type of neatening service is a time consuming and expensive process, which is often avoided provided it will become necessary, since having the floor covering cleansed periodically is really a necessity anyways. Domestic cleaning agencies are where you behave as a manager and you also accept board local cleaners to execute the cleaning for you. I think that professional home cleaning companies are the finest with the lot. You do each of the cleaning, advertising and appointment bookings yourself Pro Commercial Cleaning Sydney . But the cl...
Post a Comment
Read more

Why Would You Want Belly Button Jewelry?

The terms sound proof and acoustic treatment are two entirely different things. Sound proofing is quite expensive and most of times not really linked to recording studios or other types of audio production environments. Acoustic treatment however is what would certainly be aiming to do had you been considering is going to be house for your putting on creating a music recording studio.  This is mainly due to tariff of diamonds which is not easier for buyers to pay for and therefore to acquire just about any diamonds or any jewellery item made out of diamonds they save huge amounts of money to get them. Although there is huge fleet of Diamond Merchants Sydney with everyone claiming to supply authentic diamonds to buyers jewelry store in southern california , but still it is imperative for buyers to conduct proper research in regards to the authentic and reliable Diamond Merchant who may have been in business for long some time to who has succeeded for making his strong presence i...
1 comment
Read more