What is a Gold Loan?
Gold Loan is the fastest-growing financial service in the banking industry. The majority of people have gold ornaments that are just lying in the bank lockers or at home. Thus, Loan Against Gold provides an opportunity for the people to unleash the worth of this valuable yellow metal by availing a gold loan against them.
Also, Gold Loan Interest Rate is quite affordable and less in comparison to other services like a personal loan and home loan. Moreover, the process is straightforward and hassle-free. The applicant has to put gold ornaments in the bank in return for the amount of the loan. After the loan is repaid by the applicant, the bank returns the gold ornaments to the customer in the same shape. Finally, There is a lot of banking and nonbanking organizations where a customer can approach for a Loan Against Gold.*In order to get cash at the comfort of your home, Just fill the above form and let us take your stress away from availing of a Loan Against Gold.India has about 10% of the total gold stock of the entire world. The reason being that a majority of Indians own gold ornaments. Loan Against Gold is a service that helps people to get cash against their Gold Jewelry. The process of availing of a Gold Loan is straightforward.
How does Gold Loan work?
The applicant just has to pledge gold jewellery to the lender in return for the loan amount. After you take your jewellery to the bank, the in-house jewellery value accesses your gold jewellery in terms of weight and purity.
Then, according to the value of gold, the banks give the loan seekers cash equivalent to around 70%-75% of the value of the pledged gold.
Now the bank has possession of your gold ornaments until the full repayment of the loan amount.
Finally, when you repay the whole amount of the loan, the bank returns the gold in the same shape and form to the customer.
This is the entire process of the service of Loan Against Gold. Thus, the Documents required are quite minimal as the bank is majorly concerned about the quality and quantity of Gold.
How does Gold Loan work?
The applicant just has to pledge gold jewellery to the lender in return for the loan amount. After you take your jewellery to the bank, the in-house jewellery value accesses your gold jewellery in terms of weight and purity.
Then, according to the value of gold, the banks give the loan seekers cash equivalent to around 70%-75% of the value of the pledged gold.
Now the bank has possession of your gold ornaments until the full repayment of the loan amount.
Finally, when you repay the whole amount of the loan, the bank returns the gold in the same shape and form to the customer.
This is the entire process of the service of Loan Against Gold. Thus, the Documents required are quite minimal as the bank is majorly concerned about the quality and quantity of Gold.
