How Is Gold Loan Calculated?

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gramRs.

2,844 to Rs.

3,476 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs.

20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows.

Can I sell my gold to Muthoot Finance?

You can visit a Muthoot Fincorp Gold Point near you to sell gold for cash. If you want to hold on to your jewellery, you can avail a Muthoot Fincorp gold loan at affordable interest rates.

What happens if gold loan is not paid?

Gold Gets Auctioned If you don’t repay the gold loan even by the final repayment date, you lose the gold article. The lender will auction the gold ornaments and recover the dues. There’s nothing you can do as the lender lawfully recovers the dues by selling your gold.

Which type of loan is cheapest?

A personal loan will be cheaper for you if you pay less interest rate and a low processing fee. Usually, State Bank of India, HDFC Bank and ICICI Bank are the leading banks that implement the RBI rate cuts prior to other banks and therefore, their interest rates are considered to be the best in the market.

Which bank gives highest value for gold loan?

Gold Loan Interest Rates ComparisonBankGold Loan Interest RatesMax TenureSBI Gold Loan7.50%36 monthsMuthoot Gold Loan12.00%36 monthsManappuram Gold Loan12.00%12 monthsHDFC Bank10.05%24 months9 more rows

Is Gold Loan good to take?

It is considered as a good option for short-term money requirements. Following are some of the primary features of gold loans you should consider before deciding if this option is right for you. Higher Loan Amount:Gold loan usually provide higher maximum cap on the loan amount than Personal Loan.

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat45,5833,41920 carat41,4393,41918 carat37,2952,797Mar 24, 2020

How much gold loan can I get per gram in HDFC?

HDFC Gold Loan CalculatorEligibility CriteriaHDFC Gold LoanGold Loan per gramRs. 2,797 to Rs. 3,419 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 50 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Jun 20, 2020

How can I get gold loan from Muthoot?

The simple procedure that we follow allows:Quick loan disbursal.Minimum loan amount of Rs 1500 with no maximum limit.Pre-payment option-without any penalty.Minimal documentation.In-house gold evaluation.Best customer service with a shorter response time.Safe custody for gold ornaments.

Is a good time to sell gold?

The best time to sell your gold is when you either need cash or don’t need or want the gold itself. … Think about it: Gold that you have sitting at home (or in a safe deposit box) has a value, but it’s subject to the whims of the market. Until you actually sell your gold, you haven’t realized its value.

Is Gold Loan better than personal loan?

As gold loan is a secured loan, interest rate on it is less than personal loan, which is an unsecured loan. At present, personal loans are available at interest rates between 10-15% depending on your job profile and credit score. But gold loans can be availed at an interest rate between 8-12%.

Who is eligible for gold loan?

Eligibility Criteria In order to apply for a Gold Loan, you must be: A farmer, trader, salaried or self-employed professional, or businessman. Between 21 and 60 years of age.

Is cibil score required for gold loan?

Good Credit Scores are not critical for Gold Loans RBI has made it mandatory for banks to do a CIBIL score check before giving out any loans to customers. … Gold Loans, on the other hand, require you to provide a fairly liquid tangible asset, ie, Gold, as collateral.

How much gold loan can I get per gram?

Gold Loan Per Gram – SBI, Manappuram, HDFC, Axis, Yes BankGold Loan per gramRs. 2,620 to Rs. 3,202Loan Amount EligibilityRs. 1,000 to Rs. 2 CrLoan as percent of gold valueUp to 75%Purity of gold18 carat to 22 caratType of goldGold jewelry and gold coins of banks of up to 50 grams2 more rows

What documents are required for gold loan?

1. Submit all necessary documents and apply for the gold loan….Be ready with following documents while opening this account.DocumentFor non-Kotak customersIdentity Proof, Address Proof, Signature Proof (KYC Documents) and 3 passport size photographs1 more row

What is P gold loan in SBI?

SBI Gold Loan. Gold loan is a type of secured loan where one pledges their gold articles to avail loan to meet their short-term credit and SBI Gold loan can be availed by anyone who is 18 years with steady source of income. It comes with low interest rate and minimal documentation.

Which is best for gold loan?

List of Top 10 Banks/NBFCs offering Gold Loan in IndiaS.NOBank/NBFCLoan Amount1Muthoot FinanceRs 1500-No Limit2IIFLMin Rs.30003HDFC BankRs.10,000 (In rural market) Rs.50,000 (Others)4ICICI BankRs10,000-Rs15 lakh6 more rows•Apr 22, 2020

What is gold loan scheme?

The State Bank of India offers Gold Loans of up to Rs. 20 lakhs to its existing customers against their gold valuables. So anyone having gold assets which are laying idle can pledge these assets to avail ready cash for meeting any kind of business or personal needs for which the individual is facing a cash shortage.