Guide For Gold loan

Gold loans are loans granted in lieu of depositing gold with banks. Gold loan is cheaper, especially for short-term credit seekers, compared to credit cards or personal loans.

Gold loan A credit score is taken at a specific point in time. It does not account for your future potential. It is only a summary of your Gold loan history.

Some Tips for Gold Loan Guide:

- Lenders offer loans up to 85% of the gold’s value after checking the metal for purity and ascertaining its value.
- The interest on the loan can vary from 14%–16% per annum.
- Coins and bars with higher purity offer more value than gold jewellery.
- You have an option to pay only the interest component and the principle can be paid as a lump sum amount at the end of the loan tenure.
- It is usually repayable in 12–55 months in equal instalments and includes interest and principal.
- Any person over the age of 18 and who has gold to be pledged can opt for such loans.
- the finance company can sell the deposited gold and recover dues as per the terms of the loan agreement.

Documents Required: Voters ID, Passport, PAN Card, Aadhar Card, Driving License, Ration Card, Water/Electricity/Telephone bill, School leaving certificate.

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