Do you need urgent money? Do you have gold lying idle at your home? Why not make good use of it and get instant cash? At Uttaranchal Bank, we provide quick and easy gold loan Info to meet your financial needs. Applying online is simple and hassle-free. Want to know more? Let’s find out!
Apply for a Loan Against Gold Online in India
Applying for a gold loan online in India is a convenient and quick way to meet your financial needs. Gold loans are secured loans where your gold jewelry or coins serve as collateral. This type of loan is popular in India due to its quick processing, flexible repayment options, and minimal documentation.
Overview
Gold loans are a quick and easy way to get money for emergencies or other needs. You can apply for a gold loan online and get the money without any hassle. Many banks and non-banking financial companies (NBFCs) offer gold loans at competitive interest rates.
What is a Gold Loan?
A gold loan is a secured loan in which you pledge your gold jewelry or coins with a bank or NBFC. The lender gives you money based on the value of your gold. You can repay the loan in installments or as a lump sum. Once you repay the loan, the lender returns your gold.
Benefits of Gold Loans
- Quick Process: Gold loans are approved quickly as they are secured loans.
- Low Interest Rates: Gold loan interest rates are generally lower than unsecured loans.
- Flexible Repayment Options: You can choose from different repayment options at your convenience.
- Minimal Documents: You need minimal documents to apply for a gold loan.
No Credit Score Required: Your credit score is not a major factor in gold loan approval.
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How to Apply for a Gold Loan Online?
Applying for a gold loan online is easy. Follow these steps:
- Choose a lender: Research and choose a bank or NBFC that offers gold loans with good interest rates and terms.
- Visit the website: Visit the official website of the lender.
- Fill out the application form: Fill in your details like name, contact number, email ID, and the amount you need.
- Upload documents: Upload the required documents like identity proof, address proof, and proof of gold ownership.
- Submit the form: Submit the application form online.
- Wait for approval: The lender will review your application and approve it if everything is fine.
- Visit the branch: Visit the nearest branch with your gold to complete the process and receive the loan amount.
Best Banks for Gold Loans
Some of the best banks offering gold loans in India are as follows:
| Bank Name | Interest Rate (per annum) | Processing Fee |
|---|---|---|
| SBI | 7.50% – 8.00% | 0.50% of loan |
| HDFC Bank | 9.50% – 17.50% | 1.50% of loan |
| ICICI Bank | 10.00% – 16.50% | 1.00% of loan |
| Axis Bank | 11.00% – 13.00% | 1.00% of loan |
| Muthoot Finance | 12.00% – 24.00% | 1.50% of loan |
Gold Loan SBI
State Bank of India (SBI) offers attractive gold loan schemes. SBI gold loan interest rates range from 7.50% to 8.00% per annum. SBI offers quick disbursement and minimal documentation for gold loans.
Gold Loan Interest Rates
Gold loan interest rates vary from one lender to another. They generally range between 7% and 26% per annum. The interest rate depends on factors such as the loan amount, tenure, and the lender’s policies.
Factors Affecting Interest Rates
- Loan amount: Higher loan amounts may attract lower interest rates.
- Loan tenure: Shorter tenures often attract lower interest rates.
- Lender policies: Different banks and NBFCs have different interest rates and policies.
Gold Loan Calculators
A gold loan calculator helps you calculate how much you can get against your gold and how much interest you will have to pay. These calculators are available on the websites of banks and NBFCs.
How to Use a Gold Loan Calculator?
- Enter Gold Weight: Enter the weight of your gold jewelry or coins.
- Enter Purity: Specify the purity of your gold (for example, 22K, 24K).
- Get Estimate: The calculator will give you an estimate of the loan amount you can get and the interest payable.
Gold Loan Per Gram
The loan amount you can avail of per gram of gold depends on the current market price of gold. Most lenders offer loans up to 75% of the market value of gold. For example, if the market price of gold is ₹5,000 per gram, you can avail a loan of up to ₹3,750 per gram.
Important Points to Consider
Loan Tenure
The tenure of a gold loan usually ranges from 3 months to 36 months. Choose the tenure as per your repayment capacity.
Repayment Options
Gold loans come with a variety of repayment options:
- Bullet repayment: Pay interest regularly and pay the principal amount at the end of the tenure.
- EMI: Repay both interest and principal amount in equated monthly installments (EMIs).
- Overdraft: Use the loan amount as an overdraft facility and pay interest only on the amount utilized.
Processing Fees and Charges
Check the processing fees and other charges before applying for a gold loan. These may include:
- Processing fee: Usually a percentage of the loan amount.
- Valuation fee: Charge for valuing the gold.
- Foreclosure charge: Charge for paying off the loan before the end of the term.
Safety of Gold
Make sure the lender offers safe storage facilities for your gold. Reputed banks and NBFCs offer safe vaults for gold storage.
Gold Loan Near Me
You can find gold loan providers near you by searching online. Most banks and NBFCs have branches in major cities and towns across India. Use keywords like “gold loan near me” to find the nearest branch.
Gold Loan EMI Calculator
The EMI calculator helps you calculate the monthly installment amount you will need to pay for your gold loan. It takes into account the loan amount, interest rate, and tenure.
How to Use an EMI Calculator?
- Enter Loan Amount: Enter the amount you wish to borrow.
- Enter Interest Rate: Specify the interest rate offered by the lender.
- Enter Tenure: Choose the loan term in months or years.
- Get EMI: The calculator will show you the EMI amount you will have to pay.
Documents Required for Gold Loan and CIBIL Score for Gold Loan
When applying for a gold loan, you will need to provide certain documents. Unlike home loans, the CIBIL score requirement for gold loans is usually not a significant factor as they are secured loans. Here is a detailed look at the documents required and information about the CIBIL score.
Documents Required for Gold Loan
Minimal documents are required to apply for a gold loan. Here are the essential documents you will need:
Identity Proof
You must provide one of the following documents as proof of identity:
- Aadhaar Card
- PAN Card
- Passport
- Voter ID Card
- Driving License
Address Proof
For address proof, you can submit any of the following documents:
- Aadhaar card
- Electricity bill
- Telephone bill
- Ration card
- Passport
- Bank statement with address
Proof of Ownership of Gold
You will need to provide proof that you own the gold you are pledging. This can include:
- Purchase invoice
- Receipt from the jeweler
Additional Documents (if applicable)
Some lenders may ask for additional documents such as:
- Photographs: Recent passport-size photographs.
- Income proof: In rare cases, especially for high-value loans.
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CIBIL Score for Gold Loan
Gold loans are secured loans, which means your gold serves as collateral. Because of this, the CIBIL score is not a major factor in the gold loan approval process. However, having a good credit score can sometimes help you negotiate better interest rates or terms with the lender.
Key Points to Remember
- Minimal documentation: The main advantage of a gold loan is that it requires minimal documentation compared to other types of loans.
- Quick processing: Gold loans are processed quickly, often within a few hours.
- No major CIBIL score requirement: Your credit score is not a key factor for gold loan approval, but a good score can be beneficial.
Conclusion
Applying for a gold loan online in India is a hassle-free process. It provides instant access to funds with minimal documentation. By comparing interest rates, processing fees, and repayment options, you can choose the best lender for your needs. Always ensure the safety of your gold and understand the terms and conditions before applying.
References
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