What is Gold Loan?
As the name suggest its loan against Gold. It's the most convenient way to receive cash in no time from any NBFC/Bank by pledging your Gold ornaments/Coins/bars/Exchange traded funds ETFs/ SBI gold certificates etc., this is one loan product which comes with minimal documentation & no processing time in short its over the counter product.
Product is designed in a way it ensures hassle free process for the customer & loan availed can be put to any use.
Loan amount eligibility is evaluated basis on the Gold value banks usually fund 70-80% of the gold market value & on repayment of the loan gold deposits are returned back to the customer.
This loan comes much cheaper than personal loan as it’s a secured product & rate of interest ranges between 11.5-24% per annum.
Rate of interest is decided on two factors risk criteria ( What % of market value of Gold you are availing loan if its 90% of the Gold market value then interest charged will be higher & vice a versa for lower loan amount as compared to gold value) & customer relationship with the bank.
Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank which you have opted for and we do not charge any fee from our customers. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans. We do not provide any dsa of Banks. All loans are on discretion of the associated Banks. Read More