Gold Loan Key Features – Apply Now!
|Gold Loan Interest Rate||7.10% per annum|
|Gold Loan Per Gram||Rate Per Gram Today is ₹ 5,255
|Gold Loan Amount||Up to Rs. 1 Crore (With Income Proof)|
|Gold Loan Processing Fee||1.50% of the Principal Loan Amount|
|Gold Loan Prepayment Charges||2%+GST (Within 3 Months), 0 (After 3 months)|
|Gold Loan Repayment Tenure||3 Months to 24 Months|
|Gold Loan Repayment Scheme||Bullet Payment Scheme, Overdraft Scheme|
About Gold Loan
Gold loan is a very famous financial product nowadays. Many banks provide gold loans like HDFC, ICICI, YES Bank, Dena Bank. Nonbanking financial organizations like Manappuram, Muthoot finance also benefits customers with the gold loan. The gold loan has its own benefits. It gets disbursed very quickly and the documentation process is no that much complex as in the case of another type of loan. you only need gold of a purity 18 to 22 carats some banks accept 24 carats too. If the applicant is not a minor and he/she has gold then he/she can apply for a gold loan. So if you want to get a loan just visit magicloans.in you will get all the information there. You can easily apply there. You will get all the necessary assistance from our experts.
Loan Against Gold is useful in many essences but most important is that your gold will be at a safe place. The bank takes full guaranty of your gold. Even if you want to put your gold in bank lockers safely and securely then you have to pay to the bank for it but the bank provides you locker only not security. So it’s better to get a gold loan, you will get money and security at the same time. Bank will be responsible for any kind of miss happening. Gold Loan is available at very fewer interest rates in many banks. So many non-banking financial companies also provide you with a Loan against Gold. And very less paperwork is required to complete these formalities.
You need to have the gold of purity 18 carats to 24 carats. In most of the banks, it is 18 carats to 22 carats. It can be in any form given below
- • Gold jewelry is acceptable in all banks.
- • But gold coins are not accepted in every bank some banks have put a restriction on this, they don’t accept gold coins.
- • Gold bricks can also be considered by some banks while providing a gold loan to the customers but some banks don’t.
- People are suggested to prefer Loan against Gold over other loans because there are some advantages of the Gold Loan over other loans.
- • The whole process is very convenient and hassle-free. The loan will get disbursed very quickly. It is 45 minutes maximum. you will have money in your hands within a few minutes.
- • Security is very compact. All your gold ornaments are a totally safe bank is responsible for any kind of mishappening.
- • The amount of loan provided starts from 50000 it can be up to one crore depending on the purity and quantity of the gold. In rural areas, this amount can be less than 50,000.
- • Transparency between the customer and the bank is remarkable.customers will be fully aware of all the documentation processes and all the policies of the bank.
- • The rate of interest in case of a gold loan is less than the other loans.it starts from 9% to 16 %. it can vary from bank to bank or non-banking financial organizations.
- • Less paperwork is required in case of the gold loan. you won’t have the burden of heavy paperwork. All you need is one identity proof, one residence proof, and two photographs.
For the Loan against Gold, all the banks have the same criteria. But there can be a little bit of variation.
Loan against Gold Eligibility & Documentation
- • An applicant who is applying for a gold loan should be a permanent resident of India, only then she/he can get a gold loan.
- • Age of the applicant should be more than 18 years and less than 65 years.
- • The purity of gold is also checked while providing a gold loan to the customers.She/he should have gold of purity 18 to 24 karat in some banks it is 18 to 22 carats.
- • Since every financial organization is offering different interest rates for gold loans but usually they start from 7.10% to 16 %.
- There might be a variation in different banks.
- And talking about the processing fee it starts from 0 to 0.5% of its principal value.
Gold Loan Documentation
- The whole process is very easy and simple. Documents required in a very simple form. You instantly get a Gold Loan after issuing the documents. Identity proof (Passport/Id card/voter card/driving license) can be any one of them. Everyone easily has these documents so there is no problem with the submission.
- 2 passport size photos, a passport is needed because a passport has a name, age, address, and a photograph of the customer. If you are having a passport then there is no need to bring your address proof separately. But the passport should not be expired.
- Residence proof can be Aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months because these are the proofs that you are residing in that particular place.
- Driving license is also regarded as a proof of identity and residence proof because it contains the name, date of birth, and a photograph of the customer. But the condition is that it should not be expired.
- Aadhar card provided by UIDAI that contains biometric details of the customers like age date of birth and photograph of the individual.
- PAN card is the permanent account number that is provided to the customers and it prevents financial frauds. So it is also considered as an identity/residence proof. Pan Card is a very essential document under KYC (know your customer)
- Ration card is also considered as a residence proof because it provides enough information about the applicant.
Name Of Some Financial Organizations Offering Gold Loan
- ICICI Bank
- HDFC Bank
- YES Bank
- Axis Bank
- Muthoot Finance`
There are so many others who also offer this facility.
On magicloan.in you can get all access to so many quires simultaneously. There is no need to go to different sites. If you apply for the Gold Loan by magicloan.in. There is no need to go in banks. Your documents will be picked up by you. There can be a little more negotiation in interest rates.
FAQ About Loan against Gold
How To Get The Loan against Gold
There is no need to go banks you just need to fill the Gold Loan form online on magicloan.in. And within a minute you will get a call back from our side and loan disbursal within 30 minutes or maybe less.
Which Organization Is Best In Providing Loan against Gold
There are so many banks that provide a loan against gold. here we are with the top four gold loan provider banks in India
- • HDFC Bank is on the top with an interest rate of 7.10% to 15.95% per year.
- • Then comes ICICI Bank which is on 2nd rank with an interest rate 7.25% to 16.50% per annum.
- • Then Axis Bank is on the 3rd number with 7.15% to 15.50% per annum.
- • After that Punjab National Bank comes with 8.20% to 12.75% interest rate per annum.
Gold Loan Interest Rate of Major Banks
7.10% – 14.50%
|7.10% – 16.10%|
|Muthoot Finance Gold Loan||
7.10% – 24.00%
|7.10% – 17.10%|
|Manappuram Gold Loan||
7.10% – 26.00%
|7.10% – 15.99%|
|Bank of India Gold Loan||
7.10% – 26.00%
|7.10% – 13.50%|
|IIFL Gold Loan||
7.10% – 12.00%
|7.10% – 14.65%|
7.10% – 12.65%
|Allahabad Bank Gold Loan||
7.10% – 10.45%
|7.10% – 15.75%|
|PNB Gold Loan||
7.10% – 11.75%
|7.10% – 26%|
|SBI Gold Loan||
7.10% – 15.99%
|7.10% – 15.99%|
|UCO Bank Gold Loan||
7.10% – 26.00%
|7.10% – 13.50%|
|Syndicate Bank Gold Loan||
7.10% – 12.00%