If you are a housewife or a homemaker and you own any gold ornaments then you are eligible to take gold loans. The only eligibility criteria for a gold loan are that the age of the person should be 18 or above and that you should own gold ornaments of at least 18k purity. Anything higher than 18k will fetch you better gold loan per gram rates, and anything lower than that will make you ineligible. There are many lending institutions out there that can offer you lower gold loan interest rates. You can ask for gold loans to meet the financial requirements for your own business or need money for any other financial problem.
The main concern for the lenders will be the lack of a regular source of income for the housewives. This puts funds at risk of failure of reimbursement. The solution to this issue is getting a guarantor. A guarantor is a person who takes the responsibility of repaying the loan in case the borrower fails to do so. The guarantor’s credit score and history should be good, else the application might be rejected.
There are many schemes launched by the government to improve the status of women in society by providing them with various types of loans including gold loans and motivating them to start their own businesses. There are many banks and financial institutions that provide loans to women who are eligible and own gold articles.
Some gold loan schemes started by the government of India include Star Mahila Gold Loan Scheme which helps non-working women, housewives, or homemakers to purchase gold ornaments or jewelry. Another such scheme is known as the Pradhan Mantri Mudra Yojana For Women which helps and encourages women in India by providing them with loans so that they can fulfill their financial needs with the money or start up their own business. Under this scheme, women can get a minimum loan amount of INR 50,000 and a maximum loan amount of INR 50 lakhs so that they can start a new business on their own. Security as collateral ( i.e. gold ornaments) has to be pledged if you want a loan of more than INR 10 lakhs, but a collateral-free loan is provided for up to INR 10 lakhs.
Being a housewife and looking for gold loans to meet financial needs isn’t a difficult thing. You just need to beware of the gold loan frauds and only avail the loans from reputed lending organizations. ICICI gold loan schemes are a safe way to avail of the loan. You get the assurance of the reputed bank.
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