There are different kinds of people, these different kinds of people have different interpretations of money. While some people think that money is just paper with a value, some also think that the same paper can buy you the world. While some spend their lives earning money, some spend their lives shelling it on unwanted things. You might’ve seen both these types of people and/or you might be one of them. Other than these two types, there is this third type too, this third type of group is neutral. They earn money and shell it out!
The only difference is, that they shell it out on something that is completely unwanted and not needed. The bankers and finance ministers have taken the existence of these people in consideration, and hence they’ve launched the ‘refinancing gold loan’ scheme.You took a gold loan from a bank, against your gold. The bank gave you the amount that you deserved as per the gold loan interests and gold loan per gram rates. Now, it was your responsibility to pay it off.
Instead, you don’t, yes, for some unforeseen (obvious) reasons you are unable to pay the loans off. So, what do you do now? Technically, stop spending on unwanted things and pay the loans off, if there aren’t any emergencies. Now, you have to pay the loan that you took, because that is mandatory and written in the clauses too (provided you read them carefully). You do something called ‘refinancing gold loan’, under this scheme, you are eligible to take another loan.
For example, you take a gold loan from Mannapuran gold loan and you are unable to pay it. You go to another bank, let’s take Indian Bank, they would help you pay off the loans from the Manappuram gold loan. If your loan was rupees 2000 with the Manappuram gold loan scheme, and you have paid of 1500then, the bank of India will pay the remaining 500 off for you. Now, you’re in debt with the Bank of India. You have to pay 500 rupees to them, with a new time cycle, which can later be distributed in little interests.
If you fail to pay the loans which you’ve created with the Bank of India, then legal action could be taken on you. This depends on various banks and its various policies. This could be a great scheme but it will surely affect your CIBIL score. If you fail to pay off the loans then the bank will confiscate the gold and redeem the money lended to you. If you’ve exhausted all your gold jewelry in loans, then you’re left with personal loans. Personal loans could be difficult to get, considering your CIBIL score is bad due these schemes and our best wishes too.
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