If you are thinking of taking a gold loan i.e, on collateral security then you must know about some of the major factors that are considered, and being a borrower makes some impact in your pocket.What is a gold loan?
Whenever you keep your gold ornaments as collateral against some money that you buy from any lender for a very specific tenure. Many buyers then repay this loan amount to the lender bank along with some applicable rate of interest till the end of the gold loan tenure. This gold loan is a loan against gold in which all customers deposit the gold jewelry with very security with this gold loan company. In return, the company gives a gold loan amount to the customer as per the market value of gold. Taking this gold load is very quite easy and secured, and has been a part of the financial practice for a long time in India. Many people pledge their gold ornaments to the financers to arrange funds to meet exorbitant many types of emergency expenses or to even start a new business.
What is a gold loan EMI Calculator?
EMI on this gold loan is the amount that you need to pay all month to some financial institution or any bank from where you have taken the gold loan. This is the amount that you need to repay to the concerned ban. This EMI amount includes both the interest component as well as the principal amount. The interest component is on a very high side in the initial months and gets reduced with good subsequent EMIs.
What happens if a gold loan is not paid?
If you miss repaying this gold loan in time then this will reflect on your credit score. Many lender’s banks would report this to the credit bureaus, which will also drop your credit score.
Gold loan interest rate
Nobody wants to keep paying this gold loan interest rate on a loan whenever you have surplus money available to repay it. Whenever you want to repay your loan partially before time, This is called part prepayment. In many cases you decide to pay the full loan amount before time, this is called foreclosure. Many banks typically levy prepayment or foreclosure charges in many situations.
Gold loan Indian Bank
This Indian Bank gold loan always offers agricultural jewel loans which can be always utilized by the borrowers for their very short-term credit requirements. This credit can be used for many agricultural requirements such as the purchase of pesticides, and other more.
This loan is also eligible for all farmers.
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