Firstly let’s talk about the safety of gold. When a borrower wishes to take a gold loan, the process revolves around the borrower offering his or her gold to take a loan against it. Now a few things that needed to be clarified are the safety of gold. Give us a chance to let you know that all the gold which has been handed over to the lending institutions whether its a bank or a Non-banking financial company, all the gold is safely kept in a Vault safe. Therefore, it is observed and monitored 24/7. And there is always the camera in every lending institution that is put to work to have keen monitoring on the borrowers gold. Therefore the first part is very clear on how safely the gold is taken care of and how securely is monitored from time to time.
Now, the second part deals with how safe it is to avail for a gold loan.
Let us briefly take you through the features of gold loans and how they work.
Gold loans are given in return for the gold ornaments you offer the banks and hence this can provide you with the instant amount of cash. Gold loan is also instantly approved and hence it is considered to be one of the loans where the processing time is very quick and fast and therefore it is preferred by many to have a gold loan. Apart from the processing time, it is also known for its transparent processing it allows the borrowers and the customers to experience, which is nothing but there are no hidden charges that the customer or the borrower has to pay without their knowledge and this is all possible because, at the initial stage of granting the gold loan, all the borrower and the customers are well informed by the lenders regarding what all charges they will be asked to pay for and also will be aware of any kind of additional charges. Therefore this showcases how convenient it is for the holders of a gold loan.
Now, when we get to the part of repayment and the interest rates, they may differ from one bank to another and hence the borrower may experience a difference in the charges he will pay from one lending institution to another. Now let us take the case of PNB gold loan, this has few rules and regulations that it expects the borrowers to follow, for example, it offers the gold loan per gram depending on the purity of the gold that has been offered and the price range is from ₹ 2,646 to about ₹ 3,234 in general, and the purity this bank expects is from 18 carats to 22 carats of gold. Even though the general age factor that is eligible for gold loan start from18 years, but to have a gold loan from PNB bank that age limit is considered to be from 21 years to 65 years of age. The loan amount that can be given by this bank is maximum of ₹ 10 lakh and gold to loan ratio is maximum up to 75%. If a borrower is comfortable with all the above-mentioned factors and is ready to avail for a gold loan then the loan tenure period for the repayment is 12 months which is offered to them.
So, these are few of the requirements and factors that may vary in another bank, and once the gold loan is granted it the safest loan and therefore the borrower or the customer has nothing to worry about. All he or she has to take care of is the repayment they are supposed to make as per the agreement on which they have opted for a certain repayment scheme and just follow it accordingly and this way the credit score will also be maintained on good terms.
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