Introduction-
Gold is one of the precious reserves which is with almost all households in the country. According to some official as well as unofficial surveys, the volume of the gold reserve with Indians is 25000 tonnes and their market value is almost Rs.110 lakh crore.
Gold loan-
A gold loan is a type of loan which we can avail of after putting gold as collateral. Gold loan is very accessible because it can be availed of even with a low credit score.
Now let’s talk about things associated with the gold loan-
Gold loans are offered by almost all financial banks in India. There is a certain specification that has to be fulfilled before you are applying and apart from that, you need to check all parameters meticulously. Such as gold loan interest rate, gold loan per gram, and norms of banks.
Let’s see some parameters associated with it-
Varying Gold loan interest rate- This is the most important parameter which you need to check very carefully before deciding about the bank for avail of the loan. There are various banks offering interest rates from 7% to 29% For instance, HDFC bank is offering an interest rate of around 8%. You should check first interest rates associated with the gold loan of all the banks. The interest rate is varying actually from bank to bank. Apart from that, It is also varying from region to region. If you are belonging to a rural area you will find many banks which are localized banks and offering a feasible interest rate. For instance, there are so many banks that are localized and offering very feasible interest rates. On the other hand, if you go for a loan in national banks you will surely find a bit higher interest rate but there are many banks with interest rates at par with local banks.
Ease of accessibility- This is the major concern of all people who think to apply for the Gold Loan or Jewellery Loan. There are rural banks that are offering gold loans just on paper. There are some instances from rural areas that people are applying for loans and roaming around banks but not getting the loan approved. You should be very careful about this thing before choosing the bank. Choose that bank that is providing the loans with accessibility. Some banks are offering very lucrative interest rates and ease of accessibility. You should go with those banks.
Security of gold loans- This is the main thing associated with gold. Several people don’t consider the gold loan as their loan option because of the sense of insecurity among them. There have been some instances where people have seen the theft incidence. You should see the past security alertness of the bank.
Documentation- There are some banks whose documentation process is so much complicated. But as we are shifting to the online world, these complications are not prevailing now. To avoid complications, you should prefer an online application process rather than roaming around the bank every day. Some portals are offering online services. This is very easy for anyone and if you are not comfortable with this then you can visit any Jan Seva centers near your locality, they will assist you in this process. Some documents are common for all banks. Check this out-
UIDAI(Aadhar card)
PAN card
Income tax return
Form-16
Credit scorecard
Income certificate
Academic certificates
You should arrange these documents with you so that you can use them anytime. Even if it is possible, you may put all the documents in an online folder. At the time of application, you can directly use it.
Conclusion
If you are in urgent need of a loan, you can directly apply for a gold loan after checking all the parameters associated with it. You should visit the bank and check its documentation process and the interest rate offered by the bank. you can then fulfill your essential needs by availing of the gold loan.
Read More:- Less interest rate on Gold Loans
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