What is Gold Loan?
As we know Gold is very famous type of metal, which is used for making Jewelries. But in current Era, it is also used for taking Loan against Gold, Which is called Gold Loan.
Gold Loan in other words is also called Loan against Gold; a person can get a loan against his/her Gold Articles Easily.
Who is Eligible for Gold Loan?
A Person whose age is in between 21 to 70, can easily avail Gold Loan, There is no any complicated Process as like other Loan. Applicants don’t need any special requirement for availing Gold Loan.
What are Benefits of Gold Loan?
Gold Loan (Loan against Gold) process is very easy & less time consuming than other types of loan, It means that a person can avail Loan against Gold in less than 30 minutes without the need of any excessive documents and paper work.
What is Gold Loan Interest Rate?
Gold Loan interest rate varies according to lenders, but it lies in between 7.35% to 29% P.A. Bank and other financial institutions offers gold loan in between 1500 to 1.5 crores
What would happen If we don’t repay Gold Loan?
Firstly, we should try to pay all instalments on time, because if we don’t pay on time it ruins our CIVIL Score, it will result in Loan would not approved easily in future,
If A Person failed to pay Gold Loan instalments, it may lead to the gold being auctioned off by the bank or the financial Institution because at that time gold has become as collateral against the loan.
Conclusion
Gold Loan is best option to take loan but we should think carefully before applying for it. Because If a person failed to repay Loan Then it would lead to auction of your gold article.
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