Gold Loan Interest Rates: You can take a gold loan if you need money. In it you can get a loan easily and at a low interest rate. Banks are offering gold loans at an interest rate of 7%. But there are some things to keep in mind when taking out a gold loan. Here are 6 things you should know before taking a gold loan.
Gold Loan Interest Rates
How long can a loan be taken?
You usually have 3 to 2 years to repay the loan. But it depends on the banks and the NBFC. As such, HDFC Bank offers loans for 3 months to two years. SBI offers for three years. Muthoot and Mannapuram offer long-term loans.
What is the maximum gold loan you can take?
You will get a loan of 90 thousand rupees on a maximum of one lakh gold. On Thursday, the RBI raised it to 90,000. Before this, it was 75 thousand. At least you can get a loan of 10 thousand rupees. SBI offers loans up to Rs 20 lakh. Companies like Muthoot Finance also offer loans of Rs 1,500. However, these companies only offer gold loans, so there is no maximum limit.
Do I need any documents to take a gold loan?
If you take out more loans, you will need to provide a pen card, support, etc. In addition, you will need to provide proof of address. You may also have to pay a bill for the place where you bought the gold.
Does it look like your credit score?
A gold loan is a type of secured loan. So it doesn't matter what your credit score is. You can get this loan easily and at a low interest rate as compared to a personal loan.
How to repay the loan?
The bank or NBFC gives you many options to repay the loan amount and interest, you can choose any of them as per your need. You can pay in equal monthly installments (EMI). In addition, you can pay interest during the original payment of a lump sum. This is called bullet repayment and the banks charge interest on a monthly basis.
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