Are you planning to benefit from a loan against gold? Quick tips for applying for a gold loan

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Documents for availing gold loans

You will need to submit some key documents when you get a gold loan. These documents may include PAN Card, Aadhaar Card, Voter ID Card, Passport, Driving License, Government Issued Photo ID Card and Defense ID Card, among others. You must also provide proof of address. For proof of address, you can submit your Aadhaar card, ration card, passport, bank account statement, voter ID card, utility bill if applicable such as utility bill. electricity, a water bill and a letter from an authorized person. The document requirement also varies from bank to bank. The documents required will differ from bank to bank.

How can you take advantage of gold loans?

How can you take advantage of gold loans?

Gold loans can only be used against your gold jewelry. The requirement may differ from bank to bank. Some banks only accept jewelry while others accept gold coins sold by banks. Some banks do not accept gold bars or gold coins for loan disbursement. It will be different from bank to bank.

How can you repay the gold loan?

How can you repay the gold loan?

You can decide to pay the interest on the gold loan quarterly or monthly and repay the principal amount at the end of the term. This may differ from bank to bank. You can also choose to pay the full interest at the start of the loan term and repay the principal later. You can also take advantage of the option to repay the loan in regular EMIs which may include both the interest amount and the principal amount. This requirement may differ from bank to bank.

HDFC Gold Loan

The bank offers gold loans with easy eligibility requirements. You will be allowed to repay your gold loan in EMI over a period of your choice. You can also pay only the interest on the gold loan each month. With HDFC, the gold loan amount starts at Rs 25,000 and a minimum loan amount of Rs 10,000 is available in rural markets. There is a loan processing fee with the bank which is 1% of the disbursement. There are foreclosure fees which are 1% plus applicable taxes. There is a renewal processing fee of Rs 300 and some applicable taxes. Banks offer rates during the period from January 22 to March 22. The minimum interest rate is 7.55%, the maximum interest rate is 15.75% and the average interest rate is 10.48%. The annual percentage rate offered to the client during the period from January 22 to March 22 will be 7.55% for the minimum APR, 15.76% for the maximum APR and 10.48% for the average APR.

SBI Gold Loan

SBI Gold Loan

You can avail the SBI gold loans simply by pledging gold ornaments or gold coins sold by SBI. You just need to do minimal paper work with lower interest rate. SBI grants you a maximum loan amount of Rs 50 lakh and a minimum loan amount of Rs 20,000. There is a processing fee of 0.25% of the loan amount with a minimum of Rs 250 plus applicable GST . You must be 18+ and there is no proof of income requirement. Anyone with a stable source of income can benefit. It can be a bank employee, a pensioner, etc. The interest rate for 1 year MCLR is 7.20%, 0.30% spread over 1 year MCLR, and the effective interest rate is 7.50%. You can call the bank’s helpline number 1800-11-2211 for more information.

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Axis Bank Gold Loan

Axis Bank Gold Loan

Axis bank also offers gold loans ranging from Rs 25,001 to Rs 25,00,000. You can avail same day loan disbursement. You can choose the duration from 6 months to 36 months. To qualify for these loans, you must be between 18 and 75 years old. As for the documents, you must provide a signed application form, kyc documents and a post-disbursement document. The interest rate for the 1 year MCLR is 7.35%, the 1 year spread MCLR is 6.65% and the effective interest rate is 14%.

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