Gold loans are the quickest way to get extra funds against your self-owned gold. The loan is disbursed on the same day and you can use it for any emergency or requirement. This product is ideal for individuals who need money quickly and/or wish to reduce their gold holding as collateral for long periods of time.
Gold loans are offered by major banks and private financial institutions. The bank sends a representative to the applicant’s home or business to appraise gold ornaments, coins, or jewellery and assess their worth. After agreeing upon the amount of money the applicant wants to borrow, the bank keeps them as security or collateral until they are fully repaid.
Why Opt for a Gold Loan?
Gold loan is a very convenient way to fulfil your short term financial requirements. You should opt for a gold loan as it is an easy process and also gives you the facility of using the gold for any purpose in future.
- This loan offers an interest rate lower than any traditional unsecured loan. It’s easy to apply and our loans can be used for just about anything!
- The unsecured loan is a flexible financial tool that can be used for several purposes, unlike other loans with restricted uses.
- No credit score or proof of income is required to apply for a payday loan. So, if you don’t have any fixed income, you can manage to get this loan. All you need is a few months of successful operations and some money in your account to support the application.
- The repayment tenure is flexible, varying from days to several months.
- Loan disbursal is instant. The processing of the loan is fast, and the loan amount is available to be used in just a few hours. This makes it easy for customers to apply for a loan and for us to approve it on your behalf. With minimal documentation requirements, you can get started quickly.
Requirement for Gold Loan
If you want to sell your gold to a bank, there are two things that need to be kept in mind. Firstly, the loan amount that will be sanctioned for you depends on the purity of your gold and the current gold price at that time. Secondly, many banks employ gold valuers at their offices for proper valuation in front of applicants and give the estimate in writing. A good place to start looking for a jeweler is always a local bank as they tend not only to have lower rates than online sellers, but they will also help with identifying if your jewelry is worth anything at all before making an offer on it.
Gold loans in India are available to individuals who own gold jewelry and wish to borrow money for a term period. Individuals between the ages of 18 to 70 years can apply for gold loans in India.
How to Calculate Gold Loan Interest?
After providing the required details in the EMI Calculator, you will be able to know the number of installments and the amount that needs to be paid as interest. In addition, the calculator also gives an output confirming whether you have got a good deal or not.
The EMI can be calculated using the following steps:
- Log on to the website that offers an EMI calculator. It will tell you how much of a loan you can afford. All you need to do is enter basic information like your salary and the amount you would like to borrow.
- You will need to enter the values in the given boxes i.e., the loan amount, rate of interest, and tenure.
E = P x r x (1+r) n / [(1+r) n-1)]
Where E = Equal monthly instalments
P = Principal amount
r = Rate of interest
and n = Tenure (in months)
After you enter all these details, the gold loan EMI calculator will automatically calculate and display the EMI amount on the right-hand side of the screen. You can also enter different loan amounts and interests and decide the one that suits you.
Read More About ZoomBazi.