Most Commonly Asked Questions About Gold Loan

7 Most Commonly Asked Questions about Gold Loan

Gold loans are a hot dish to talk about in the world where the younger generation is getting involved in getting a financial education that helps them survive more efficiently. With the rise of globalization and big brands, we have started seeing credit as an important and essential financial tool instead of a mechanism to a debt trap. Gold loan is one of the most preferred forms of loans that you can take irrespective of the motive you want to spend it on. However, people usually are seen indulged in debating over personal loans vs gold loans. In this piece of blog, we are going to try our best to address and answer the top most frequently asked questions about the gold loan. We will be covering all levels of queries and will try to explain complicated terms and notions in the simplest possible words. So without any further delay let us just get started with the blog.

1. What is a gold loan?

Gold Loan is a secured loan where you take a loan from the moneylender by swearing gold trimmings. A loan against gold goes about as the fastest method of getting assets to satisfy your personal or business prerequisites as the loan dispenses that very day. The vast majority of the banks finance gold loans up to the most extreme constraint of 75% of the gold’s worth. With Rupeek you can get the best online gold loans anywhere in India. Rupeek has the lowest interest rate of just 0.49% per month or 5.45% per annum with all the security you would want and all the comfort you seek.

2. What is the maximum amount one can claim on his jewelry?

The loan sum on gold is reliant upon the worth of gold and the Loan-to-Value proportion (LTV), which is set by the banks and NBFCs. The higher the gold worth and loan-to-esteem proportion, the higher the loan sum. Gold loan per gram rates are diverse for various banks. Rupeek has a comparatively higher LTV than any other NBFCs or banks so that you get the best out of your assets.

3. Is a gold loan extension possible?

Indeed, you can broaden the gold loan on the off chance that you can’t reimburse the loan inside the residency. Nonetheless, there are not many moneylenders who permit gold loan expansion and few additionally name it gold loan restoration.

4. Does gold affect FICO scores?

Gold loans can emphatically affect your FICO assessment or credit report assuming the loan is reimbursed at the very latest the residency. Gold loan resembles some other loan, and early installments will assist increment with acknowledging score too.

5. What pieces of jewelry qualify for the gold loan?

You can get a gold loan against jewelry that is made of 18 karats, 20 karats, 22 karats. Be that as it may, you can’t promise Mangal sutra and banks don’t assess jewels and valuable stones while ascertaining the loan sum.

Also read: Trending & Upcoming NFT Art Projects

6. How would you be able to guarantee that your gold is protected with the specific bank from where you get the loan?

To be guaranteed that the gold which you have vowed is protected you can actually take a look at the rating of a bank or NBFC. Likewise, you have a gold loan examination based on client rating.

7. How to calculate the EMI for the gold loan beforehand?

You can use the easy-to-use gold loan emi calculator by Rupeek, which uses a very simple and minimalistic UI for the online calculator that generates a detailed report of LTV, tenure of loan, and rate of interest based on your selections.

Get Notified Before Coffee

This subscription won't wake you up in middle of the night, we are not your sweetheart! Register today for free and get notified on trending updates.

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Leave a Reply

Your email address will not be published.