InvestorQ : How can I take a loan against gold?
Swapnil Sarang made post

How can I take a loan against gold?

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Gaurav Patel answered.
3 years ago
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These days every bank or non-banking financial company (NBFC) is ready to give you a loan. But among the various loans that customers avail of, gold loans are the most popular ones and for the right reasons.

Applying and receiving a gold loan is not only easy, but a very quick process indeed.

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Gaurav Patel answered.
3 years ago
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What is a gold loan?

Gold loans are the loans banks or NBFCs give their customers against the security of their physical gold. The amount of loan that can be sanctioned depends upon factors such as purity of gold, form (bars or jewellery), tenure of loan, etc.

How much amount can I get via a gold loan?

The amount of loan that you can receive from a lender depends on the kind of collateral (in this case, gold) that is deposited. Coins and bars offer higher value than jewellery. Typically, up to 60-75% of the value of gold is offered as a loan after valuation.

What forms do I need to fill?

You can make loan application either online or by visiting the bank or NBFC branch. But do note that only specific branches can provide gold loans. You need one identity proof and one residence proof to be submitted with your loan application.

How is gold deposited?

After your loan application is submitted, a gold loan agreement is signed between you and the bank/NBFC you are taking a loan from. Then, the gold that has been valued is deposited with the borrower for the disbursal of your loan amount. The borrower then keeps gold in its custody till the loan amount is repaid. Loans typically have tenure of 12-18 months.

What are the charges I will have to pay?

You will have to pay a loan processing fee, along with a gold valuation fee.

What happens if I default in my payment?

If you fail to make the payment, or default on your payment, your borrower can sell the gold that you had given it and thereby recover its dues as per the terms of loan agreement.

Highlights of gold loan

1. You can get a loan against your physical gold in one working day.

2. The gold deposited by you is kept safely in a vault in a strong room and on repayment of your loan amount, you get it back in the same state as it was submitted.

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Gaurav Patel answered.
3 years ago
Follow

These days every bank or non-banking financial company (NBFC) is ready to give you a loan. But among the various loans that customers avail of, gold loans are the most popular ones and for the right reasons.

Applying and receiving a gold loan is not only easy, but a very quick process indeed.

9 Views

image
Gaurav Patel answered.
3 years ago
Follow

These days every bank or non-banking financial company (NBFC) is ready to give you a loan. But among the various loans that customers avail of, gold loans are the most popular ones and for the right reasons.

Applying and receiving a gold loan is not only easy, but a very quick process indeed.

What is a gold loan?

Gold loans are the loans banks or NBFCs give their customers against the security of their physical gold. The amount of loan that can be sanctioned depends upon factors such as purity of gold, form (bars or jewellery), tenure of loan, etc.

How much amount can I get via a gold loan?

The amount of loan that you can receive from a lender depends on the kind of collateral (in this case, gold) that is deposited. Coins and bars offer higher value than jewellery. Typically, up to 60-75% of the value of gold is offered as a loan after valuation.

What forms do I need to fill?

You can make loan application either online or by visiting the bank or NBFC branch. But do note that only specific branches can provide gold loans. You need one identity proof and one residence proof to be submitted with your loan application.

How is gold deposited?

After your loan application is submitted, a gold loan agreement is signed between you and the bank/NBFC you are taking a loan from. Then, the gold that has been valued is deposited with the borrower for the disbursal of your loan amount. The borrower then keeps gold in its custody till the loan amount is repaid. Loans typically have tenure of 12-18 months.

What are the charges I will have to pay?

You will have to pay a loan processing fee, along with a gold valuation fee.

What happens if I default in my payment?

If you fail to make the payment, or default on your payment, your borrower can sell the gold that you had given it and thereby recover its dues as per the terms of loan agreement.

Highlights of gold loan

1. You can get a loan against your physical gold in one working day.

2. The gold deposited by you is kept safely in a vault in a strong room and on repayment of your loan amount, you get it back in the same state as it was submitted.

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sakshi sharma answered.
3 years ago
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gold is considered as an future investment for Indians. Talking about Indian women, they start buying it for their own reasons but it helps them as a future investment avenue. one can mortgage gold and take a loan, hence it will be a secured loan where counter party risk is less. It largely depends where you mortgage in loans to save yourself from high interest payments. so loan can be taken through banks, financial institutes etc.
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