InvestorQ : I am planning to apply for a gold loan but I wanted to know how the value of my gold is calculated?
Manisha Mehta made post

I am planning to apply for a gold loan but I wanted to know how the value of my gold is calculated?

Answer
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Gaurav Patel answered.
3 years ago
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A gold loan is probably one of the easiest loans to receive in the market, so you should be decently confident about getting one.

Now coming to the valuation of your gold, I am guessing jewellery or ornaments. The market value of your gold is calculated according to the per gram market rate of gold on the day that you are applying for a gold loan.

It is worth mentioning that if you are pledging your gold ornaments or jewellery as collateral, then only the parts of the jewellery that are gold are used to calculate the value. Many times, ornaments are also made up for other precious metals and stones and gems. But these won’t be included while calculating the worth of your ornament.

You can use this simple calculator to check how much amount of loan can be sanctioned to you: https://www.iifl.com/gold-loans/calculator

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