Gold Loan-Let us talk today that what is gold loan and what is the benefit of taking it from which bank, how many banks are there in India. Which bank provides loan to us at the lowest interest rate. Apart from all this, today we will know that how much loan. We can get minimum and how much money we will get in the bank by keeping maximum amount of gold and if a customer is unable to repay his loan. Then in how many days his gold auction is done.
For How Long Can We Take A Gold Loan?
If anyone needs money and wants to take a gold loan. Then the bank can give him a loan between 3 months to 1 year. After 1 year you will have to renew that loan again. More than 1 year you can use this can’t service the loan. And also the bank also gives us the facility that we can pay the interest of that loan month by month, even in 3 months and even in 6 months, we can pay that interest. This is a very good facility.
What Is The Procedure To Take This Loan
Whenever we go to the bank to take a loan. The bank simply says that we will give you money according to the 75% of the value of that gold. Suppose you have gold worth 10 lakhs and you have to take a loan on it, then 75% percent means you will get 7.5 lakhs. This is the concept of every bank. We call it LTV which means loan to value.
What Are The Benefits Of Taking A Gold Loan?
There are many benefits of taking a gold loan. Such as we get a loan in a very short time, we do not have to do much paper work, nor do we have to run anywhere. We just have to have gold for money and go to the bank. Within 20 minutes, we get the money as per our need. This is the biggest benefit of this thing, secondly, our gold is remains safe, neither the fear of theft nor the fear of getting lost. Our gold is in very good security.
What Happens When You Do Not Manage After Taking The Loan?
If we have taken a loan of 500000, for some reason we are not able to take care of it and the bank is asking us again and again to pay the amount, then after some time our gold will be auctioned. We can also get a legal notice from the court. Our civil will also be spoiled, its biggest disadvantage is that more gold than the loan amount. We took will go into our auction. Because we got only 75% of the value of our loan and the gold was worth more than that and the rates of gold were increasing day by day. That’s why we should keep in mind that if we are taking a loan, then it should be maintained.