The gold's value is assessed based on its purity and prevailing market rates. Lenders use various methods like X-ray machines or manual evaluation to determine the gold's purity.
● A gold loan is a type of secured loan where borrowers pledge their gold ornaments, coins, or bars as collateral to obtain funds from banks or financial institutions.
● Gold loans provide borrowers with quick access to funds, leveraging the value of their gold assets.
Eligibility criteria for a gold loan may vary among lenders, but common approximate criteria include:
Required documents for a gold loan generally include:
Gold loans can be applied for through various channels:
The gold's value is assessed based on its purity and prevailing market rates. Lenders use various methods like X-ray machines or manual evaluation to determine the gold's purity.
If you are unable to repay the loan as per the agreed terms, the lender may auction the gold to recover the outstanding amount. It is important to ensure timely repayment to avoid losing the gold assets.
Yes, upon complete repayment of the loan, including the principal and interest, the borrower can retrieve their gold assets from the lender.
Yes, most lenders allow borrowers to make partial repayments before the tenure ends. However, it is advisable to check with the lender regarding any prepayment penalties or charges.
Many lenders offer the option to renew or extend the tenure of a gold loan by paying the applicable charges and interest.