Gold Loan in India
Gold loans in India have become very popular in the last few years. People find it a very convenient source to arrange money, especially if they face an emergency owing to a sudden medical condition, an impending marriage, or the funds needed for their children's education. Usually, the process is very cumbersome for normal bank loans since it involves a lot of documentation, such as your IT returns for the last three years, your ID, your income certificate, and a guarantor. For a gold loan, there are no such formalities required.
Gold Loan in Delhi
If you need money immediately and have no savings, a gold loan in Delhi is the perfect way to arrange money. Since you will be depositing the Gold as security, the lender can complete the entire process much faster than any other type of loan. It is so because you will require little paperwork.
It cannot be any simpler - you give Gold in exchange for money. Think of it. It is too good to be true. What is a better type of loan where you don't need any credit history to qualify? Undoubtedly, this is the most convenient loan you can obtain in the shortest time possible. A gold loan in India is always the best alternative when you have a limited choice.
Why Choose a Gold Loan?
Gold has always been an integral part of Indian culture. Whether you are rich or poor, every household in India will have some gold jewellery. Many people may not have very lucrative jobs or thriving businesses, but they possess a large amount of ancestral Gold or at least some of it. They usually keep this Gold for special occasions such as weddings or other ceremonies.
Since Gold is one of the costliest metals, you can easily swap it for funds from a lender. Once your purpose for taking such a gold loan is served, you can reclaim the gold by paying lower interest rates than on regular loans. Lenders like ICICI, Kotak Mahindra, SBI, HDFC, PNB, Muthoot Gold and other financial institutions make it much easier for customers to apply for a gold loan and get immediate funds.
Gold loan Per Gram
The gold loan rate per Gram is calculated using the following factors:
# Total weight of the gold jewellery provided,
# Purity level of the gold jewellery
# Average price of the Gold for the past 30 days
#Average price of 22-carat gold
#Amount of the loan given by the bank.
Currently, the highest gold loan per gram given against 22-carat gold is Rs. 3,409 per Gram. However, the last 30 days' average price of 22-carat gold after adjusting the purity level before being multiplied by LTV.
The price of 22-carat gold in Delhi over the last 30 days is shown in the table below as of Dec 29 2022.
Gold Loan Per Gram
Purity
Av Gold Rate
Max LTV
24 carat 44,630
75%.
3,421
22 carat 40,570
75%
3,329
18 carat 36,526
75%
2,700
Suppose you take a loan against 10 grams of 18-carat gold; you will be eligible for a lower rate of the gold loan per Gram of jewellery. As per rates shown in the table above, if you take a loan against 18-carat gold, you will be entitled to a gold loan at Rs. 2,700 per Gram of Gold. However, for 22 - carat gold jewellery, the gold loan per gram rate will be Rs. 3,329 per Gram.
You want to get a Gold Loan but need to figure out how much of Gold Loan can be availed with the quantity of Gold you have. If you are facing this problem, you can clear this confusion by knowing how much Gold Loan you can get per Gram of Gold. The Gold Loan per Gram of different banks is given below.
Taking a Gold Loan is convenient
Gold loan is gradually becoming the most well-known form of credit. One major advantage of the gold loan in India is the comparatively faster processing time. You need very few documents to seek a gold loan. For instance, a simple KYC is needed for credit endorsement. Subsequently, the dispersal of the advance is extremely quick, within a couple of hours. The fast processing of the gold loan makes it an incredible choice if an emergency or crisis arises.
Is gold loan safe in HDFC?
The safety factor is always there in a gold loan, as there is always the possibility of frauds who may get away with your entire life's savings. Therefore, it is best to opt for a certified financial institution that you can trust. HDFC Bank has been one of the most trusted banks for over two decades. So, if you choose HDFC Bank to take a gold loan, you can relax. You are in safe hands.
0
Sign in to leave a comment.