How much income is enough for Gold loan

First and foremost, this might seem to be the basics but a candidate can apply for the gold loan if they own a certain amount of the gold ornaments or jewellery with them. And these gold belongings can be in any form such as in a form of gold articles that are the most offered at the time of gold loans, gold biscuits, gold jewellery etc. So a candidate or a customer should be aware of it that they should be in a position to own any of the above-specified gold in the form of gold ornaments.Once they are looking at and taking care of this, the next rule for any of the candidates or the borrower is to meet the basic eligibility factors that he or she should have or fulfil in the time before opting for a gold loan. The basic form of the eligibility factors remains the same, but few details may change from one financial institution to another. And we shall let you what they are.

A candidate has to see that he or she fills the age gap between 18 years to 75 years of age because this is regarded to be the right age factor eligibility for opting for their gold loan. Secondly, one should make sure to have a basic Government ID proof such as a passport, license or the most regularly used Aadhar card or even a PAN Card is good to go with. One among these is a must since the bank lender cross-checks and verifies the identity of their candidate or borrower before financial institutions grant them with the gold loan. But one thing they do not have to stress is regarding any files and documents containing any income information because there is no basic limit that is requested by any of the banks or the financial lending institutions regarding the borrower's income and, they do not ask a particular candidate to submit his or her income proofs.

But noticing some of the things and taking care of them which may change from financial lending institutions like banks and non-banking financial companies and also their tenure period or tenure duration which they offer the people with or even the rate on the loan interest may vary, gold loan per gram cost may also be different and not only these rates can vary between banks and non-banking financial companies NBFCs, but also differ among the banks itself. For example, the Canara Bank gold loan offers its loan holders with the gold loan for the interest rate of just 11% while the rate of interest at some other bank like for instance at axis bank it is 13%. So due to this, each borrower can choose whatever interest rate and tenure duration which he or she is good to go with and can move ahead and apply. 

Now, once the candidates or the customers apply for the loan of gold in whatever institutions like let it be a bank or non-banking financial company of their personal choice, next is to select and opt for the repayment options. These repayment options or mostly known as schemes are simply a bunch of a wide variety of options the financial lending institution provides the customers to fulfil their repayments for the gold loans they have taken against their gold. Some of them are the most preferred and popular schemes which are the EMI method of payment and the next is the bullet type of repayment options and there are several others as well. So if you have the freedom to choose and apply for them and pay right on time and you should also be very responsible and keen to repay.