Before directly getting into the circumstances which the gold loan holders will be facing in case they miss their due date, we will first look at the before process of the gold loan. A person at some point in life decides to be a loan holder or as a borrower of a gold loan when they would decide to go and opt for a gold loan. At this time the banking companies will offer those people with gold loans on certain rules and regulations that they want these people to obey and follow so that they would agree to certain terms and conditions. These people should also have some good ideas about using the gold loan calculator as they would not go wrong with any of the technical calculations which are related to the gold loans offered by the banks.
For instance, the Canara bank gold loan offers an interest rate of 11.40% and allows the gold loan holder to have a loan tenure for a maximum period of more than 50 months according to the agreements made by both the parties who are willing to be granted with the gold loans. All this is offered depending on the Canara bank gold loan per gram rate which might vary from time to time, so one should understand that these rates may not be the same throughout the entire period of a gold loan. So, after all the agreements and settlements have been discussed and agreed upon, there will be one particular day to repay the gold loan amount that has been decided between the lender and gold loan holder. So the gold loan holder should see to it that they pay the amount right on time. Now to talk about the main situation when the payment is not made and this is the time when the debt of the gold loan amount starts to pile up due to the payment not being made on the given days.
The banking companies work on sending some kinds of notices which may differ from one banking organization to another in a way that certain companies send the notice within 7 days after the payment has been missed. However, other banks may see up to 2-3 weeks after the payments have not been made. Now, it is the duty of the gold loan holder who happens to be the customer of that particular bank who has not paid the money and the reason for their loan being at default. However, he or she still will have a chance to avail of another gold loan, and we shall see how! If you as a gold loan holder have your loan at default but have a sufficient financial amount of expenses with you, then you can present a guarantor to represent you and he or she might pay in your place for you to have and grant with an assurance from your end. This is one way to still have a gold loan is being made accessible despite being a defaulter.
All this can be made easy with help of proofs which will be presenting a sufficient amount of reports you can provide with your income details that you are paying for the gold loan and which showcases that you are still in a position to handle them. This is one way to save your gold loan.
Conclusion : To have more chances to access the gold loans, one can opt for the loan associated with high rates of interest so that banking companies could agree that the borrower is still in a position to pay for his or her gold loans.
