What is Gold Loan in Hindi: Do you know gold loan what is, Gold Loan Of For application How do, Gold Loan of Use Where? do Can Huh, And Gold Loan Of advantages And Harm what Huh, If not, then read this article till the end because in this article we have given you complete information about gold loan.
Gold is a precious commodity in India, ornaments made of it are used only in marriages or on any special occasion. But gold is very useful thing even in times of your financial problems. You can take a loan against gold and almost all banks and NBFCs in India offer gold loans.
Today most of the people of India prefer to take gold loan during economic problem. But many people want to take gold loan but they do not have complete information about gold loan, so we thought why not provide you complete information about gold loan in this article today.
So let’s start without taking much of your time and know more about this article Gold Loan what Would Is,
Quick Overview of Gold Loan
|article topic||gold loan|
|where can get||From Bank and NBFC|
|how much loan is available||20 thousand to 50 lakh rupees|
|interest rates||10% to 18% per annum|
|how long do you get||3 months to 4 years|
What is Gold Loan?
Gold Loan, also known as Swarna Loan in Hindi, is a type of secured loan which is provided by the lender against the pledge of gold ornaments. Lenders provide loans only a few percent of the total value of gold. When the borrowers repay the entire loan amount, the lenders return their pledged gold.
Gold loan is a good way to avail a large loan amount. Gold loans are different from other secured loans like home loan, car loan etc. There is no restriction to use the gold loan, the borrower can use the gold loan for any type of work. lots of india Bank And financial institutions (NBFC) provide the facility of gold loan.
Broadly speaking, a gold loan is a loan that borrowers obtain by pledging their gold ornaments to the lender and can take back their gold ornaments when the loan is repaid. That is, gold loans are secured by gold ornaments.
Where can I use gold loan
There is no limit in using gold loan like home loan or car loan, you can do any type of work with gold loan. Following are some of the major uses of gold loan –
- for his personal expenses.
- In shopping for something expensive or cheap.
- Shaadi – For marriage.
- To go for a walk with my family.
- To buy small household items.
- In medical emergency.
- in education.
- in your business.
You can use Gold Loan for multiple purposes.
Gold loan eligibility and conditions
If you are thinking about taking Gold Loan, then you have to fulfill all the conditions of Gold Loan. Following are some of the key terms of Gold Loan –
- The citizenship of the applicant taking the gold loan should be Indian.
- The age of the applicant should be 18 years or more.
- The applicant must have a fixed source of income to repay the loan.
- The applicant must have gold or gold ornaments.
- The quality of gold to be pledged should be 18 – 24 carat.
Apart from all these, there may be other conditions for providing gold loan from various banks and financial institutions.
Documents required for taking gold loan
You need the following documents to avail a gold loan –
- gold loan application form
- PAN Card or Form 60
- Domicile Certificate (Aadhaar Card, Voter ID Card, Passport)
- Current residence proof (gas, electricity, water bills etc.)
- Age Proof (Aadhar Card, 10th Marksheet)
- passport size photo
These are all the basic documents that are taken by most of the gold loan providers, although some gold loan providers may take other documents in addition to these.
How much is the gold loan available?
You can take gold loan from 20 thousand to 50 lakh according to the jewelery you pledge. The amount of loan provided in each bank and NBFC varies. Banks give you less gold loan but NBFCs provide gold loan in large quantity.
Gold Loan Interest Rates
Being a secured loan, gold loan interest rates are lower as compared to personal loan but gold loan interest rates are higher as compared to home loan.
If you take gold loan from bank then you get gold loan at interest rates ranging from 10% to 15% and if you take gold loan from NBFC then you get gold loan at 13% to 18% interest rates.
How long is the gold loan available for?
Gold loans are available for a very short period of time as compared to other secured loans. Most banks provide gold loan for 3 to 4 years according to the loan amount and your profile, but NBFCs provide gold loan for 3 months to 3 years only.
How to apply for Gold Loan
Like other loans, you can apply for Gold Loan online as well as offline. Here we have explained you the process of applying for both types of gold loans.
How to Apply for Gold Loan Offline
If you do not have much knowledge of internet, then you can apply for gold loan offline in the following ways –
- First of all, take the necessary documents to the bank or office of the gold loan provider.
- After this, you will have to talk to the branch manager for gold loan and take the gold loan application form.
- Submit the form by filling all the information correctly in the application form.
- Now you have to take the gold ornaments the next day.
- The loan amount is transferred to your bank account within 48 hours of depositing the gold jewellery.
But keep one thing in mind, before giving gold loan, banks or financial institutions check your gold ornaments and if your gold is pure from 18 to 24 carats then only you are given a loan.
How to Apply for Gold Loan Online
Nowadays it is the era of online and everything is becoming online, so you can also apply for gold loan online. Following are the steps to apply for gold loan online –
- In the online application process of gold loan, you first open the online portal of gold loan providers.
- After this you have to create an account there.
- Here you will get a section of Loan in which you have to select Gold Loan.
- After this you have to fill your basic information and complete the KYC process by uploading the required documents.
- After doing this complete process, submit the loan application form.
- After this the loan provider’s staff will come to you and you have to give your gold to them.
- After checking the gold, if you are found eligible for the gold loan, then the loan amount will be disbursed to you within 24 to 48 hours. bank account is transferred to.
Benefits of Gold Loan (Advantage of Gold Loan in Hindi)
Following are some of the major advantages of Gold Loan –
- You can use gold loan for any type of work, there is no restriction of any kind.
- Since gold loan is a secured loan, the interest rates are low.
- You can take a gold loan even if your credit score is not good.
- Gold loan is a good option for taking a large loan amount.
- Gold loans are quick and easy to get as compared to other loans.
- If you are struggling with financial problem then gold loan can help in solving your financial problem.
Disadvantage on Gold Loan
Following are some of the disadvantages of gold loan –
- If you fail to repay the loan for any reason You will lose your ornaments.
- Gold loans are not given for a longer period, most of the gold loan providers also provide gold loans for a maximum period of 3 years.
- You get a loan only on a small percentage of the pledged gold.
- Lenders also levy additional charges on you if you do not pay the installments on time.
FAQ: What is Gold Loan in Hindi
Gold Loan is a type of secured loan which is given by banks or NBFCs against Gold.
Repayment time in gold loan is available from 3 months to 4 years. But this time may differ in different banks and NBFCs.
Most banks and NBFCs provide gold loans ranging from Rs 20,000 to Rs 50 lakh.
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Conclusion: Information about Gold Loan in Hindi
Through this blog post, we have come to know what is Gold Loan and how to apply for Gold Loan. Along with this, we have also given you information about the advantages and disadvantages of gold loan. We have full hope that after reading this blog post, you must have understood very well about gold loan.
If you still have any questions related to gold loan, then you can tell us in the comment box, we will answer your questions satisfactorily soon. That’s all in this article, hope this article has been beneficial for you. Share this article with your friends and also tell them about gold loan.