Quick Answer: What Is Gold Loan Margin?

How is gold loan calculated?

You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid.

The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

You can use the EMI calculator to calculate the EMI for your gold loan..

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat48,5313,64020 carat44,1193,64018 carat39,7072,978Jul 22, 2020

How can I get gold loan from Muthoot?

The simple procedure that we follow allows:Quick loan disbursal.Minimum loan amount of Rs 1500 with no maximum limit.Pre-payment option-without any penalty.Minimal documentation.In-house gold evaluation.Best customer service with a shorter response time.Safe custody for gold ornaments.

How much gold loan can I get per gram in HDFC?

HDFC Gold Loan CalculatorEligibility CriteriaHDFC Gold LoanGold Loan per gramRs. 2,978 to Rs. 3,640 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 50 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Jul 21, 2020

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gramRs. 2,978 to Rs. 3,640 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Jul 29, 2020

Which bank is good for gold loan?

Best Banks Which Offers Gold Loans in India:Muthoot Finance Gold LoanManappuram Gold LoanSBI Gold LoanHDFC Gold LoanICICI Bank Gold LoanPNB Gold LoanDec 19, 2012

Can I sell my gold to Muthoot Finance?

How can I sell my gold jewelry for cash? You can visit a Muthoot Fincorp Gold Point near you to sell gold for cash. If you want to hold on to your jewellery, you can avail a Muthoot Fincorp gold loan at affordable interest rates.

Is Gold Loan Safe?

But if you don’t have the confidence of returning the principal and interest in time, then you should avoid taking a loan against gold,” advises Manglik. Also, gold loans are good in a rising market. However, if gold prices correct drastically during the loan tenure, banks may ask for the payment of the difference.

What happens if gold loan is not paid?

A gold loan is a secured form of credit, and therefore, any default in payment will lead to a fall in your credit score. … It also mentions that on failure of payment, the bank will sell the pledged ornaments in order to settle the loan. If the borrower still does not respond, the ornaments are evaluated by an appraiser.

Is a good time to sell gold?

Historically, gold has been one of the best investments over the long-term. Today, as the stock market goes down, is an especially good time to sell gold, since gold prices tend to rise as the economy and stock market go down.

What are the documents required for gold loan?

Document TypeIdentity Proof. Aadhar Card. PAN Card. Valid Driving License, Valid Passport. Voter’s ID Card. Job Card issued by NREGA.Address Proof. Aadhar Card. Driving License. Valid Passport. Voter’s ID Card. Job Card issued by NREGA.

What is the maximum tenure for gold loan?

12 monthsPurpose and tenure of loan: Gold loans are generally short-term loans, with maximum tenure generally being 12 months. Hence you must borrow only if you are sure you can repay during this term. Else, your gold may be auctioned by the lender.