Gold loan
For a Gold Loan, the bank takes your gold as collateral for the period of the loan. Banks charge an interest rate, and once you repay the entire loan, the bank returns your jewellery. Another essential thing you need to know about how Gold Loan works is the type of gold accepted. Most banks accept only gold jewellery.
|
Purpose |
Loan Against Pledge of Gold. |
|
Loan Amount |
70% of valuation of gold pledged. |
|
Margin |
30% of valuation of gold pledged. |
|
Repayment |
repayment for period up to 1 year. Monthly repayment for Max period of 12 months |
|
Rate of Interest |
11% |
|
Security |
Pledge of Gold. |
|
Processing Fee |
As per Bank Norms |
|
Share Holding |
Nominal Membership |
|
Documents |
Latest Photograph,Photo Identity Proof,Residence proof of the Applicant and Guarantors. |
