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Things To Keep In Mind While Applying For A Gold Loan

  • The lender must be a credible source: Gold is a valuable asset that you are trusting into the hands of your lender. Make sure the lender is a reliable source before availing of the loan.

 

  • Pre-check the quality and value of your gold: Before availing of the loan, have a good market value of your assets in mind to have an idea of the amount which should be accepted from banks.

 

  • Explore all lending options available: Even after a valuation on the gold has been performed, you can choose to view or pick a different option

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    Points to remember

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    The loan amount which is provided is a certain percentage, usually 80%, of the total value of the gold in rupees.

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    Gold loans are not provided for a specialized purpose, and therefore they can be used for any purpose that the bank will not consider when availing the loan.

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    Gold loans are taken at a lesser interest rate than personal loans and are easy to pay back.

     

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