Gold prices have crossed 50,000 for every 10 grams. This is the highest ever price of Gold in India. Hence it’s safe to say that Gold is a favorite of Indians whether it’s for investment, weddings, savings, or any other reason.
With rising expenses and low income, it is getting difficult for Indians to survive in this falling economy. If there is a medical case in the house, expenses can go up in lakhs. In such a time, Gold loans are the best solution for you. To make you understand better, we have created a list of FAQs that we will answer.
What jewelry can you pledge for Gold loans?
If you wish to opt for a gold loan, you can directly pledge gold ornaments. As per the purity of your gold, your loan amount will be decided. Please note that any form of gold bars, coins or bullions will not be accepted by Banks for Gold loans.
How can the common man avail of a gold loan in India?
All you have to do is take the gold and visit the lender. Once the Bank assesses the purity of your gold, they will tell you the loan amount that you can get. RBI guidelines strictly mention that the loan amount cannot be more than 75% of the value of your gold.
Is your gold safe with the Bank/NBFC?
There is a risk factor when you apply for gold loans with an unlicensed Bank/NBFC. Hence it is highly advisable to get your gold loan with reliable lenders. You can do that via Ruloans. With our help, you don’t need to worry about the safety of your gold.
What documents will you need for Gold loans?
You need the least amount of documents when applying for a Gold loan. Documents required are 1 passport photograph, identity proof (passport, driver’s license, Aadhaar card), and address proof (electricity bill, phone bill). For those people who don’t have a PAN card, they can submit Form 60.
How much time is taken to sanction a gold loan?
Gold loans are perhaps the fastest loans to get approved. If you have all your documents in place, you can get the loan amount disbursed within a few hours*.
What are the available repayment options for a Gold loan?
Gold loans offer multiple easy and convenient repayment options. You can choose anyone based on your convenience.
• Upfront Interest: Here, you will pay the entire interest at the start of your loan tenure. The principal amount will have to be paid at the end.
• Bullet Repayment: Here, you will have to pay both: principal and interest amount together, at the end of your gold loan tenure.
• Regular EMIs: This is the most basic repayment choice where you can repay your gold loan in the form of monthly EMIs.
What happens if you don’t repay a gold loan?
If you cannot repay your gold loan then please note that the Bank/NBFC has every right to auction your gold so they can recover the remaining loan amount.
What charges or fees are involved?
Charges and fees include processing fees, re-payment charges, and valuation fees. Applying via Ruloans will unlock the best deals ever at the lowest rate of interest.
Hence if you wish to apply for the Best Gold loan in India, visit Ruloans as we will always help you borrow right.