In India, owning gold is always considered as a mark of success and fortune. But one main factor of purchasing gold is that people think of future safety and security. You can always get a gold loan against them and secure your family’s future.
There is also another option where you can mortgage your gold to a bank or an NBFC and get a loan against them with amazingly low interest rates. Keeping your gold ornaments as collateral for a loan is known as ‘Gold Loan’. In India, there are multiple Banks that offer Gold loans. One of the best happens to be HDFC Gold loan. With gold loans gaining popularity day by day, Banks & NBFCs are offering exciting and attractive schemes. But before you could apply for an HDFC gold loan, you must ensure that you know these hidden facts.
- Purity Level Requirement of Gold:
The first hidden fact you must know is that the loan amount given by banks and NBFCs will vary as per the quality of your gold. Please note that the gold has to be pure and minimum of 18 karat gold. The maximum accepted is 24 karat gold. Higher the purity level of your gold, higher will be the amount of loan.
- Type Of Gold Accepted:
The 2nd hidden fact that you must be aware of is the fact that Banks and NBFCs will only accept old ornaments for gold loan applications. Rarely does any lender accept gold bars and only a handful of lenders accept gold coins. Getting a gold loan against pure gold ornaments is a good option.
- Loan Amount Granted:
On 3rd, we have the loan amount granted. Did you know that Banks and NBFCs can only provide loan amounts up to 75%-80% of your gold value? Yes, they decide this loan amount through your gold’s purity, market price of gold and its karats. Please not that no lender will offer full 100% as loan amount against your gold.
- Pre-payment Options:
Lastly, you must know that Banks offer extremely flexible and many times customized repayment options. You can also make pre-payments in a few installments and complete the loan as soon as possible. Isn’t that a great option?
If you’re clear with all these hidden facts, you can now easily apply for the best gold loan available in the market through Ruloans.
Apply here – https://www.ruloans.com/hdfc-gold-loan.htm