Quick Answer: Is Gold Loan A Good Option?

Which is better home loan or gold loan?

Interest rate – All loans carry an interest rate.

A home loan top up interest rate is cheaper than a gold or personal loan.

This is because a top up loan interest rate is only 0.5% to 1% higher than home loan interest rates.

At this moment, a home loan interest rate is as low as 8.3%-8.4%..

Which is best for home loan?

HDFC, SBI, ICICI Bank banks are the best choice for home loans with their home loan interest rates starting from 6.95%. Axis bank, ICICI Bank, and Kotak Bank are the best banks for home loan as they have quick loan disbursal with low-interest rates.

What is the disadvantage of gold?

The primary disadvantages of investing in gold are: Gold appears to have no yield. Large amounts of bullion may incur some storage fees. Gold ETFs may incur brokerage fees (like shares)

Can I sell my gold to Muthoot Finance?

Muthoot Exim Pvt Ltd has launched “Mobile Muthoot Gold Point,” which allows customers to sell their old gold at their doorstep in a transparent, safe and legal manner. … Customers will get instant cash (for value up to Rs 20,000) or credit via IMPS, NEFT, RTGS (for value above Rs 20,000).

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

Upto 20 Lakh of Loan amount at 7.75% rate of interest. per gram rates and new schemes of SBI….SBI Gold Loan Details/ एसबीआई गोल्ड लोन का विवरणInterest Rates7.75% – 8.50%Maximum loan amount₹ 20 lakhPrepayment ChargesNil / Zero3 more rows

What is the process of Muthoot Gold Loan?

Documents Required for Muthoot Gold Loan The documentation process of Muthoot is smooth. You need to submit one proof of identity and one proof of address to get a gold loan. The list of identity and address proofs is as follows: Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card.

Is it safe to keep gold in Muthoot Finance?

Only gold jewellery of 22 carat will be accepted as security for the loan. However, in case the purity of the jewellery is found to be less than 22 carat, an option can be exercised by the Company to translate the collateral into 22 carat and state the exact grams of the security accordingly.

Which bank is better for gold loan?

Check and Compare Gold Loan Interest Rates of Various Bank in IndiaBanksInterest RatesSBI Gold Loan7.75% – 8.50%Muthoot finance12.00% to 24.00% p.a.Manappuram14.00% – 26.00% p.aHDFC Bank9.90% – 15.95% p.a3 more rows

What is the benefit of gold loan?

Lower interest rates The next benefit of gold loan is the interest factor. This kind of a personal loan offers lowered interest rates as they happen to be secured loans. On an average usual personal loans charge interest ranging anywhere between 15 per cent and 18 per cent.

Is taking 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.

How much gold loan can I get per gram?

Gold Loan Per Gram – SBI, Manappuram, HDFC, Axis, Yes BankGold Loan per gram₹ 2,830 to ₹ 3,459Eligible Age18 to 75 yearsLoan Amount Eligibility₹ 1,000 to ₹ 2,00,00,000Loan as percent of gold valueUp to 90%Purity of gold18 carat to 22 carat2 more rows

How can I get gold loan?

To get a Gold Loan, you can walk into any ICICI Bank branch offering Gold Loan with your jewellery and avail of a Gold Loan for any value from Rs 10,000 to Rs 1 Crore quickly. With our simple and easy documentation process, the loan can be availed of across the counter quickly.

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

HDFC Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysHDFC Bank lowest Gold Loan per gram22 carat₹ 51,657₹ 3,02220 carat₹ 46,961₹ 2,74718 carat₹ 42,265₹ 2,473Aug 7, 2020

Which is the best gold loan in India?

List of Top 10 Banks/NBFCs offering Gold Loan in IndiaS.NOBank/NBFCLoan Amount1Muthoot FinanceRs 1500-No Limit2IIFLMin Rs.30003HDFC BankRs.10,000 (In rural market) Rs.50,000 (Others)4ICICI BankRs10,000-Rs15 lakh6 more rows•Apr 22, 2020

What happens if gold loan is not paid?

If you don’t repay the gold loan even by the final repayment date, you lose the gold article. The lender will auction the gold ornaments and recover the dues. There’s nothing you can do as the lender lawfully recovers the dues by selling your gold.