Skip to main content

Gold Loans Eligibility

Apply for Gold Loans Online 

 Gold Loans Eligibility

Determinants of Eligibility for Education Loans
Age of the Applicant
  • Minimum 18 years of age
What Gold Can One Borrow Against
  • Gold ornaments with karatage in the range of 18 to 24 karats
  • Specially minted gold coins sold by banks with a weight of upto 50 grams
  • One cannot borrow against gold coins, gold bars, gold funds (gold Exchange Traded Funds) and specially minted gold coins of banks weighing more than 50 grams
Maximum Loan Amount
  • Maximum amount varies from lender to lender
  • Majority of lender banks fund up to 25 lacs
  • For existing customers with a good credit history, some banks may provide loans up to Rs 1 crore
Rate of Interest
  • Currently, 12.5%- 26% depending on tenure, loan size and loan to value (LTV) ratio
  • Most gold loans are on a fixed rate basis, which means that the interest rate charged remains fixed over the loan tenure
  • State Bank of India (SBI) and Federal Bank now offer floating rate gold loans benchmarked to their base rates with a spread of 2.5 to 4.0%
Security, Loan to value (LTV), Margin
  • Most banks and NBFC's fund up to 75% of the average market price of 22 carat gold (adjusted for relative purity of gold pledged)
  • Average market price is calculated as the closing price of 22 carat gold for the preceding 30 days
Repayment FrequencyBoth bullet repayment and EMI options are available on gold loans
  • Bullet Repayment: Simple interest is paid at monthly/ quarterly rests and principal is repaid on maturity date
  • EMI Repayment: Equal installments comprising interest on a declining basis and a portion of principal amount is paid every month
Repayment Period
  • Majority of gold loan schemes are with tenure of up to 12 months
  • However, a few banks such as HDFC Bank, SBI and Kotak Bank offer gold loans with tenure of up to 36 months for large value loans
Processing Fees
  • Mostly fixed nominal processing fees of Rs 200 - 550
Prepayment Charges
  • Most gold loan schemes carry zero prepayment penalty
  • Few banks offering fixed rate gold loans charge 1 - 3% prepayment penalty
Documentation
  • Basic KYC documents (PAN, Address proof, passport size photograph)
  • Verification of ownership of jewelry where gold pledged is more than 20 grams
  • Banks may ask borrower to have a savings account with the bank for availing gold loan
Processing Time
  • NBFCs - a few minutes to an hour as they have in-house gold valuation experts at their branches
  • Banks - up to a day or two
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 ------------------------------ ------ Leave y...
Read more

What is Financial Freedom?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)     There were many things common between our Freedom fighters. All had the Single vision (Free India), common goal (independence) and had a disciplined and focused approach. They were ready to do anything and everything and had made so many sacrifices to see India free . But the road to freedom was not easy .They had faced lot many hardships, went to jail so many times and even confronted physical and mental torture from the British. There was one more thing which proved to be an advantage to our fighters that most of them were professional lawyers. The knowledge of legal issues and its impact on our country at large has helped them counter various bills and proposed new laws by the then government. It is due to their continuous effort that we are able to achieve the goal of Independent Indi...
Read more

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...
Read more

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...
Read more

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...
Read more
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now