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Tuesday, May 31, 2016

Gold Loans Eligibility

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 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
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