Quick Answer: Is Gold Loan Safe?

Can I sell my gold to Muthoot Finance?

You can visit a Muthoot Fincorp Gold Point near you to sell gold for cash.

If you want to hold on to your jewellery, you can avail a Muthoot Fincorp gold loan at affordable interest rates..

Which bank gives less interest for gold loan?

Check and Compare Gold Loan Interest Rates of Various Bank in IndiaBanksInterest RatesMuthoot finance12.00% to 24.00% p.a.Manappuram14.00% – 26.00% p.aHDFC Bank10.50% – 15.95% p.aICICI Bank10.50% – 16.50% p.a3 more rows

How is gold loan calculated?

How is gold loan interest calculated? You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator.

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

HDFC Gold Loan CalculatorEligibility CriteriaHDFC Gold LoanGold Loan per gramRs. 2,797 to Rs. 3,419 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 50 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Jun 20, 2020

Does gold loan affect cibil?

Prompt repayment of any loan can boost your credit score significantly, and Gold Loan is no different. Hence, a Gold Loan taken and repaid early or on time will have a more positive impact on your credit score rather than taking an unsecured personal loan.

Can we get loan on gold?

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 15 lakh quickly. With our simple and easy documentation process, the loan can be availed of across the counter quickly.

Who is eligible for gold loan?

Eligibility Criteria In order to apply for a Gold Loan, you must be: A farmer, trader, salaried or self-employed professional, or businessman. Between 21 and 60 years of age.

Why do people take gold loans?

Money lenders offer gold loans at relatively lower interest rates. This is because the lenders have lower risk in offering loan with gold as collateral. Considering all these reasons, for a short term loan paying interest is a better option as compared to selling the jewellery.

Which type of loan is best?

1. Unsecured personal loansBest for debt consolidation and major purchases.Watch out for credit requirements and interest rates.Best for lower interest rates.Watch out for potential loss of assets.Best for emergency cash when you don’t have other options.Watch out for high fees.More items…•

Which is better personal loan or gold loan?

Interest rate For those with a good credit profile, the difference in interest rates between gold loan and personal loan may not be much. However, gold loans might prove to be a comparatively cheaper option for those with poor credit profile.

What happens if gold loan is not paid?

Gold Gets Auctioned 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.

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot best Gold Loan per gram22 carat45,5833,41920 carat41,4393,41918 carat37,2952,797Mar 24, 2020

Which bank is best 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

Can we sell gold to muthoot?

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. … This is an on-call service which reaches the doorsteps of those who want to sell their old gold.

What is the maximum tenure for gold loan?

12 monthsPurpose and tenure of loan: Gold loans are generally short-term loans, with maximum tenure generally being 12 months. Hence you must borrow only if you are sure you can repay during this term. Else, your gold may be auctioned by the lender.