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What is the procedure of gold loan?
The idea of a gold loan is simple; you pledge your gold articles and get the loan amount in lieu. To do so, you visit a lending institution with the gold you want to pledge and the required documents. The lender performs gold purity checks and determines its weight on the basis of which it evaluates its market value.
What are the advantages of gold loan?
Attractive Interest Rates: Gold Loan interest rate varies from one bank to another. ICICI Bank offers an attractive interest rate, depending on various factors, like purity of the gold ornaments etc. Simple & Easy Documentation: The documentation process to avail a Gold Loan is not as stringent as a Personal Loan.
What is processing fee for gold loan?
Gold Loan Details
| Interest Rate | 7.30\% p.a. onwards |
|---|---|
| Loan Amount | Up to Rs.1.5 crore |
| Loan Tenure | 3 months onwards |
| Processing Fee | 0\% – 2\% of the loan amount + GST |
Is gold loan is good or bad?
The shorter loan tenure that gold loans offer can be stressful, especially if you get a loan with a high interest rate. But for borrowers confident that they can pay off their loan in a short amount of time, the short tenure of a gold loan can prove the more cost-effective option in the long run.
What is gold loan interest rate in SBI?
7.50 per cent
SBI Gold Loan Interest Rate: State Bank of India is offering gold loan at an interest rate at 7.50 per cent.
Is GST applicable on gold loan?
2017 as amended rate of gst on “Services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount (other than interest involved in credit card services) is ‘Nil’. ‘Loans include gold loan also. Since it will be exempted service under GST.
Which day is best for gold loan?
BEST DAYS TO TAKE/GIVE LOANS
- Monday: Monday is considered very auspicious to give or take loan, because the ruling Goddess of this day is Goddess Parvati and the ruling planet is Moon.
- Tuesday: Tuesdays are ruled by Mars which is considered a malefic planet by many.
- Wednesday: The day is ruled by Mercury planet.
Is stamp paper required for gold loan?
No, you can avail of a gold loan without submitting any documents for income or salary proof. Both banks and non-banking financial institutions provide a gold loan with minimum documents for identity and address proof to people above 18 years irrespective of occupation.