Credbuddha | Gold Loan

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Gold Loan

Seeking to apply for a gold loan? Explore CredBuddha, your ultimate loan aggregator for hassle-free gold loans in India. Unlock the value of your gold https://credbuddha.com/assets with our attractive interest rates starting from just 11.99% p.a. Using CredBuddha, securing a gold loan is straightforward – simply pledge your gold, whether ornaments, jewellery, or coins, as collateral. Benefit from flexible repayment options tailored to suit your convenience.

Gold Loan Providers Comparison on CredBuddha

Top Banks Offering Gold Loans

Bank	Interest Rate (p.a.)	Loan Tenure	Processing Fee
HDFC Bank	Starting from 9.90% p.a.	Up to 24 months	1.5% + GST
ICICI Bank	From 11% p.a.	Up to 12 months	1% of the loan amount
Canara Bank	Starting from 7.65% p.a.	Up to 2 years	0.25% of the loan amount
Axis Bank	From 12.50% p.a.	Up to 3 years	1% plus GST
State Bank of India (SBI)	Starting from 7.50% p.a.	Up to 36 months	0.25% + GST

Top NBFCs Offering Gold Loans

NBFC	Interest Rate (p.a.)	Loan Tenure	Processing Fee
Muthoot Finance	Starting from 12% p.a.	Up to 36 months	0.25% to 1% of the loan amount
IIFL	From 9.24% p.a.	3 to 11 months	Exact fee not available
Manappuram Finance	Starting from 9.90% p.a.	Flexible tenure	During loan settlement
Bajaj Finance	From 14% p.a.	6 to 36 months	1.90%

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Features & Benefits of Gold Loan through CredBuddha

Quick Approval: Get your loan approved within minutes.
Flexible Repayment: Choose a tenure that suits you.
Lower Interest Rates: Starting from 7.50% p.a., ensuring affordable loans.
Extended Repayment Tenure: Up to 60 months for larger loans.
No Prepayment Penalties: Transparent terms with no hidden charges.

Gold Loan Interest Rates, Fees & Charges

Interest Rates: Typically range from 7.50% p.a. to 12.50% p.a.
Processing Fee: A flat fee of 0.5% of the loan amount.
Valuation Fee: Applicable for assessing the value of the pledged gold.
Penal Charges: Applicable in case of default or late payment.
Foreclosure Charges: May apply if you choose to repay the loan before the end of the tenure.
Stamp Duty Charges: As per state norms.
Late Payment Charges: Applicable if you miss the due date for repayment. These details provide a clear overview of the benefits, interest rates, and charges associated with taking a Gold Loan through CredBuddha. Always verify the specific terms and conditions with the lender before proceeding with the loan application.

Factors Affecting Gold Loan Interest Rates

Loan-to-Value (LTV) Ratio: Higher LTV ratios can lead to competitive interest rates.
Gold Purity: Higher-purity gold attracts better interest rates.
Loan Tenure: Longer tenures may slightly affect interest rates.
Market Conditions: Rates are influenced by market fluctuations.
Borrower's Credit Profile: While secured, credit history may impact rates.

Eligibility Criteria for Gold Loan

Criteria include age (18 to 75 years), profession (salaried, self-employed, businessman), acceptable gold articles (jewellery, ornaments, coins), minimum gold purity (18 carats & above), and Loan To Value (LTV) up to 90%.

Documents Required for Gold Loan

Standard documents include identity proof (PAN, Aadhaar, etc.), income proof (salary slips, bank statements), and address proof (Aadhaar, utility bills).

Steps to Apply for a Loan

Click on "Apply For Loan" Start your application by clicking the "Apply For Loan" button
Fill Out Step 1: Enter your Name, Mobile Number, Employment Type, Salary, and Pincode. Click "Next".
Fill Out Step 2: Provide details about your Salary Type, Company Name, and Desired Loan Amount. Click "Next"
Fill Out Step 3: Enter your PAN Number, Date of Birth, Gender, and Email Address. Click "Next".
Fill Out Step 4: Enter your Address, Locality, City, and State. Click "Submit".

Frequently Asked Questions

1. What is a gold loan?

A gold loan is a secured loan where gold jewellery or ornaments are pledged as collateral in exchange for funds from a lender.

2. What are the eligibility criteria to apply for a gold loan?

Eligibility criteria usually include age (18 years and above), ownership of gold that meets purity standards set by the lender, and KYC (Know Your Customer) documentation.

3. What documents are required to apply for a gold loan?

Commonly required documents include identity proof (Aadhaar card, passport, etc.), address proof, photographs, and ownership proof of the gold (receipts or bills if available).

4. What is the tenure for repayment of a gold loan?

Gold loans usually have flexible repayment options ranging from a few months to a few years. The exact tenure can vary depending on the lender and the borrower's preferences.

5. What happens if I am unable to repay the gold loan on time?

If you are unable to repay the loan within the specified tenure, the lender has the right to auction off the gold to recover the outstanding amount. It's crucial to communicate with the lender to explore options before defaulting.

6. Can I extend the repayment period of my gold loan?

Some lenders may offer options to extend the tenure by paying additional fees or interest. However, this varies by lender, and it's advisable to check the terms and conditions beforehand.

7. What are the interest rates for gold loans?

Interest rates for gold loans typically range from around 7.50% p.a. to 12.50% p.a., depending on the lender, loan amount, and tenure.

8. Are there any additional charges or fees for a gold loan?

Yes, additional charges may include processing fees (usually a percentage of the loan amount), valuation fees for assessing the purity and value of the gold, penal charges for defaults, foreclosure charges if the loan is closed before the agreed tenure, and stamp duty charges as per state regulations.