Indianmoney Reviews on Process in Gold Loan – IndianMoney

August 1, 2020
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Indianmoney reviews focus on helping people gain financial freedom and remain debt-free. Indianmoney.com advises motivate you to save up and be smart about investing. Indianmoney came up with the things you should know before you go for a gold loan. Check out this post to know what this loan is and how it works.

Gold is traditionally one of the most popular investment options in India. However, apart from being an attractive investment option, your gold ornaments can also help you get a loan at times of need.

Gold Loan is one of the best options to meet your financial requirements at such times of need. While gold has always been a popular investment option in India, loans against this precious metal only adds to its popularity.

Charges of Gold Loan

In the case of gold loans, no lender will offer 100%. The loan amount ranges from 60% of the gold value up to 75%. This percentage is decided based on:

  • The purity of gold
  • The prevailing rate of gold
  • Lending institutions policy

Apart from the interest rate, there are a few important changes that you should know about before taking a Gold Loan. Some of the most common charges are a processing fee, documentation charges, and overdue handling charges. If you want to foreclose the loan, there are generally charges for the same, which are applicable up to a particular duration of the loan tenure. You can also renew the loan if required by paying the renewal fees.

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The gold loan amount is calculated in two ways. One way is to take an average of the last two weeks’ gold prices; the other way is to consider the present-day gold price based on the weight and purity of the gold.

Documents required for taking a Gold Loan

You can take a Gold Loan per gram of the ornaments you own. As compared to most other types of loans, the documentation requirements of such loans are minimal. Most banks only require you to submit ID proof, address proof, and two photographs. As you are keeping your gold as security with the lender, factors such as your credit score, income, age, etc. are not taken into consideration by the lender.

Gold loans are the fastest and easiest loan types. In case you need instant money, a gold loan can be your go-to option as minimal documentation is required.

Indianmoney reviews focus on wise investment strategies, wealth-building, tax and the habit of giving away disposable income, and other such financial literacy concerns. They discuss the latest trends in finance and help you understand the ins and outs of business in an entertaining and casual format.

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