Gold Loan: Last year in 2020, due to Corona epidemic, many people had to face financial crisis. To meet the financial needs of such people, the central bank RBI gave big relief to such people who were taking loans by pledging gold. RBI increased the maximum loan to value (LTV) ratio for gold loans from 75 percent to 90 percent in August 2020. The advantage of this was that people started getting more loan amount on pledge of gold. However, this benefit is only till 31 March 2021, so in this case, if you are taking a gold loan for non-agricultural works, then hurry up because there are only a few days left.
Gold loan remains a very preferred option due to the availability of gold at home and loans at lower rates than personal loans, getting loans sanctioned soon and not being too worried about credit scores.
Comparative Study of Gold Loans from Banks and NBFCs
Here we are providing you information about the rates of gold loan you are getting from some banks and NBFCs (Non-Banking Financial Institutions) and how much EMI you will have to pay on the loan taken from it. It should be noted here that the processing fee or any other charges have not been calculated in the EMI calculation. Below is the calculation of the rate of interest and EMI taken by banks and NBFCs on gold loans of 5 lakh rupees for 3 years.
Keep these things in mind for Gold Loan
Before gold loan, it is necessary to calculate whether the loan amount you will get from it will fulfill your need or not. After that, take a loan from the financial institution from which you will get a loan on the best terms for the repair. It is important to think first about the repair because it will save you from unnecessary problems like unnecessary penalties later. For this, do a comparative study of the rates and conditions of gold loans from all banks.
This metal is three times more expensive than gold, this year has given better returns than Bitcoin