Gold Loan: Many people take a personal loan when there is a sudden need for money. However, interest has to be paid on it at higher rates. Talking about a better option than this, gold loans are a better option in which interest is paid at low rates. At the time of financial need, a loan of Rs 2 lakh can be availed on EMI of just Rs 6175. Gold loan is becoming increasingly popular due to low interest rates and quick loan process completion. Another attractive feature of a gold loan is that even those with average to low credit scores can manage money through it.
Central employees got big relief before the increase in DA, now they will be able to claim education allowance of children like this
Keep these things in mind regarding Gold Loan
- Before applying for a gold loan, it must be checked whether they will get the loan according to the need? Lenders usually provide loans up to 75 per cent of the value of the gold.
- One must also compare various gold loan offers online so that one can easily get a gold loan at affordable rates.
- Apart from the interest rate, while applying for a gold loan, be sure to take information about processing fees, any charges for premature closure of the loan account, etc.
- The most important thing is to check how affordable the gold loan EMI is because you can lose your gold in case of default.
Gold loan will be available here at cheap rates
A table is being given below, in which how much EMI of Rs 2 lakh will be made for three years, it is being calculated and given. It contains information about many banks and NBFCs, but processing fees or any other charges have not been included in the EMI calculation. In some cases, the interest rate can be higher depending on the loan amount, LTV ratio, loan amount or any other conditions.
Disclaimer: The rate of interest charged on gold loan by all listed public and private banks and some NBFCs has been taken for data compiling. Banks whose website data is not available have not been taken. The data given here was shown on the website of the respective banks/NBFCs on June 29. On the basis of the lowest interest rate at which lenders are charging, how much EMI will be made on a gold loan of Rs 2 lakh for three years, the same is given in the table. This data has been compiled by online marketplace bankbazaar.com for loans, credit cards and more.
(Article: Sanjeev Sinha)
Get Business News in Hindi, latest India News in Hindi, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.