Complete information related to gold loan including details
Complete information related to gold loan including details Hello friends, Today I will tell you about a gold loan: what is gold, its eligibility, how much you can get, and the basic things that you need to know. The first thing I will tell you is that you have kept your gold with the bank or NBFC, and they have given you money.
Let’s You get your gold. Now you understand the basic thing: a personal loan is a simple gold loan, meaning you can do it for anything. The bank does not ask you where you will use the gold loan you have taken; personal goes to it.
If you have some emergency in this medical tour and travel, then you need money for that. In this case, you can say, as I said, that the bank is not asking you for any purpose; you should be over 18 years of age to take a gold loan.
Because anyone can sign a valid legal contract only over 18 years of age, the best thing about it is that when you go to take a gold loan, the bank does not ask you to give your income proof; if you go to take a personal loan, then the bank will ask that you give your salary slip; if you go to take a home loan, then the bank will say that you have two years of income tax return, but gold. On the loan, you are not asked for proof of income.
Meaning, if you are a salary class and your salary is received in cash, you will still get gold because income proof becomes a very big hurdle. Those who are middle-class families take any kind of gold to take a loan, and then you get a gold loan without income proof, which is eligible gold, which is gold jewelry.
She is eligible for a gold loan, but if you say gold biscuit coins, then you will not get bold in it; you will get a gold loan only in jewelry. Generally, a gold loan is at least 20,000 and a maximum up to 20,000, but there are some institutes that give more.
But this is the maximum criteria fixed. Now talk about the rate of interest. In the State Bank of India, the rate of interest that is going on in SBI in November 2022 starts at 1.30, which means it is also a very cheap loan. You get a loan cheaper than a home loan; you have a gold loan.
Gold is safe if he has it. What is the difference between the two? I will now tell you what is inside the SBI Gold Loan. The margin is 25%, the margin is 25%. You understand that if you are giving gold whose market value is ₹ 1 lakh, then the bank will give you a 25 percent margin deduction, which means a loan up to ₹ 75,000 will give him a gold pe representative, which means 36 months can be a maximum of 36 months
You can take less than that. 36 months means that if you are given your 36 kisses every time, you will have to pay that much every month. When the loan payment is done, you will get your gold back. The margin is kept at 35% inside it, like if you have 1 lakh gold, then the bank will give you a loan of up to 65,000.
Now the purpose of keeping the margin 35% higher is because within it you do not have to pay the installment every month, you have to repay at the same time, the principal and interest amount can be a maximum 12 months, you do the thing for 6 months, do the thing for 3 months, so the margin inside it was kept a little higher. I said that the bank keeps it with your gold, and then in a way, the bank also becomes safe.
If I talk about the State Bank of India, then there is no processing fee until January 31, 2030. Generally, if you look at the big private sector banks and public sector banks, then it can be done.
There too, the processing fee is zero, and in respect of charges, you have to charge only one charge in it. The Gold App means every bank has its own empanel, and whenever you go to take a loan, you have to take your gold there. It gives a complete value statement that shows how much its value is and how much adulteration is inside it.
Making charges, etc., all these are there; its fee is about ₹ 2000, you have to pay; apart from this, there is no other fee or any kind of charge. Another best thing about the gold loan is that if your civil score is low, if there is any kind of small default, then the bank ignores it.
This means that if there is a small default in civil, even then you will get a gold loan; there will be no problem with it; then do not worry; if there is a slow civil score, even then the gold value. I had said that the gold value, and whoever will do it to you, will measure the gold in his own way; then he will take it under investigation. Now what is the document required? See the complete application form, two passport-size photographs, income tax returns, or income proof; it is not compulsory.
It is optional; if you want to give, you can give; otherwise, it is not necessary. You have a PAN card, an Aadhaar card, and a gold ornament that you had to keep with the bank. At this time, the duty application state is there; whatever stamp duty you have to pay, you will have to buy this stock. The second payment of the gold loan will be made directly in your selling account; from there, you can use it for something less.
If you have taken a gold loan from the bank account in which you have a salary account, standing instructions will be done through Desai. If you have taken your account from a note on loan in another account, then through PCS, you will continue to pay EMI on a monthly basis. There is no free closure penalty in the gold loan, but whenever you sign the agreement, see it once. Take how much closure penalty is there
Now, man, let’s go. If you fail, what will happen if the gold rings get done? See [music]. So the best way is that if the account becomes MP, then take the account out of NP. What happens to it?
If your account is MP, the bank will give you notice for 15 days, and that is to do your gold option after 15 days. As you must have seen in the branch, some such boards are kept so that the gate of the board option is this, we will board off, so in this way you save your account from being MP, and God, if you liked the bol option in my video Please share my video on your WhatsApp and subscribe to my channel, thanks to the information related to the bank.