Why gold loan is a profitable deal, what are the interest rates and what is the process, know the details

There has been a tremendous jump in the rate of gold in Delhi. Because of which the price of gold has reached a record high. Gold prices in Delhi have crossed the figure of 60 thousand. The latest price of gold has now reached life time with Rs 60,100 per 10 grams. In such a situation, buying gold has now become like a dream for the people. But do you know, the gold lying in your house can earn you good money. No, let us tell you how gold kept at home can be useful for you.

If you suddenly need money, you will borrow from someone. But, now you do not need to borrow from anyone. You can take a loan against the gold kept in your house. Its process is very easy and in a way it is a profitable deal. Along with this, your gold is also safe. Let’s tell how.

read this also: Gold rose by Rs 1,400 in Delhi, silver by Rs 1,860, know how much the price was

Why gold loan is a profitable deal

Gold loan is called a profitable deal because it gives you more value at less interest when you need it. Sleeping lying in the house is of no use in a way. But, if you want to take a loan on it, then you will get it very easily. For this you will not need any special document. Its process and disbursal is quite easy. You get this loan in a few minutes.

Gold loan is secured

Gold loan is a secured and safe loan. You can also take a loan against your jewelery by visiting a bank or a gold loan institution. Its repayment is also done at low interest only. Means you can get your gold back by repaying the loan in easy and affordable installments. However, the interest rate on the loan depends on the loan amount and the bank.

read this also: Gold crossed 60,000, made a new record

How much loan can be taken

The loan limit on gold varies according to the customer and the bank. The value of the gold loan depends on the weight and purity of the gold pledged. However, you can take a loan ranging from Rs 20,000 to Rs 1.5 crore. Let us tell you, the LTV of the loan i.e. loan to value is in the range of 65 to 75%. This means that you can get up to 75% loan against your gold.

How much is the processing fee

Let me tell you, if you want to take gold now, then there is a golden opportunity for you. Because the processing fee for SBI Gold Loan is zero till March 31, 2023. Whereas, HDFC Bank and ICICI Bank charge a processing fee of 1% of the disbursal amount. The processing fee is also zero on Bank of Baroda’s gold loan up to Rs 3 lakh.

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