My Gold is My Security

Do I need a guarantor to apply for a gold loan? What kind of security is required? The very gold that you are going to pledge to acquire the gold loan will act as security for it. No third-party guarantor is required on a gold loan. The loan amount is sanctioned as per the pledged gold at the lowest gold interest rate.

Each gold loan type has a different tenure and the term also varies with the bank or finance house undertaking your gold in exchange of funds. In a normal gold loan scheme, the tenure begins with 7 days and can be stretched to a year. In the EMI based schemes, the tenure can run even up to 3 years. The minimum amount of gold loan starts at INR 1500 and there is no maximum limit on it.

Pledging and Repayment

Any type of gold ornaments or jewelry can be pledged to acquire an online jewel loan. Items including gold rings, necklaces, watches, bracelets, pendants, or bangles etc. can be used to apply for a gold loan. The repayment of a gold loan can be done easily through any financial mode such as cash, cheque, or a debit card.

Online NEFT transfers are also accepted by the banks or gold loan providers as most of them have mobile applications, so that the customer can keep a track on his loan and repay it accordingly. Irrespective of the bank location or the gold loan acquired at home, the repayment can be made easily online.

Is it Safe?

Once the complete online business loan amount is repaid, the pledged gold jewelry is duly returned to the client. The gold loan providers understand the sentiments attached to gold ornaments, which is the reason why they are stored in specialized safe rooms with CCTV round the clock surveillance. All the gold ornaments are packed in tamper proof packets and the submissions are entered into the system before being locked away.

Gold is securely stored in the nearest branches of the company’s trusted lending partner banks like ICICI Bank, Federal Bank & Karur Vysya Bank. The gold remains in the banks’ vaults till the time the client repays the entire amount as agreed upon.

Gold Loan Application

To understand the interest rate charges on the gold jewelry that you possess, you can use an online gold loans calculator Bangalore to provide you with a rough estimate. The estimate is provided on the purity of gold and the gold rate prevalent on that date. Once you have decided on availing a gold loan, you can choose the financial organization or bank where you place your trust and get your KYC cleared by them.

The loan amount that an individual can acquire against a gold article varies from lender to lender. Tackle your financial emergency by taking an online gold loan from Rupeek. The gold is instantly valued, and funds disbursed into the client’s account immediately after the valuation. Rupeek is an established company that offers the best rates for your gold.