2 weeks Ago By Moneycontrol
Your gold jewellery can do more than just sit in your locker, it can get you quick cash when needed. A loan against gold lets you borrow money by using it as security. Once you repay, you get it back.
A gold loan is a simple and smart option for many reasons – an emergency, a big purchase, or just some extra funds. What is a loan on gold? A loan on gold jewellery is a secured loan where you pledge your gold as collateral to a bank or financial institution. In return, you receive a loan amount based on the value of the gold.
Once you repay the loan with interest, you get your gold back. Why choose a gold loan? Get Instant Loan Up To Rs.50L Features of a gold loan Who can apply for a gold loan? Anyone who owns gold jewellery can apply for a loan on gold.
You must be at least 18 years old and provide basic documents such as identity proof and address proof. If you are looking to avail an instant loan, you can explore multiple offers on digital lending platforms like Moneycontrol. Through the Moneycontrol app and website, you can apply for personal loans up to Rs 50 lakhs from eight lenders.
The loan interest rates start at as low as 10.5% per annum. The completely paperless process ensures quick approval and disbursement.
Eligibility criteria How to apply for a loan on gold jewellery? Documents required for a gold loan Interest rates and charges on gold loans These are the factors likely to affect the gold jewellery loan interest rates: Other charges Things to consider before taking a gold loan Gold loan vs personal loan: Which is better? A gold loan is secured with gold jewellery, while a personal loan is unsecured. This makes gold loans cheaper (9% to 18% interest per annum) than personal loans (10% to 24% interest per annum). Approval is also faster for gold loans since no credit score check is needed.
The loan amount in a gold loan depends on your gold’s value, while a personal loan is based on your credit score. Conclusion A loan on gold jewellery is a quick and easy way to get cash with lower interest rates. Borrow only what you can repay to keep your gold safe.
Compare lenders and read terms carefully before applying. Moneycontrol’s online platform offers personal loans up to ₹50 lakhs from eight lenders, with interest rates starting at 10.5% per annum.
The entire process is 100% digital, which ensures a quick disbursement..
