Gold loan is preferred to as debt financing whereby a gold businessman purchases gold from lending company and sell it in the open market and get it for mine creation and afterwards then he pay back the gold from mine production. Gold loan gives ready cash for those who are in want of money for fulfilling basic financial necessities. Certain benifits are associated with gold loans basically low interest rate, no sort of income certificate required, comfortable. Certain important Gold loans available in India are as follows:
Muthoot Finance Gold Loan
Muthoot is a Kerala originated association set up by Muthoot Ninan Mathai in 1887 at Kozhencherry in Travancore district which was later being adopted by M George Muthoot. Loan is received within a time period of 5 min. It ranges from Rs 1500 to 1 crore. 0%processing fees. Interest rate of 1%per month.
Mannapuram Finance Gold Loan
Mannapuram Finance also facilitates gold loan within 5 minutes. It help to draw instant Cash by subscribing gold ornaments and Jewellery. It provides loan at higher points, based on purity, net weight of gold. The candidate must have one recent ID—Voter ID/ Ration Card/ Driving License/ Passport. No time-consuming formalities involved.
Union Gold Loan
Union gold loan provides credit facility to needy farmers. The lending rate is Rs 1800 per gram gold ornaments. Based priority sector like agricultural purposes. Under non priority sector for basic necessities for unforseen expenses. Loan amount consumption purposes is upto Rs.2000/-. The Non-Priority Sector loan amount is max.Rs.5 lacs.
HDFC Gold loan
HDFC gold loan term loan provides instant loans . Regular interest on loan is being granted. Identity Proof like Passport Copy/ Voters ID card/ Driving License along with proof like Ration card/ Telephone Bill/ Electricity Bill/ Rental Agreement/ Passport copy/Trade license /Shop & Est License / Sales Tax certificate, 2 pass port size photographs.
SBI Gold loan
SBI gold loan is loan which satisfies as a biggest advantage to overcome crisis and is a personal loan phenomena. It has low interest rate. The loan amount of Rs 10 lakh is attained by the customer. It also provides gold loan for farmers for agricultural necessities. The main documents required for applying gold loans are
- Letter of witness in case of illiterate borrowers.
- Two passport size photographs of the borrower.
- DP Note delivery.
- All the gold ornaments that are to be kept as mortgage for the loan.
- Gold Loan application.