How to apply for Gold Loan? Understand step-by-step complete process

Gold Loan Process: If you want to take a gold loan or are planning to take a loan, then this news is for you. Let us tell you that instead of gold jewelry gold loan Can easily take for. some banks without any documents gold jewelry Offer up to Rs 1 crore in lieu of Rs. You can also for commercial, personal, education, health care, agriculture and other reasons. Gold Loan can take. The lender decides the loan amount on the basis of the current market value of the gold. Let us tell you how you can apply for gold loan.

How to apply for gold loan

1. According to the Bank of Baroda website, you need to follow the steps given below while applying for a gold loan.
2. For this, first of all, you have to select the lender who can give you loan against jewellery.
3. Make sure that you select a reputed lender who will return your property at the end of the loan maturity and protect the property till it is with him.
4. Evaluate your jewelry: After selecting your preferred lender, you should get your gold valued. As per the bank’s website, different lenders give you multiple options for valuation. You can get the valuation by visiting the branch of the lender.
5. For this, the tester first completes the KYC process and checks the weight of the gold.
6. The lender will then inform you about the maximum loan amount, applicable interest and repayment terms.
7. The average price of one gram of gold for a given month is used by the lenders to calculate the principal of gold. Allows them to disburse only up to 75 percent of the entire gold loan amount.
8. During the loan tenure, you can only repay the interest component of the gold loan. You can make a lump sum payment of the main amount at the end of the gold loan tenure or at any time during the tenure. This type of payment is also known as bullet payment.
9. On gold loans, most lenders offer a repayment tenure of one year.
10. Once you agree to the terms of the gold loan, the lender deposits the loan amount into your bank account.