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For generations, gold has been a cornerstone of financial security in Indian households. Whether used as an investment or an ornament, gold is a dependable asset that can be liquidated during financial emergencies. Among the most popular options is the gold loan, where individuals pledge their gold to access funds quickly and conveniently.
A critical aspect of understanding gold loans is the gold loan per gram valuation. This metric determines how much money can be borrowed based on the weight and purity of gold. For anyone considering a gold loan, grasping this concept is essential to make an informed decision and maximise the benefits.
A gold loan is a secured loan where borrowers pledge gold jewellery or ornaments as collateral. The loan amount depends on the gold's market value, purity, and weight, with lenders typically offering up to 75% of its value. This valuation, known as the gold loan per gram, ensures borrowers receive funds proportionate to their assets.
The Reserve Bank of India (RBI) regulates the gold loan process to ensure borrower safety. Gold loans offer liquidity without extensive documentation and provide a quick and reliable solution for urgent financial needs.
The process of obtaining a gold loan is simple and efficient –
Borrowers repay the loan along with interest to reclaim their pledged gold. This straightforward process, combined with quick disbursal, makes gold loans a preferred choice for many.
The gold loan per gram value depends on several factors –
Understanding these factors can help borrowers maximise their loan eligibility while minimising costs.
Gold loans come with several attractive features –
Gold loans have distinct advantages over other loan types –
Parameter | Gold loan | Personal loan | Credit card loan |
Interest rates | Low (8.40% – 10.25% p.a.) | Moderate (10% – 24% p.a.) | High (15% – 48% p.a.) |
Processing time | Few hours | Days | Instant |
Collateral | Required (Gold) | Not required | Not required |
Documentation | Minimal | Extensive | None to minimal |
Choosing a gold loan often proves more economical, especially for short-term liquidity needs.
Gold loans are ideal for –
This versatility makes gold loans a lifeline for many borrowers in various financial situations.
Borrowers can select from several repayment methods –
These flexible repayment options empower borrowers to align their payments with their financial capacity, reducing the risk of default.
IDFC FIRST Bank provides unique advantages –
Gold loans are convenient and accessible, but borrowers should approach them cautiously to avoid potential pitfalls. Understanding the terms and ensuring the safety of pledged gold are crucial steps. Here are some precautions to take when opting for a gold loan –
Taking these steps can help you make the most of your gold loan while safeguarding your assets and finances.
Despite their popularity, gold loans are often misunderstood. Many borrowers hesitate to take gold loans due to common myths and misconceptions. Let’s address some of these myths to help you make an informed decision –
Debunking these myths can help borrowers confidently consider gold loans a viable financial option.
Gold loans provide a reliable and efficient way to unlock the value of your gold assets. By understanding the concept of gold loan per gram, borrowers can maximise their loan eligibility while enjoying benefits such as lower interest rates, flexible repayment options, and minimal documentation. With quick processing and regulatory safeguards, gold loans are an excellent option for addressing immediate financial needs.
If you’re considering a gold loan, consider the offerings from IDFC FIRST Bank. With competitive fixed interest rates, a paperless application process, and secure storage of pledged gold, the bank ensures a seamless borrowing experience. Explore IDFC FIRST Bank Gold Loans today and take a step closer to meeting your financial goals.
Gold loans work by pledging gold as collateral to secure funds. The lender assesses the gold’s purity and weight to determine the gold loan per gram value. Borrowers receive a loan based on this valuation and repay it with interest to reclaim their gold.
A gold loan is a secured loan where borrowers pledge gold ornaments or coins to access funds. The loan amount is based on the gold’s market value, purity, and weight, offering a quick and reliable financial solution with minimal documentation.
To calculate gold loan interest, multiply the loan amount by the gold loan interest rate and the tenure. For example, a loan of ₹1 lakh at 1% per month for six months incurs ₹6,000 as interest. Use online calculators for accuracy.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.