Important things to know
¢ The bank provides loans more than 80% gold’s value after evaluating the gold’s purity.
¢ If you have coins and bars with higher purity provide more value than simple gold ornaments. While evaluating the gold’s value and purity, the expert can’t count anys tone and gem as a part of evaluation.
¢ The loan interest can vary from 13%16% per annum. It is generally repayable in 1260 months in equal installments and grasps interest and principal.
¢ Any person who is above 18 can apply for a gold loan.
Loan-To-Value (LTV) criteria
The Loan To Value (LTV) ratio for gold loans anywhere between 60% and 75% relying on the money-related institution. You can avail gold loan easily with minimal documentation. The bank approves and disburse this loan within few minutes. This is one of the most feasible alternatives of availing loan, especially if we compared to a Personal Loan.