What Is The Maximum Tenure For Gold Loan?

Is Gold Loan better than personal loan?

As longer loan tenure converts into higher interest cost, opting for a gold loan might be a more cost-effective option for those confident of repaying their loan within one or two years.

Personal loan would be a better choice for those seeking a bigger loan amount and longer tenure..

What is the rate of gold loan per gram in SBI?

SBI Gold Loan CalculatorEligibility CriteriaSBI Gold LoanGold Loan per gramRs. 3,118 to Rs. 3,810 depending on the purity of goldAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 20 LakhMaximum Loan to Gold Value RatioUp to 75%3 more rows•Aug 11, 2020

What is the EMI for 30 lakhs home loan?

EMI for ₹ 16 lakh home loan is ₹ 14,337 taken for a shorter period of 15 years. Current EMI for ₹ 25 lakhs loan is ₹ 16,549 and EMI for ₹ 30 lakh loan is ₹ 19,858 for a 30 year loan at the minimum interest rate.

Which bank gives highest value for gold loan?

Gold Loan Interest Rates ComparisonBankGold Loan Interest RatesMax TenureSBI Gold Loan7.50%36 monthsMuthoot Gold Loan11.99%36 monthsManappuram Gold Loan12.00%12 monthsHDFC Bank9.90%24 months9 more rows

Is Muthoot Finance shutting down?

KOCHI: Muthoot Finance, the largest profit-making company in Kerala, will permanently be shutting down 300 of the total 611 branches in the state, said managing director George Alexander Muthoot. … We will be shutting down 10-15 branches in the first phase,” Muthoot said.

What is gold loan margin?

The maximum repayment period of SBI’s gold loan can go up to 36 months. The bank maintains a margin of 25 per cent of the value of the gold. … The processing fee includes 0.50 per cent of the loan amount plus applicable GST (Goods and Services Tax).

How much loan can I get on 35000 salary?

If you are taking a home loan for 35,000 salary, you can get a maximum loan amount of Rs. 20,16,481 at say an 8.5% interest rate for a tenure of 20 years. In this situation, the home loan EMI amount you would pay is not more than Rs. 17,500.

What will be the EMI for 20 lakhs home loan?

Check EMI Calculation for 20 Lakh home loan for 5, 10, 15, 20 Years or How much EMI you have to pay for 20 Lakh home loan amount per month?…EMI Calculation for 20 Lakh Home Loan amount for Various Tenure Options:Tenure OptionsEMI Per Month5 YearsRs.4056010 YearsRs.2426015 YearsRs.1912020 YearsRs.167202 more rows•Apr 14, 2014

Which type of loan is cheapest?

Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.

What is the maximum tenure for home loan?

30 yearsThe maximum home loan tenure offered by all major lenders is 30 years. The longer the tenure, the lower is the EMI, which makes it very tempting to go for a 25-30 year loan. However, it is best to take a loan for the shortest tenure you can afford. In a long-term loan, the interest outgo is too high.

Can I sell my gold to Muthoot Finance?

Muthoot Exim Pvt Ltd has launched “Mobile Muthoot Gold Point,” which allows customers to sell their old gold at their doorstep in a transparent, safe and legal manner. … Customers will get instant cash (for value up to Rs 20,000) or credit via IMPS, NEFT, RTGS (for value above Rs 20,000).

How much is gold loan per gram in muthoot?

Muthoot Gold Loan Rate Per Gram by Gold PurityGold PurityGold rate per gram- average of past 30 daysMuthoot lowest Gold Loan per gram22 carat50,9263,31020 carat46,2973,00918 carat41,6672,708Aug 8, 2020

Is Bajaj Finance available for gold?

As per RBI guidelines, you can’t buy gold using the Bajaj Finserv EMI Network Card. … You can divide the cost of your purchase over a tenor and pay just the exact EMI and nothing more with the No Cost EMI facility. This means that you save a lot more when you shop on the Bajaj Finserv EMI Network.

What is upper age limit for gold loan?

21 – 65 yearsHDFC Gold Loan CalculatorEligibility CriteriaHDFC Gold LoanAge of Borrower21 – 65 yearsMaximum Loan AmountRs. 50 LakhMaximum Loan to Gold Value RatioUp to 75%Purity of Eligible gold18 carat to 22 carat gold3 more rows•Aug 7, 2020

How is gold loan amount calculated?

You can calculate the gold loan interest by subtracting the principal amount from the total amount to be paid. The total amount you would pay by the end of tenure can be calculated with the help of an EMI calculator. … You can use the EMI calculator to calculate the EMI for your gold loan.

What happens if gold loan is not paid?

Affects Credit Score A lower credit score will make it difficult to obtain any loan or even a credit card in the future. Failure to repay a gold loan may bar you from being eligible for receiving any more loans in the future.

Is Gold Loan Safe?

But if you don’t have the confidence of returning the principal and interest in time, then you should avoid taking a loan against gold,” advises Manglik. Also, gold loans are good in a rising market. However, if gold prices correct drastically during the loan tenure, banks may ask for the payment of the difference.

Does gold loan affect cibil?

Prompt repayment of any loan can boost your credit score significantly, and Gold Loan is no different. Hence, a Gold Loan taken and repaid early or on time will have a more positive impact on your credit score rather than taking an unsecured personal loan.

What documents are required for gold loan?

Document TypeIdentity Proof. Aadhar Card. PAN Card. Valid Driving License, Valid Passport. Voter’s ID Card. Job Card issued by NREGA.Address Proof. Aadhar Card. Driving License. Valid Passport. Voter’s ID Card. Job Card issued by NREGA.

What is the maximum sanction limit for gold loan?

Rs 15 lakhWhat is the maximum Gold Loan amount that I can take? Gold Loans against your jewellery can be availed of for minimum Rs 10,000 and maximum Rs 15 lakh per customer.