It is generally seen that people insist on saving a part of the money they earn today and this is also right. You never know what kind of needs you may face in the future. That's why saving is very important. Amidst all this, do you know that if you ever face a financial crisis, then your gold can help you to get out of it? If not, then you can know here that if needed, you can take a gold loan against the gold kept at home and meet your needs. So let's learn about this gold loan and its benefits. You can learn about this in the next slides...
Know what is gold loan?
When you deposit your gold with a bank or any other private company (which gives a gold loan) you take money in return. This is called taking a gold loan. Then by paying this money on time, you can also withdraw your gold.
These are the advantages
The amount of loan against gold is based on the purity and market value of the gold. On the other hand, if we talk about its benefits, then you can also take a gold loan for a short period and you can get it closed if not needed. At the same time, the interest rate on gold loans is less as compared to other loans.
How to take a gold loan:-
First go to the bank, here your gold is first checked and appraised
After this, you have to fill out the form and provide your documents.
Then after all the formalities, your loan is approved and then money comes into your bank account.
Rate of interest:-
7.50 percent in SBI
8.45 percent in the Bank of India
7 percent in Punjab and Sindh Bank
8.20 percent in Union Bank
7.35 percent in Canara Bank
7.50 percent in Indian Bank
8.50 percent in UCO Bank
Punjab National Bank has an 8.75 percent interest rate. Also, keep in mind that this interest rate is not fixed, it keeps on changing.
(PC: iStock)
