Yes, you can.
Banks take a lot of precaution while storing your gold and keeping it safe until the loan amount is returned. They understand the sentimental value attached to gold jewellery / ornaments and act as custodians while the gold remains with them.
The gold against the loan can be reclaimed by repaying the loan.
Loan foreclosure charges range from 0%-3% and are applicable on the outstanding amount of your gold loan.
If you fail to repay the loan amount on or before the due date, penal interest is charged on the loan amount, according to the terms of your gold loan agreement. If you fail to repay your loan after being given sufficient notice after the due date, the Banks or NBFCs will auction your gold assets. They will also send auction intimation prior to the auction
Yes. After loan is disbursed, lender will send you timely reminders in a medium of your choosing (SMS, email, call) as per your repayment schedule.
There are three types of repayment – 1. INTEREST ONLY: Borrower pays only simple interest on the principal amount every month. At the end of the tenure, the borrower pays the principal and closes the loan. 2. EMI: A fixed amount is paid by borrower to a lender at a specified date each calendar month. Equated monthly instalments are used to pay off both interest and principal each month, Over a specified number of years, the loan is paid off in full. 3. BULLET: Bullet is where payment of entire principal and interest is made at the end of the loan term.
You can repay the loan by cash, cheque, DD/Wallet at the branch from where your loan is disbursed. Or, you can also pay online through fund transfer options like NEFT and RTGS.
There are three types of repayments:
– INTEREST ONLY: The borrower pays only simple interest on the principal every month. At the end of the tenure, the loan closes with payment of principal.
– EMI: The borrower pays a fixed amount at a specified date each month, comprising both the interest and principal. Over a specified number of years, the loan is paid off in full.
– BULLET: The borrower pays off the entire principal and interest at the end of the loan term.
Yes, a nominal fee of up to 2% of the gold loan is charged as processing fees to avail gold loan.
If your application meets all the requirements, it takes just a day for the loan amount to be disbursed. A nominal fee of up to 2% of the gold loan is charged as processing fees to avail a gold loan.