Gold Loan

Gold loan during the festival

The gold loan also mentioned as a loan against gold, maybe a secured loan that a borrower takes from a lender rather than gold ornaments like gold jewellery. The loan amount approved to you by lenders is usually a particular percentage of the t your gold articles back. Unlike personal loans which include authoritarian eligibility criteria, gold loans are often availed by any Indian citizen, which may include service person, businessmen, housewives. You don’t even get to have an honest agreement for it. During the festive season, we'll renovate our house, some people will buy their own house or car or other property. This point of gold loan helps us tons. The gold loan  interest can range from 7.5% to 29% once a year counting on LTV ratio, loan tenure and repayment option. With many of us facing a cash crunch in these extraordinary times and banks turning risk-averse to unsecured loans, demand for gold loans has risen. Banks find it safe to lend against gold.

Apart from that gold loan has numerous benefits:

• Lower interest rates and processing fees

HDFC Bank gives decent kind of interest rates on Gold Loans. Our select customers also can enjoy extra discounted rates. you'll also expect a minimal processing fee of just 1 .50% on the loan amount. 

• Minimal documentation

HDFC bank follows an easy, KYC-based documentation process. you simply got to submit necessary documents like your identity and address proofs. there's no got to provide your income proof documents or your credit scores. 

• A waiver on loan foreclosure charges 

While speaking of Gold Loan benefits, it should be mentioned that HDFC Bank doesn’t maybe foreclosure charges on loan, after three months. As such, you'll pay off your entire loan any time after three months, without fear about any prepayment penalties. 

• Flexible repayment tenures and high LTV ratio

Additional Gold Loan benefit is that it comes with flexible repayment tenures. The repayment tenure for this loan is 6 months to 24 months, respectively. Besides, people will get the maximum Loan to Value ratio of 3/4th  of the calculated gold weight.

• Different sorts of loan repayment schemes

Gold Loans could also be repaid through different schemes.  You also can prefer to pay the interests upfront and pays the principal amount at the top of your tenure.  If you select a bullet repayment option, you'll repay the principal and interest after one year.  You also can prefer to repay using regular emails. As is clear, there are many HDFC Bank Gold Loan benefits. In this festive season, HDFC Bank Gold Loan Offers - Festive Treats, 50 percent off on processing fee, the lower interest rate is 9.9% for less than 5 lakh rupees, Zero Foreclosure charges post 6 months, Loan up to 90% of your gold value.


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