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Gold Loan vs Personal Loan

Gold Loan vs Personal Loan

 Sr.  Features Gold Loan Personal Loan
1 Interest Rate Being Secured Loans, Gold Loans are offered by various Banks/NBFC at very Lower and competitive interest rates usually at 10 % to 14 %. Some NBFC charge even higher. Like Being Unsecured Loans, the interest rate charged is usually high ranging from 14 % to 24 % or even higher. Unlike
2 Time Taken for Loan Sanction and Disbursement It is a very less time-consuming process. Usually, it takes around 30 minutes to an hour to completely process and disburse the loan. Like It is a time-consuming process. It usually takes around 1 day to a few weeks depending on the availability of documents. Unlike
3 Eligibility You can get a Gold loan if you have Gold Jewellery (above 18 ct.), Address and ID proof. Like Eligibility for the Personal loan is decided on the basis of repayment capacity of the applicant. Salary Proof or Income proof depending upon the type of employment. Unlike
4 Loan Amount The loan amount is decided by the valuer on the basis of quality (above 18 ct.) and quantity (weight in gms.) of Gold ornaments to be pledged in order to avail a loan.  Like The loan amount is decided by the lender on the basis of salary and income of the borrower i.e. its repayment capacity. Unlike
5 Collateral You have to collateral Gold Ornaments in order to avail a Gold Loan. Unlike You need not provide any collateral security in order to avail a personal loan.  Like
6 Credit History No Credit History or CIBIL score is required by the borrower in order to avail a Gold loan Like Credit History or CIBIL Score is a must for an individual in order to avail a Personal Loan. Unlike
7 Income Proof or ITR You need not provide any income proof or ITR is in order to avail a Gold Loan. Like You have to present Income Proof/ ITR in order to apply for a Personal loan. Unlike
8 Documentation Very less documentation is required in order to avail a gold loan. You just need to provide a simple address (Aadhar Card/Driving License/Voter Card/Passport etc) and Identity proof(Pan Card, Aadhar Card, Passport etc) for KYC. Like Along with Address proof and Identity proof, the borrower is required to present its Salary proof in case of salaried and Income tax return in case of self-employed business or professional and Bank A/C statement. Apart from this, Good Credit History or CIBIL score is must criterion in order to avail a personal loan. Unlike
9 Loan Tenure Gold Loans are usually Short Term Loans. Generally, you can avail a gold loan for up to 1 year. You can further extend it to 3 years depending on your requirement. Unlike Personal Loans are usually for short term and medium term loan. You can choose the tenure as per your requirement. Generally, Loan tenure ranges from 1 year to 7 years. Like
10 Processing Fees Very Little processing fees or charges are levied by the Banks or NBFC for availing a Gold Loan. Generally, it is NIL to 1 %. Like Personal loan indulges high processing fees or charges as compared to a Gold Loan. Generally, it is 1 % to 3 % Unlike
11 Repayment Options Gold Loan provides Flexible Repayment Options. Here, you have the option to pay interest on Monthly, Quarterly, Half yearly or Yearly basis depending upon your Loan plan. You can choose any of the options as per your convenience. Like A personal loan doesn’t provide any flexible repayment options. You have to repay your loan in equal amount or EMI once chosen as per the tenure of the loan. Unlike
12 Prepayment or Foreclosure Charges You can close a Gold Loan any time by paying very less or NIL prepayment charges. It depends upon Banks/NBFC. Generally, it is NIL to 1 %. Like You have to pay higher prepayment or foreclosure charges as compared to Gold Loan. Generally, it is 1 % to 5 %. Unlike

 

Gold Loan vs Personal Loan:

Summary: As per the above comparison, 10 out of 12 features clearly states that Gold Loan is highly preferable and most Liked Loan option as compared to above Personal Loan. Therefore, a Wise Person must always compare different Loan options before making a Final Decision.

Gold Loan vs Personal Loan: Which one to Choose?

  • Gold Loans are way better in terms of ease of availability, lower interest rates, fast processing with minimal documentation.
  • Even an unemployed person who isn’t eligible for a personal loan can avail a Gold Loan.
  • You will get Concessional Interest rate by the Banks if Loan taken for Agricultural purposes or availed by a woman.
  • Most beneficial for meeting short-term expenses or unforeseen emergencies.
  • Banks also offer overdraft facility against Gold to Businessman to meet the short-term working capital requirement of Businesses.
  • You will get full compensation for the gold in case of any  Thefts, fire etc.

You can Apply for Online Gold Loan now.

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Agriculture Gold Loan | Online Gold Loan | Gold Loan Bazaar | GoldLoanBazaar.com

Agriculture Gold Loan

Agriculture Gold Loan is a loan that are granted to farmers or agriculturalist for seasonal agriculture operations. These are availed by pledging their gold ornaments/jewellery.  These is the best loan option in order to get instant liquidity to meet the crop cultivation costs, acquiring and applying inputs such as seeds, fertilizers, insecticides, buying cattle, purchase of equipment for irrigation, and to meet the labor costs for all operations in the field for raising & harvesting the crops.
In short, it is taken to meet the current expenditure requirement for raising the crops on land till the crops are harvested.

Eligibility for Agriculture Gold Loan:

Proof of land holding and land records related documents
Age group of 18 and up to 75 years

Benefits of Agriculture Gold Loan:

You can avail an Agriculture Gold Loan at Lower Interest rates in comparison to general Interest Rates on Gold Loan.

You can Apply for Online Gold Loan now.

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Gold Loan Bazaar

All About Gold Loan

All About Gold Loan

As the name suggests, Gold Loan is a type of loan which is granted in lieu of Gold ornaments. The Gold Ornaments are pledged by the Borrower to the Lender. The Lender can be a Bank/NBFC which are authorized by the Reserve Bank of India (RBI) to offer Gold Loan. Often called by other names such as Loan Against Gold, Jewel Loan also. It is a type of secured loan as it is granted against the Gold ornaments pledged by the borrower. Many Nationalized Public and Private Sector Banks and NBFC’s offer Gold Loan in India.

Benefits / Features of Gold Loan

  • You can avail a Gold Loan at Lower Interest Rate as compared to other Loan options. You can just  Compare Gold Loans online at GoldLoanBazaar.com and you can see the Gold Loans offered by various Banks/NBFC’s and on the basis of comparison choose the one that suits your needs.
  • Gold Loans are Less Time-consuming Loans and offer Instant Liquidity to the Borrowers as compared to other Loans.
  • Gold Loan amounts are starting from Rs 1500 with no upper limits depending on Various Banks/NBFC’s.
  • Lower the LTV (Loan-to-Value), Lower will be the interest rates i.e. Lower the Loan amount per gram, lesser the interest to be paid by the borrower( Depends upon Banks and NBFC’s )
  • Flexible interest and principal repayment options as per the convenience of the borrower. You can easily pay interest along with EMI or at the time of  Loan closure. Some Banks also provide Bullet Payment options i.e. pay all the Interest and Loan Principal at the time of the end of Loan Tenure or Loan Closure.
  • Flexible Loan Renewal options are also available if the borrower wants to renew its loan.
  • You need not provide Guarantor in order to avail a Gold loan. Therefore, no need to find someone to back you when applying for your loan.
  • Very less Documentation as compared to other loans. You can provide simple ID and Address proof in order to avail a Loan.
  • A Less time-consuming process as it takes almost 30 minutes to few hours to test Gold, it’s Processing and Disbursement.
  • Prepayment facilities are also available with zero repayment charges to certain amount or percentage depending on the Banks/NBFC.
  • Very Less to No valuation charges are there for your Gold Loan depending upon the Banks/NBFC’s

Other Important Features:

  • You need not provide any Income Proof or Income Tax Return (ITR) documents to avail the Gold Loan. Thus unemployed and non-working people can also avail Gold Loan.
  • No CIBIL score is required as CIBIL score is not mandatory for availing Gold Loan.
  • You need not provide any specific reason to the Lender in order to avail a Loan. You can avail it for various purposes like Gold Loan for Medical Emergency, Gold Loan for starting a new business or Gold Loan for Business Expansion, Gold Loan For Higher Education of Kids, Gold Loan for construction or repairs of Home, Gold Loan for Marriage purposes, Gold Loan for Agricultural purposes and for other financial problems or any other sort of requirement.
  • Very less and Special Interest rates are available for Gold Loans for Agriculture Purposes. Just one has to provide the proof of agriculture-related documents.
  • You can get a Gold Loan at Lower/Concessional Interest Rate (for Women customers).
  • You are also eligible for Top-up Loan if the Gold Rate /Gold Price increases in the Market. The decision to provide Top up or not solely depends upon the Bank or NBFC.
  • You can easily close Gold Loan anytime by paying the Loan amount plus the interest dues. No other documentation and liabilities.
  • It also helps in Improving the credit history of the Borrower.

How does Gold Loan work? 

Here the Borrower consent to pay the Lender a certain amount of Interest on Gold Loan during the Loan period and thereafter payment of principal and remaining dues at the time of taking back its gold and is abiding by the terms and conditions which both have agreed upon at the time of Loan.

And, the Lender agrees to pay the Borrower the amount agreed for a loan in lieu of Interest and also agrees to return the gold in the same condition as at the time of taking the Loan.

You can pledge collateral in the form of Gold ornaments and gold coins(up to 50 Grams). Ornaments must have a minimum purity of 18 ct. and up to 24 ct. Below 18 ct. gold ornaments and Gold coins below 24 ct. are not eligible for taking the loan.

Valuation Process Of Gold for Loan:

You have to take the Gold that you wants to pledge for money. Appraiser/valuer/assessor authorized or appointed by the Lender will appraise your gold ornaments. On the basis of the valuation, the Lender will quote the maximum amount it can offer against the gold. You can proceed further if you agree with the above valuation of gold, the rate of interest and other charges.

In case if you cease to repay the interest, the lender, as the possessor of the Gold, has the authority to auction your gold ornaments to recover its dues i.e. loan principal and interest overdue. Therefore, it is always commendable to repay interest and all dues on time to avoid any situation/circumstances like this.

Do’s and Don’ts

You must keep these facts in mind while applying for a Gold Loan :

  • You should Compare Loans offered by various Bank’s/NBFC’s based on Gold Loan Interest Rates, processing fees, prepayment charges, and other allied fees and penalties. Compare the loans using GoldLoanBazaar Comparison tool and choose the best loan that suits your needs.
  • You should pay Interest and Renewal Fees on time so as to avoid Late payment charges and penalties.
  • If the omission of payment continues, Lender reserves the right to auction your gold to recover their loan and dues.
  • Pledging Spurious/Fake/Stolen Gold Ornaments for availing Gold Loan is Illegal and is a punishable offense under IPC.

Essential Documents Required for Gold Loan:

  • Identity Proof such as Passport, Voter ID card, PAN card, Driving License, Aadhar Card, Address Proof such as Electricity Bill, Aadhar Card, Telephone Bill, Ration Card, Driving License, Passport Copy.
  • Proof of landholding in case of Agriculture Loan
  • Passport Size Photographs

 

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