List of all Gold Loan Schemes in India
What Is A Gold Loan?
A gold loan or loan against sovereign gold bonds is an option for borrowers unable to satisfy their immediate or long-term financial obligations. Here, the loan is secured by a piece of gold jewellery pledged by the borrower. The Indian financial institution won’t lend you more than 90% of the current value of gold. As of this writing, the carat value of pledged gold ranges from 22 to 24.
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- A Golden Harvest Hoax by Tanishq
Tanishq Golden Harvest Plan members can spend their invested cash to acquire jewels at a discount of up to 75% off the list price after the gold loan scheme has run its course, which takes six to ten months.
- Scheme conceived by Tanishq Swarna Nidhi
When you invest in the Tanishq Swarnanidhi Scheme, you can save away gold in kilogramme quantities for use when making future purchases of gold jewellery from Tanishq. Your monthly deposits over eight months will be converted to gramme equivalents of gold at the prevailing market rate at the time of deposit. The total amount paid out throughout that time frame is not limited.
- India’s Poverty Alleviation Program (Suvarna Poornima)
Each member can decide on their monthly investment amount. However, once a programme has begun, the chosen sum is final and cannot be modified. Plus, it has to be at least Rs. 3000 and may only go higher from there in Rs. All compensation received through the programme is reduced by 10%.
- The Gold Rush in Papua New Guinea
The Panchayat Dhana Vardhana is a gold-buying savings scheme. Gold is acquired with prepayment. An individual can select a term length between 12 and 36 months. Individuals of diverse income levels can participate in this plan because of its modest entrance fee of Rs. 500.
- Kalyan Jewelers’ Gold Ponzi Schemes
You may withdraw from Kalyan Jewellers’ best gold loan scheme at any moment during the year, and you must purchase the required quantity of gold. The monthly payments might range from Rs. 500 to Rs. All investors must be Indian nationals. This includes trust funds, hedge funds, banks, and universities. Minors can invest on their parents’ behalf.
The Gold Loan Process Explained
The application method for the gold loan scheme is meant to be as straightforward as possible for all potential borrowers. However, it’s important to realise that banks provide different gold loan schemes to accommodate your unique circumstances. Before applying, please explore our website and become acquainted with the many gold loan programmes we provide. Now, here’s what you need to do to receive a fast gold loan scheme:
Step 1: Don’t hesitate to visit the local branch of your favourite banking institution with a stack of Know Your Customer documentation and some gold objects.
Step 2: Our expert will next examine our gold and the supporting documentation.
Step 3: The Gold Plan you choose and the scores you receive will be used to determine your gold loan scheme offer.
Step 4: Find out the loan’s terms before considering whether or not to accept the offer. Depending on your preference, you can either have the funds sent to your account or receive them in the form of a paper check.
Qualifications for gold loans
The standards for a gold loan were intended to be available to as many individuals as possible. Everyone who owns gold jewellery could profit from this loan. The following are the bare minimums that must be met to qualify for one of these loans:
- A citizen or permanent resident of India is needed for the application.
The farming community, company owners, paid and self-employed professionals, and the trade community all have simple access to gold loan schemes. Pensioners and stay-at-home mothers can also apply for loans against gold.
- Candidates might be any age between 21 and 60.
Loans for gold are offered without requiring a credit check or evidence of income. The value of the gold pledged and the gold loan plan selected are the only factors used to establish the loan amount.
Evidence Needed When Applying for a Gold Loan
The following is an example of the types of documents a borrower might be requested to provide to obtain a loan. However, the specific types of evidence required to secure a loan will vary from lender to lender.
- Aadhaar, Permanent Account Number, Voter ID, Driver’s License, Passport, and Other KYC Documents.
- Proof of residency can be provided by various means, including Aadhaar cards, voter IDs, passports, driver’s licences, and utility bills.
- A borrower should ask whether they need to bring anything other than identification while searching for “gold loan providers near me.”
What You Need to Know About Gold Loans
- Payments are processed and cleared in record time.
Loan proceeds for gold loan schemes generally reach the accounts of authorised borrowers within 24 hours of the loans’ approval, in contrast to the days or weeks that borrowers must wait for other loans. Consequently, this loan is appropriate for dealing with unanticipated costs like medical expenses, financial difficulties for enterprises, etc.
- Fortunately, there is a convenient option that will come to your home.
The gold loan principle is released to the borrower’s account by electronic transfer within minutes, and the representative deposits the gold. The borrower no longer has to take time out of their day to visit the offices of a gold loan scheme provider; everything can be handled digitally.
How Much Are Online Gold Loans Worth?
One of the main benefits of online gold loan schemes is convenience. Therefore, the borrower’s location makes no difference. The average time it took for a lender to send an officer to the borrower’s location to determine the gold’s worth after receiving a loan request was 30 minutes. The lender will release the money once everything has been confirmed and cleared.
Conclusion:
Sick of reading about different loans? Are banks denying your claim? Gold loans solve major issues. They help people get the money during stormy days. This is a secured loan, so the interest rate is lower than many other short-term loans. Aadhaar card holders can get a gold loan scheme. Visit Piramal Housing Finance for more queries.