Before taking gold loan, remember these 3 ways, loan will be available very cheaply

To get a cheap gold loan, the first thing you should do is compare the interest rates. One should apply for the loan only after knowing what is the rate of which bank. If you do not want to go to the bank branch, then go to their website and find out the rate.

Aug 07, 2022 | 9:36 am

TV9 Bharatvarsh | Edited By: Ravikant Singh


Aug 07, 2022 | 9:36 am




Whatever be the loan, its interest rate matters.  The interest rate can spoil the budget of your household.  Therefore, before taking a loan, a complete calculation of the interest rate and repayment should be done because the interest rate of the loan decides the repayment.  Interest determines how much money you have to pay back.  Same is the case with gold loan.  A bank considers many things before giving you a gold loan.  It also has a CIBIL score.  There are many other factors, but we tell you how to take a gold loan at an affordable rate.

Whatever be the loan, its interest rate matters. The interest rate can spoil the budget of your household. Therefore, before taking a loan, a complete calculation of the interest rate and repayment should be done because the interest rate of the loan decides the repayment. Interest determines how much money you have to pay back. Same is the case with gold loan. A bank considers many things before giving you a gold loan. It also has a CIBIL score. There are many other factors, but we tell you how to take a gold loan at an affordable rate.

To get a cheap gold loan, the first thing you should do is compare the interest rates.  One should apply for the loan only after knowing what is the rate of which bank.  You will have a list of different banks and their address.  If you do not want to go to the bank branch, then go to their website and find out the rate.  This will give a rough estimate of where the rate is cheaper, then apply for a gold loan accordingly.  This will reduce the wastage of unnecessary money and your savings will increase.

To get a cheap gold loan, the first thing you should do is compare the interest rates. One should apply for the loan only after knowing what is the rate of which bank. You will have a list of different banks and their address. If you do not want to go to the bank branch, then go to their website and find out the rate. This will give a rough estimate of where the rate is cheaper, then apply for a gold loan accordingly. This will reduce the wastage of unnecessary money and your savings will increase.

The third way to get a cheap gold loan is to understand the term and condition of the interest rate properly and then apply.  The term end condition of some banks is such that they increase the interest rate every month if the loan EMI is not paid on time.  That is, if you default the EMI, then the interest will increase every month.  If the interest continues to increase like this, then it will be known that the loan of more loan than your gold has been mounted on the forehead.  Therefore, if you want a cheap loan, then you must read the term and condition of the bank once.

The third way to get a cheap gold loan is to understand the term and condition of the interest rate properly and then apply. The term end condition of some banks is such that they increase the interest rate every month if the loan EMI is not paid on time. That is, if you default the EMI, then the interest will increase every month. If the interest continues to increase like this, then it will be known that the loan of more loan than your gold has been mounted on the forehead. Therefore, if you want a cheap loan, then you must read the term and condition of the bank once.

The third way is to know the full value of the loan.  That is, when you are going to take a gold loan, do not only look at its interest rate, but also see the entire cost of the loan.  The bank may give you the promise of giving you a loan at a cheaper rate, but when all the charges are added then it can prove to be expensive.  This happens often.  This will make your loan costlier in the end.  Before taking a loan, you must see how the interest is calculated.  Also check the other charges associated with the loan.  You can take the help of online calculation to see the total cost.

The third way is to know the full value of the loan. That is, when you are going to take a gold loan, do not only look at its interest rate, but also see the entire cost of the loan. The bank may give you the promise of giving you a loan at a cheaper rate, but when all the charges are added then it can prove to be expensive. This happens often. This will make your loan costlier in the end. Before taking a loan, you must see how the interest is calculated. Also check the other charges associated with the loan. You can take the help of online calculation to see the total cost.

Keeping in mind the above mentioned three methods, you can get a gold loan cheaply.  Another special thing, before taking a loan, also check the credit of the bank.  The bank should be reliable as you are going to mortgage the gold kept in the house.  Choose a bank only after understanding all the risks.  Also know that on what factors the interest rate of the loan depends.  Three things are important in this.  First, the loan amount, the repayment capacity of the gold loan, and external factors such as inflation rate and demand and supply gap in the jewelery market.  The interest rate of gold loan depends on all these things.

Keeping in mind the above mentioned three methods, you can get a gold loan cheaply. Another special thing, before taking a loan, also check the credit of the bank. The bank should be reliable as you are going to mortgage the gold kept in the house. Choose a bank only after understanding all the risks. Also know that on what factors the interest rate of the loan depends. Three things are important in this. First, the loan amount, the repayment capacity of the gold loan, and external factors such as inflation rate and demand and supply gap in the jewelery market. The interest rate of gold loan depends on all these things.






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