There are a number of different ways to obtain loans against jewellery. Some options may be better for your situation than others. For example, you may want to consider an online equity loan. This type of loan offers low borrowing costs and high loan values. It also offers credit line flexibility. As a bonus, your payments will go toward the balance of your loan, not towards the interest. Your items will also be insured while they are in transit.
Interest rates on gold loans
If you own a piece of gold or jewellery, you may wish to borrow money against it for a variety of purposes. Medical emergencies, education, business needs, home renovation, wedding expenses, etc., can arise at any time. A loan against gold or jewellery can help you get the money you need immediately. It can also help you pay for a doctor’s visit or hospitalization.
The interest rate that you will be offered will be determined by several factors. One of these factors is your CIBIL score. A healthy CIBIL score is a sign that you are a good risk and are likely to repay the loan. Moreover, a higher score means that you are likely to get a lower interest rate. Therefore, it is important to ensure that your credit score is in good standing before applying for a gold loan. Also, if there are any discrepancies on your credit report, you should fix them before applying for a gold loan toonily.
Shriram City Union Finance
Shriram City Union Finance is a reputed financial institution based in Chennai, India. The company focuses on small business and personal loans. It offers loans against jewellery and gold. The loan amount may be up to 75% of the market value of the jewellery. The repayment period is based on the agreed tenure and can be extended or renewed at any time.
The process of obtaining a loan against jewellery is easy. Firstly, the applicant needs to provide documents proving his identity. The financial institution uses these documents to verify the loan applicant’s identity, suitability for the loan, and the amount of risk involved. Then, the lender will prepare a credit agreement. The credit agreement will also state the interest rate and the tenure of the finance.
A personal loan
Interest rates on gold loans against jewellery vary depending on the amount of the loan and the type of gold. Some banks charge 12.5% interest for a gold loan. Other non-banking companies charge lower interest rates. There are also fewer restrictions and paperwork involved.
The interest rate for a loan against jewelry is significantly lower than for a personal loan. Shriram City charges interest rates as low as 11.5% p.a., which is one of the lowest rates available. In contrast, a personal loan can have interest rates as high as 30% or more. It is therefore advantageous to use a loan against jewellery in order to avoid incurring these expenses.
IIFL Gold Loans
IIFL Gold Loans against jewellery offer a great way to borrow money against your gold. You can apply for a loan online or at a branch. To apply, you must provide your personal details and proof of residence. The lender will then appraise your gold and determine the loan amount. If approved, you will receive the cash in cash or through a bank transfer within 30 minutes.
IIFL Gold Loans are fast and easy to apply for. The loan amount is based on the market value of your gold on the day you apply for the loan, up to 75% of its value. The application process is completely transparent. There are no hidden fees and terms, and you’ll be able to complete the application form in just five minutes. You can also take advantage of IIFL’s in-house gold valuation service to ensure you’re getting the best loan value for your gold.
Another advantage of IIFL Gold Loans loan in exchange for your gold against jewellery is the flexibility of the repayment terms. You can choose to repay your loan on a monthly basis or in full at one time. You can even pay off the loan online, through a mobile app, or at the branch nearest you. The loan is secured with your jewellery, which is stored in a high-security vault. IIFL fully insures your pledged ornaments while they’re in its care.