First and foremost, it might be the basics but a candidate can access the gold loan if they own a minimum amount of the gold ornaments. And these gold ornaments can be in any way such as in a form of gold jewelry that is the most presented at the time of gold loans, gold coins, gold biscuits, etc. So a user or a borrower should see to it that they own any of these and have fulfilled the gold loan eligibility before they proceed with the method.
After users look and take care of this one, the next thing for any of the users or the customer is to know the general things about the gold loan stages to meet the basic eligibility needs that he or she should have at the time of applying for a gold loan. The basic gist of the eligibility needs remains to be the same, but few points may vary from one lending organization to another. And we shall be letting you know about all of those necessary things for the gold loans.
A person has to see that he or she fills the correct age gap recommendation which is between 18 years to 75 years, as this is taken to be the correct age factor eligibility for accessing the Gold Loan. Next, people should make sure to have a certain Government verified proof such as a Driving license as proof or the most basic Aadhar proof or a PAN proof is good to go. One of these proofs is a must since the executives may cross-check the identity of their users or customers before lending them with this particular one. But people do not have to worry regarding any reports consisting of any monthly income details as for the gold loans they usually do not ask a particular person to submit his or her income certificates.
Now comes a stage after being verified with all the eligibility needs, that is, when a user offers his or her gold ornaments, the bank staff cross verify their purity of gold which is being offered to return them with a loan. So the minimum purity of the gold must be around 20 Karats and only then the person will be offered the loan from banks. A lender can be anyone who may be a part of both banks or even the Non-banking financial organization as these both offer the users or borrowers gold loans.
But keeping in mind a few points which may change from banks and non-banking financial organizations and they can be tenure span they offer the users with or even the loan interest charges may vary, and not only the interest price vary between banks and non-banking financial organizations, but also vary among the top banks itself. For example, the HDFC gold loan may start from a certain value which doesn’t have to be the same case for some other banks.
Now, once the person applies for the gold loan in whatever organization or non-banking financial company of his or her choice, next is to select the repayment option. These repayment options are nothing but a wide variety of choices the loan lending institution presents to you to fulfill your loan amounts of the gold loans which you have taken against the ornaments. Some among them are the very much preferred options and one of the well-known schemes that are the EMI method of repayment selection is the best and the next is the bullet repayment choice and there are several more.
Conclusion: So as a user it is all up to you, to opt for one among these and pay back accordingly. A person should also learn to be punctual enough and keen on paying back, because if that might put your gold to be liquidated.