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Loans on gold are secured loans as the lender keeps valuable articles in the possession of the creditor, so that if the loan amount is not repaid the creditor can sell the goods to realise his money. The best part of a gold loan is that there is no requirement to submit any other security as a collateral except the gold itself. The bank charges interest rate as per the loan amount and the gold pledged, and once the debtor repays the entire loan amount along with the interest, he gets the pledged gold back.Gold is such a valuable item whose value increases almost every day; so, every family does invest in gold. Almost every person who is competent to contract and not otherwise disqualified by any other law to which he is bound; is eligible to get a gold loan. People from any profession, government or private, self-employed, businessman, trader, contractor, farmer, etc all are eligible to get a gold loan. The documentation process is also very convenient nowadays. All the borrower needs to have is a bank account and KYC documents to establish his identity. Identity establishing documents like Voter card, Aadhar card, PAN card, Driving license, Passport all are accepted.

This asset helps you at your worst times of financial crisis.The old rate varies day to day, and generally the value inflates. The Gold rate today is 48200 INR for 10 grams of 24 carat pure gold in Kolkata, West Bengal. In Delhi, it is 47000 INR for 10 grams of  22 carat gold and in Punjab it is 50490 INR for 10 grams of 24 carat gold. Gold is an asset which provides financial cover at the time of geopolitical and macroeconomic uncertainties. In India, buying gold is an age-old tradition people have been following since old times. We buy gold on auspicious occasions like in Dhanteras, Dussehra, Navratri, Gudi Padwa, Makar Sankranti, Akshay Tritiya, and other regional occasions.In India, almost every bank offers gold loans to their customers with interest rates varying from 7.35% to 12.5%, minimum processing charges.

Another reason why people should opt for a gold loan is the rate of interest. The interest percentage of gold loans starts from 9.5%, on the other hand the personal loan interest rate starts from 10.25%, as these loans are mostly unsecured. So, taking a gold loan seems a more convenient option than a personal loan. Moreover, the borrower does not need to have a credit score to become  eligible for a gold loan from any bank. Therefore, the loan gets disbursed within a few hours of applying, so a gold loan is the best option during the time of emergencies.

A detailed comparison of gold loan interest rates in different banks are provided below:-

1. SBI Gold Loan:- The bank offers gold loan at the interest rate of 7.5% for the period of upto 3 years, with processing charges of  0.5% of the loan amount borrowed.
2. Canara Bank Gold Loan:- The bank offers gold loan @7.35% for the period of 12 months with processing charges of 0.5% of the loan amount borrowed which can be minimum Rs. 1000 and maximum Rs. 5000.
3. ICICI Bank Gold Loan:- This Bank gives gold loans @9% for a year and the processing fees is 1% of the loan amount.
4. HDFC Bank Gold Loan:- This instituion gives gold loan @ 9.5% for upto 2 years with 1% of loan amount as processing charges.
5. Manappuram Gold Loan:- This financial institution gives a loan @9.9% for 3 months with Rs 10 processing fees to be paid at settlement time of the loan.
   
   

These banks mentioned above have low rates of interest and provide you with sufficient information to choose the best suited option for you according to your need.

Also read this: What are the necessary things required to obtain a Gold Loan? 

Approved is the smartest credit score. You will win this by paying all the card bills on time, or your monthly EMI is on respective dates. Just in case you have a poor credit score, you will also improve it by paying your bills on time for a very minimum month whenever the application. This may also make sure that you get a car loan very easily and with the best options. 

Car loan Details -

• A car loan is the amount of money borrowed by the buyer to buy a car.
• Avail our car loan for purchasing both new and used car.
• A bank will lend you up to 100% of the car's ex-showroom price. You can likewise get loans up to 100% of the ex-showroom price of the car.
• The residency of the car loan ranges between 5 years to 7 years.
• Avail re-negotiating car loans to get an automobile loan at the lowest interest rate.

Through these car loans, you will get your very big dream automobile, whether or not a hatchback, sedan, or most luxury, as well as pay of the car loan over the total amount of time. If you're simply availing car loan, you may be supplied with the listing of option as well as some advantages where all the banks have distinctive setup option and all advantages that makes this car loan very unique, these are the very common setup option as well as advantages you may get if you simply avail the car loan.

Instead of good shopping for an automobile from your savings, you will simply take away Lanka to shop for a very high-priced vehicle. Once you simply qualify for the car loan, you will get the vehicle effortlessly. You can simply repay the car loan over some time, and the automobile act as collateral for your car loan. This always implies that if you fail to pay your loan EMI, then the probability of your car loan getting sold by the bank is very high. Therefore this is most important not to neglect your car loan payment.

The car loan total EMI Calculator can help you decide the EMI quantity you will easily pay for your vehicle. This way, you will also manage your total finances consequently. This type of calculator was straightforward to access as well as supply very fast results while not requiring you to try and do any type of manual calculation. That is why creating the method of car loan design is very easy for you.

It is very easy to avail of car loans compared to other loans, whichever this additional depends on some banks that provide you the car loan. This means that you will be very hard and very fast quantity through the whole period of your card on compensation period. The same maximum loan quantity is often the hundred percent of your vehicle on road worth. This type of payback amount is most of the time between 5 years to 10 years.

Using the car loan EMI calculator is very useful to compute that from the total value of automobiles to induce the number of car loans you wish. For example, research about totally different banks and certain very simple Car Loan Interest Rates on the then opts for a total tenure that always suits you. The input of this type of information in the car loan calculator will show you the total EMI you need to pay.

Several organizations provide you with the choice to examine all the credit reports and no charges once a year. Through the total credit report, you will simply check your standing, and a Bank Of India car loan is always there to help you in any condition of your loan; however, just you have got a very poor report, then the probability of your car loan obtaining a rejection is very high. Therefore it is very important to the owner to have an honest credit rating to avail of the best car loan options.

Also read this: Who Is Eligible For A Car Loan? 

Here are some of the steps that you can follow to lower the EMI or the interest rates on your car loan: - 

1. NEGOTIATE ON THE CAR PRICE:   The first thing that you must try is to cut the price of the car. You should try different lenders before you finalize one. If you try this, you can get free accessories too, like the engine lamination, the rust painting, or the free leather seat covers. These do not cost much to the dealer, and even the lenders in the car servicing business can also provide you some free accessories. Also, you can avoid getting the car insurance from the lender as you can get it at a much lower price online.
   
   
2. LOOK OUT FOR THE NBFCs FROM CAR MANUFACTURING COMPANIES: NBFCs are the Non- Banking Financing Companies and they can provide you really good loans and the best deals on the loans can help you to save money. Also, you can wait for them to tell you the offers and then tell them about the loan.
   
   
3. NEGOTIATE WITH THE LENDER: -  You can negotiate with the banks or the Non-Banking Financing Companies to get a car loan. It will help you to get a car loan with lower interest rates. Also, the burden of the outflow of cash will be reduced. You can check and compare different banks and money lenders and then select the one.
   
   
4. MAKE BIG DOWN PAYMENTS TO CUT THE EMIs: -  Down payment means an amount of money you have to pay initially. You have to make this payment when purchasing the car, and the rest of the amount will be covered in the Equated Monthly Installments (EMIs). You can make a large amount of down payment, and then, the burden of the EMIs will be reduced. If it is possible for you, then you can pay half of the amount of the price of the car in the downpayment, as it will lower the amount of EMIs and the tenure of the repayment of the loan.
   
   
5. EXTEND THE TENURE OF REPAYMENT: -  The repayment tenure of the loan is inversely proportional to the rate of interest. So, extending the tenure of the repayment of the loan will lower the rate of interest on the loan. So, you can avoid the high EMIs on your loan by selecting a longer tenure. The amount of the EMI can be checked with the help of a car loan EMI calculator.
   
   
6. PREPAY YOUR CAR LOAN: This can also be done to lower the rate of interest on the EMIs. If you get a promotion or your salary will be hiked up during the tenure of the loan repayment, you can use that amount of money by prepaying all or even a certain portion of the loan. It will bring down the value of the principal amount and the duration of the tenure of repayment as well. This will, in turn, reduce your interest liability.
   
   
7. LOOK FOR A LENDER WHICH CHARGES NO PROCESSING FEE: -  Comparing, contrasting, and researching is the key if you want to get a loan with lower interest rates and high benefits. You can check different money lenders and inquire about the processing fee. This processing fee does not affect your EMI, but it will reduce the cost of the ownership.

CONCLUSION:  A car loan is a secured loan, and unlike unsecured loans, it has a lower interest rate. The interest rate on a PNB Car Loan starts from 8.75%. However, by following these steps, you can avail of a car loan with the lowest interest rates and maximum benefits. A person can easily apply for a car loan as the documentation is easy and minimal. Also, the whole procedure is simple and easy. After successfully verifying the documents and the vehicle that you want to buy, the loan will be sanctioned to you.

Also read this: Car Loan Documentation 

Car loans have become popular over time. One can easily apply for a car loan from almost any bank and financing companies. Interest rate and processing fees offered by banks may vary. Car loan interest rate depends upon the income of the borrower, car model and location. If the borrower has a good credit score and history then he will be eligible for extra discounts, offers and even lower interest rate on a car loan. To reduce the financial burden one can also avail joint car loans. Usually, the bank approves a co-signer who is in blood relation with the borrower. 

Indiabulls car loan can be applied online as well offline. The bank offers various schemes on car loans. It offers 100% financing on new cars with a very reasonable interest rate and processing fees. The interest rate starts from 8.56%. The bank is highly recommended for applying for a car loan. 

While availing a car loan, employability matters of the borrower. A good credit score and history also is a very important factor when availing a car loan. Salaried employees must be at least working in the present company for 1 year to avail car loan. Incase of a self employed person the borrower should be in the same business for at least 2 to 3 years to avail car loan. When applying for a car loan your income is the most important factor. The lender will check your income and the company or business you are working in before availing the loan. One should have a credit score of at least 750 or more before applying for a car loan. 

The employees who can apply for a car loan are listed below:- 

1) Salaried individuals.

2) Self-employed sole proprietors.

3) Self-employed individuals/professionals at partnership firms.

4) Self-employed individuals/professionals who own private companies.

5) Self-employed individuals in public-limited companies.

6) Self employed person who owns a business for at least 2 to 3 years.

The documentation process may vary according to the bank or financing companies chosen. 

The common documents to be provided to the bank or financing companies are listed below:- 

1) Identity proof:-  For identity proof the required documents are:- Aadhar Card, PAN Card, Valid Driving License, Valid Passport, voter id card.

2) A properly filled application form with signature and all the required information. 

3) Address Proof:- Aadhar Card, Valid Driving License, Valid Passport, Voter’s ID Card.

4) Salary slip, income tax return documents, employment proof, bank statements, income proof.

5) A credit score of 750 or more.

6) Passport Size photographs.

7) Age proof documents: The age required must be in the range between 21 to 70 years. 

While applying for a car loan, the employment status of the borrower matters. One with a stable employment status and good income can get the approval of a car loan faster. One should also consider the credit history before applying for a car loan. A car loan comes with various perks. One can avail great discounts on car loans. While applying for a car loan one should plan the entire process properly. Comparison is also a key while availing car loan. One should compare the offers offered by different lenders as per the convenience to reduce the loss of money while availing a car loan. Employability of a borrower is very important. For knowing more about the employability factor to consider before applying for a car loan one can refer to the above article. All the necessary employability factors required during a car loan are mentioned above for the consideration of the viewer.

Also read this: Car Loan For An Unemployed Individual 

Car Loans have become quite popular in the past few years in India. Many people require a car to commute from one place to another. Earlier cars were used for luxury like traveling but now Cars have become a necessity. The need for Cars in India has increased significantly with the advent of urbanization in India. 

The interest rate offered in India usually is 7.25% per annum onwards. Generally, the Loan tenure for Car Loans is anywhere between 1 and 8 years. The processing fees for the application procedure of Car Loans depend upon the Bank you wish to apply to. Car Loans are secured Loans and hence have an attractive rate of interest offering for their consumers.

Eligibility Criteria:

The criteria that are required to be fulfilled by the applicant for the application procedure of Car Loans include the following:

• The applicant’s age should be at least 18 years and below 75 years of age. 
• The applicant should have a monthly income of at least INR 20,000.
• The applicant must either be self-employed or be employed with the current employer for at least the past 1 year. 
• The applicant must be working for a government or private institution or should be self-employed for the past 1 year.

These criteria may vary as per the Banks you apply to. You can estimate your monthly EMI payments with the help of online Car Loan EMI calculators. The requirements for the use of these calculators include the Loan amount, Loan tenure, rate of interest, and processing fees chargeable by the Bank.

Documents Required:

The following Documents are required for the application procedure for Car Loans in India

1. Filled application form for the Car Loan.
2. Proof of Identity of the applicant.
3. Proof of Age of the applicant.
4. Proof of Income of the applicant.
5. Proof of Residence of the applicant.
6. Few Passport-sized photographs of the applicant .

Several Banks may demand few additional documents for the application for a Car Loan. A high credit score can increase your chance of getting the loan sanctioned by the bank or financial institution you applied to. You can check the status of your application via online or offline mode. 

A Car Loan can be the best option available in the domain of finance as these loans are secured and the car itself acts as a security for these Loans. Unlike Personal Loans, these loans offer a pretty simple application process, repayment options, and a lower rate of interest applicable on your loan, amount. These loans can help you in financing your Dream Car that you can you use to commute to various places. The Car that is being placed as the security of your Loan is not even yours. You are not putting any of your assets for the Car Loan application which is not the case in most of the finance options available in the Finance market. 

More and more people are understanding the importance of living a happy and comfortable life and thus even if they can not afford to own a car, they opt for Car Loan schemes to ease the process of transportation for them. You can research and compare all the Car deals available in the vehicle market and also the Car Loans being offered by Banks and other financial institutions in India. You can do your research via online or offline mode. 

The popular Loan schemes available in India for you include the following:

• Bank of India Car Loan.
• Bank of Baroda Car Loan.
• ICICI Bank Car Loan.
• Yes Bank Car Loan.
• State Bank of India Car Loan.
• Axis Bank Car Loan.
• Canara Bank Car Loan.

You can search for more such schemes online that can help you in comparing the offering available for you. The more you research the more able you would become in cracking a better deal and in decreasing your future financial burdens.

Also read this: Wrong Usage OF Credit Card 

Unlike other loan types like personal loans, education loans, or car loans, gold loans have no complexities. Gold loans are availed as per the choices of the customers to meet the needs of on an urgent basis if there is an opportunity for growth like to develop a shop or a small scale company then the gold loan will be the option where a person is not required to sell up, but will have to pay back based on installments.

Thus one will get back the gold in the original form which was kept as a pledge against the bank. It will be easier for the person as the income will generate from the business and the earnings from the business can become the source for paying the equated monthly installments. It will be the initial time which will have a burden of setting and establishing the business and the rest will be easier as with the increasing time being the business will rise and will provide more earning which will be a good sign for everything. If one is having any kind of requirement but thinking a lot and getting stuck due to some confusion. Then you have approached the right place.

One can take the advantage of the option of paying through bullet payment in which the interest along with the principal is paid at the last together. This type of loan is generally done for a short-term loan like for six to twelve months. Allahabad Bank gold loan offers a good option like this. A limitation of this gold loan is that it is not appreciable for big loan amounts as the interest keeps on adding and will become higher month by month and thus results in adding and paying high interest. For instance, if the mother is admitting her daughter to a dance academy which is an offered course but there was a shortfall of funds which is a matter of 3 to 4 months, the wait of which will make them miss the chance.

There is flexibility in the repayment of the dues in the case of the gold loan. Different types of peoples have different income capacity due to which the payment schedule should not be the same but should be according to their choices and situations. Nowadays, most probably All The Financial institutions are trying to retain their customers and attract new customers. Due to this increase competition among the loan providers, customers have got a wide range of variety when different types of flexible repayment methods like paying the interest during the initial time and principal, at last, bullet repayment options and other types of EMI facilities are also there.

The paying of monthly interest-only is another way of repayment where a person will be required to pay the interest only on a regular monthly basis and the original principal amount will be paid in one spot at last. Interest for the high principle is still to be paid at the last go which creates a burden to repay after the interest is paid. On the other side of the coin there, the borrower might have to pay more interest as per the terms and conditions of the loan provider company or the financial institution.

The regular well-known form of repayment method is also a good idea. Some banks offer overdraft facilities on the gold kept with them. Interest is paid on such arrangements. The amount is there to be paid. It should be done immediately as it will reduce the principal and thus the interest also will reduce on the reducing balance. One must have tried for getting an educational loan for a particular study but due to the tough criteria could not do so whatever the reason is the best way to avail gold loan, reasons need to be checked.

Conclusion :-
In conclusion, one can take a gold loan in many ways like on the view of seeing the requirement which he would have seen while going for a personal loan.

Also read this: Golden rules for obtaining Gold Loan 

Getting a car was once a dream of so many people. In today's time people's dreams are being fulfilled as anyone can apply for a car loan from any bank or financing companies. Almost all types of car can be easily availed through car loan. There are various schemes offered by the banks and financing companies which can be availed during the time of car loan. Additional discounts offered might help you save a lot of money. 

Canara Bank Car Loan can be availed by submitting required documents. The required documents are employment proof, address proof, income proof, salary slip, income tax documents, bank statements and many other documents as required by the bank. The interest rate and processing fees offered by the bank is quite reasonable. One can find all information regarding the car loan on the official website of the bank. 

Planning for a car loan is the most necessary step. One should always do planning before availing a car loan. A proper planning can help you save a lot of money. The car loan planning process is mentioned below

• Shortlist a Car:- This is one of the most important steps while availing a car loan. Before applying for a car loan one should always check the options from various ranges of cars. The loan amount depends upon the car you choose. Shortlist a car according to your budget before availing a car loan.
  
  
• Check eligibility of the car:- one can check the eligibility of the car from the car loan eligibility calculator. It is an online tool which can help you in checking eligibility accurately. Different cars have different eligibility. The eligibility criteria may differ based on the car you choose, your income and along your location. It is one of the most essential steps before applying for a car. One can easily check the eligibility of the car from the online website of the banks and financing companies.
  
  
• Down Payment:- one needs to figure out a down payment to be given to the lender after selecting the car. Down payment is one of the major processes in a car loan. As a good amount of downpayment may help you save a lot of money. The more the downpayment given the lesser the interest rate charged. One should figure out down payment according to the financial conditions.
  
  
• Tenure for car loan:- Figuring out loan tenure is a very important step. One should choose the loan tenure according to their financial conditions. There are various tenure options provided by the banks and financing companies. A borrower can choose the loan tenure as per the convenience. Shorter the loan tenure lesser will be the interest rate charged.
  
  
• Provide required documents:- After the above process one can now provide the required documents asked by the bank and financing companies. For availing a car loan one needs to provide minimal documents such as id proof, address proof, age proof, employment proof, income proof, bank statement etc. The documentation process may differ from bank to bank.
  
  
• Book your car:- After providing the required documents one needs to book the finalised car. After the loan approval is done one can easily get a car loan. 

Conclusion 

Car loans can be availed easily if the planning is done properly keeping all important factors in mind. One needs to be well aware of the entire process before applying for a car loan. One can refer to the above article for planning a car loan process. All the important factors regarding the car loan process are mentioned in the above article. 

Also read this: A Low-Interest Rate Credit Card 

Various banks and non-banking financial companies (NBFCs) throughout India offer gold loans to their customers at competitive interest rates. However, before a Gold loan applies online, you should be aware of the process, advantages, and disadvantages discussed further in this article.

Here are a few things to remember before taking out a loan against your gold.

Banks vs. non-bank financial companies (NBFCs)
There is one significant distinction between banks and NBFCs. The former has lower interest rates and allows NBFCs to lend more significant sums. How do they manage to do it? They put a higher value on your gold than banks do.

You have the option of paying in equivalent monthly installments (EMI) or just paying interest over the term of the loan and a one-time repayment at the end.. Banks and non-bank financial companies (NBFCs) sell the borrower 75% of the gold's worth. If your gold is priced at $46,500 for 10 grams by a bank, the NBFC will value it higher.

There are also several slight variations. NBFCs that mainly lend against gold, for example, will provide loans quicker because they value the metal in-house. This facility may not be accessible in all bank branches, and they may need to employ a valuer to get it.

Lenders disapprove of gold bars
Lenders consider 18 carats of purity as a minimum. Many lenders would not accept gold that is less pure than this. Also, many lenders would not lend against gold bars. You may, however, pledge jewelry and gold coins. Bear in mind that the lender would not accept the jewelry’s value, whether it contains diamonds or gems. They can only lend money if it is secured by gold.

Charges
Prepayment penalties are not typical among lenders. And if only a few people tax it, it would only amount to around 1% of the unpaid balance. There may also be fees for valuation and delivery. Allahabad Bank Gold loan also charges a negligible amount to its clients.

Return of funds
Depending on the projected cash flows, you can select from a variety of repayment options. You have the option of paying in equivalent monthly installments (EMI) or just paying interest over the term of the loan and a one-time repayment at the end.

Failure to pay
Lenders have the right to sell your gold if you don't pay the loan on time. Besides, if the price of gold falls, the lender can ask you to pledge more gold. The lender would like to keep the loan-to-value ratio constant, which means that the gold they have should be worth more than the money they have disbursed.

FAQs
Do I need to have some proof of income to get a gold loan?
You don't need to request any evidence of income or wages to get a gold loan because banks and non-financial institutions provide a Gold loan to apply online facilities with just a few pieces of identification and proof of address.

Is it necessary for me to be a current customer of the bank to get a gold loan?
To obtain a gold loan, the borrower does not need to be a bank’s current customer. Gold loans are issued based on a gold mortgage. If a Gold loan applies online with your current bank, you can quickly negotiate interest rates depending on your relationship with the bank.

What are the conditions for obtaining a gold loan?
To apply for a Gold loan online, you'll need to identify and address proof such as a PAN id, passport, Aadhaar card, voter id card, and utility bills. Besides providing the required documentation and the gold asset, you must also meet the banks' basic eligibility requirements for granting a loan, including age, occupation, gold value, and so on.

Also read this: REASON FOR INCREASE IN GOLD LOAN 

If you have enough gold jewelry or other gold properties, gold loans are a viable choice for acquiring funds. Gold loans getting from a bank like Capital Small Finance Bank Gold Loan are secured loans that are granted against the issuer's gold jewelry as collateral. Loans against credit cards are another choice for fast, hassle-free loan. These are not the same as using a credit card. Credit card loans are cash loans rather than credit card balance rises.

What is the difference between a credit card borrowing/loan and a personal loan?

Consider a loan secured by a credit card to be a personal loan. It's an unsecured loan, which means there's no need for collateral, and it's for a certain amount of time with a fixed interest rate.

The following are the most common characteristics of a personal loan taken out on a credit card: 

1) Credit Card Owner – To get a personal loan on a credit card, the borrower must have a credit card. This loan is usually available to both old and new credit cardholders.

2) Credit Score – Since these are unsecured loans, the borrower's credit history and score are crucial in determining loan approval. If you have a history of defaults or late payments, it will affect whether or not you are approved for a loan, as well as the interest rate you are offered.

3) Amount – The amount of a credit card loan is normally limited to your card's credit cap. Depending on other factors such as your credit history or income levels, some banks can give higher loan amounts. The sum is much higher than the credit card cash withdrawal cap.

4) Interest Rates – As opposed to the interest paid on a credit card swipe, the interest rate on a personal loan on a credit card is usually much smaller, beginning at about 12% per year.

Gold loans are secured loans backed by gold reserves that have been pledged as collateral Credit card loans are unsecured personal loans that do not need any collateral.

5) Loan Amount - Because of its benefits and simplicity, this form of loan is very common. Credit card loans are readily available online, making them a convenient choice for many borrowers.

Differences Between Gold Loans and the Loan Against Credit Cards.

Although both gold loans and credit card loans are useful borrowing options in emergencies due to their fast disbursal times, the simple application process, and versatility, there are some significant differences between the two. Here are some things to think about before applying for a loan.

Features of gold loan and Personal loan on credit card-

1) Collateral

The loan sum is generally a percentage of the market value of the gold assets pledged, and it is typically very large Although some banks can give a higher rate, the loan amount is typically below the credit card cap.

2) Interest Rates

Since gold loans are secured loans, interest rates are generally low, starting at 10.68 percent on average, making them a viable option. Since these loans are not secured by an asset, they normally have a high-interest rate, beginning at 12 percent per year.

3) Tenure

Usually, gold loans are not available for more than three years and twelve months. Credit card personal loans are normally available for 24 months, but some banks can provide longer terms.

4) Other requirements

There are no other conditions besides gold collateral and KYC papers. Credit card personal loans are normally available for 24 months, but some banks can provide longer terms.

CONCLUSION-

Gold loans are the best choice to choose because they provide more incentives than a credit card loan. While both forms of credit make borrowing simple, quick, and convenient, gold loans are available to anyone who owns gold, regardless of their employment status, income level, or credit history. In contrast, gold loans have lower interest rates. Unlike online credit card loans, gold loans do not have cash withdrawal restrictions, which may be inconvenient. Gold Loans Apply Online is the best method for you because it will save your time.

Also read this: HOW GOLD LOAN MORATORIUM PERIOD CAN BE INCREASED 

Method of obtaining Gold Loan - The process of applying for a gold loan is quite simple. The applicant must be of 18-70 years of age. The Gold loan can be acquired by anyone who suffices.

Gold loan eligibility and possesses more than 18 carats of gold. No occupation barrier is there for acquiring gold loans. No credit score for CIBIL score is required for this loan. However, one can improve his/her Credit score by this loan. This loan can be acquired for agricultural processes or travel purposes, wedding purposes or higher education, etc. There is no restriction on the utilization of the loan amount.

 Application process This procedure can be done in two modes—online and offline mode.

1. ONLINE MODE- the applicant can complete the procedure from HDFC bank's official website or app.
2. OFFLINE MODE- the applicant has to visit the bank for completing the application procedure.

The rest of the procedure is the same where the applicant has to visit the bank for document verification and gold's purity test. 

Documentation - There is a lot of paperwork and lengthy documents to be submitted for availing loans. This is not the same for Gold loans. Here only KYC documents are necessary. The verification is done for checking the applicant's background. Identity proof and Address proof, along with 2 passport-sized photographs, are mandatory. For identity proof, one can submit anyone from this- Aadhar card, Driving license, Voter Id, PAN card. For Address proof, one can submit anyone from this- Passport, Aadhar card, Ration card, utility bills, or rental agreement for renters. No other documents than this are not required. When applying for Agricultural purposes, one has to submit proof of agricultural land. 

Purity test of Gold -The gold which has to be kept as a mortgage has to be evaluated. The evaluation is done for checking the impurities present in the gold and its weight and composition. This is called Gold's purity test. Bank representatives conduct the purity test. 

Loan Approval - Once you have completed the application process, document verification, gold purity test, and met the eligibility criteria, your loan gets approved. After approval, a sanction letter is issued to the applicant. A sanction letter contains bank details, loan amount, interest rates, prepayment options, foreclosure charges, loan tenure, repayment options, gold rate per gram, etc. After depositing the Gold in the bank, it is safely kept in bank lockers. 

Safety of gold - When you deposit the gold in a bank, it is kept in lockers. The lockers are present inside the Bank's vault. The gold is kept in bags and marked by the application as no present in your sanction letter. The lockers are guarded and kept under surveillance. The lockers hold durability from external conditions. The lockers have specific keys for all the lockers. The keys own the bank representative. Nobody is allowed to enter the Locker room except bank representatives. 

Repayment The following three alternatives are open for refinancing your HDFC gold loan advance.

1. Standing Instruction (SI): If you have a current account with HDFC Bank, an amount indicated by you will be deducted towards the end of the month.
2. Electronic Clearing Service (ECS): This option is for those who don't have an account in HDFC bank; here, the amount indicated by you will be deducted from the account of other banks shown by you towards the end of the month.
3. Post-Dated Checks (PDC): The PDC can be submitted to your nearest branch of HDFC Bank towards month-end.

Benefits

1. The interest rates are only 9.90% per annum which is very less in comparison with other loans.
2. The processing fee charged is only 1.50% of the Principal Loan Amount.
3. No foreclosure charges after 3 months.
4. The loan can be approved up to Rs 1 Crore.
5. Loan tenure is between 3 to 24 months.
6. The gold loan can be obtained in just one visit.

1. Also read this: Is Gold Loan the best option? 

We all know education is a vital aspect of life and everyone should get the right to education. Education is the only thing that can fill the gap of poverty, the gap between a developed and underdeveloped nation etc. Education can imbibe a feeling of oneness and eliminate these stereotypes based on caste, religion, race etc. So, it is very important that each one of us should have the right and privilege of getting an education. But as we know that for availing education one needs to spend money and everyone cannot afford to spend huge amounts of money, so here’s what one can do, they can avail a gold loan for funding their education.

It is a well-known fact that education can be quite an expense in itself as nowadays colleges and schools have a lot of tuition fees, so how should one provide their children with good quality of education, it is simply that one can avail a gold loan for funding their child’s education. One might think of going for an availing education loan, but let me tell you that process can be very tedious and difficult involving a lot of conditions burdening the child and his family. But with a gold loan, this process can be made easier. 

Let us discuss some of the reasons why one should go for a gold loan-

1. It requires no stringent eligibility criteria: Unlike, most education and other loans, the bold loan does not require to follow strict eligibility criteria for availing it. For education loan, many academic criteria are also taken into account in some cases but with a gold loan, it is not the case.
2. No end-use restrictions: In the case of education loans, they do not necessarily cover the tuition fees and other academic-based expenses, especially in the case of students studying abroad, they only cover the extra charges, for example, airfare or travel fare, cost of living, lodging costs, other associated costs etc. but at the same time there are no such restrictions in case of gold loan, they can be utilised without end-use restrictions which add to the advantage.
3. No CIBIL score requirement: For availing an education loan, which the banks provide at a very high rate of interest, the borrower should have a good CIBIL score, and it is very difficult for students to provide a good credit score especially when they don’t have a previous history of borrowing. While, if we look at gold loans and compare the two, gold loans do not require any such CIBIL score for availing loan or fulfil any such criteria, which can be beneficial for students as they can improve their credit score by availing such loan.
4. Minimal documents required: While education loan requires many formalities to be taken care of and many documents to be presented, the gold loan comes in easy, simple and quick as they don’t require any extra documents and formalities to be done, they are very easy to get done with and if everything is correctly presented and taken care of, one can avail a gold loan within one day.

Several other benefits come along with availing of gold loans over education loans. But since they are easy to avail, that does not mean that casualties can be overlooked, one should still be very careful with all their documents, keep in mind the gold loan calculator and check for the Gold Loan Per Gram so that they can compare and then apply for the highest price they get.

When applying for a loan, one should go for the bank that provides the best price with a good interest rate so that you can avail the loan without stressing and Karur Vysya Bank Gold Loan is one such solution to your problems as they provide gold loan interest rate starting from 7% per annum and accept minimum 18 carats of gold. In addition, they provide 75% of the total value of gold to you and provide a flexible tenure. They have very less, transparent extra charges and also net invisible processing charges along with that they provide you with many attractive gold loan schemes.

Also read this: Avail Gold Loan For business Purpose 

Many Indians desire to own a Car for several necessary chores that are required to be completed throughout the day. This is why Car Loans have become popular in India as the demand for Cars has increased significantly. In India, Car Loans are offered by Banks and financial institutions with an interest rate of 7.25% per annum. The processing fees and other charges depend upon the bank or financial institution that the applicant has applied to. The loan tenure offered usually ranges anywhere between 1 and 8 years.

The Banks and Finacial institutions demand the use of the Car as collateral for the sanctioning of the Loan because then the car would act as a security that the lending institution would be entitled to take over in case the borrower of the loan is unable to pay back the lending organization. The process of Loan application for a Car Loan is pretty simple and does not require a lot of effort from the applicant. The vehicle to be bought itself acts as the security for the loan thus the borrower need not worry about losing an asset that he/she already owns. 

 Eligibility Criteria:

The Eligibility criteria that are required to be fulfilled for the application procedure of Car Loans include the following:

• The age of the applicant should be at least 18 years and below 75 years.
  
  
• The minimum net monthly income of the applicant should be INR 20,000.
  
  
• The applicant should be self-employed or be employed with the current employer for at least the past 1 year.
  
  
• The applicant should be salaried and working for a government or private institution or self-employed.

Some banks and financial institutions might have few additional eligibility criteria as per the policies of the Bank. You can contact the Bank via online and offline mode to know further details about the eligibility criteria for the application process. If you have a good credit history and CIBIL score, the chance of the Car Loan getting sanctioned by the Bank increases significantly. This is why having a high credit score can prove beneficial for you in the application procedure.

Documents Required:The Documents required for the application procedure for Car Loans include the following:

1. Proof of Identity of the applicant
   
   
2. Proof of Age of the applicant
   
   
3. Proof of Income of the applicant
   
   
4. Proof of residence of the applicant
   
   
5. Few Passport-sized photographs of the applicant

Several banks and financial institutions may demand few additional documents and paperwork for the application process. The verification of the Documents submitted by the applicant takes around 14 to 21 days by the lending Bank. You can check the status of our application through a visit to your nearest bank branch, by calling the customer care service of the Bank, or by visiting the website of the Bank you applied to.

You can use a car loan EMI calculator to estimate the monthly repayment amount you need to pay back to the bank during the tenure of the loan. The requirements of these Loans include the rate of interest chargeable, processing fees, loan tenure, and the Loan amount.

There are many popular Loan schemes available in India. Car Loan schemes that have gain popularity in the past few years include the following:

• State Bank of India Car Loan
  
  
• Axis Bank Car Loan
  
  
• Bank of Baroda Car Loan
  
  
• Kotak Mahindra Bank Car Loan
  
  
• ICICI car loan
  
  
• Bank of India Car Loan

You should perform thorough research before applying to Banks and financial institutions for Car loans. Compare the rate of interest, loan tenure offered and the processing fees being charged. Also, confirm the down payment amount that needs to be paid by you. In many cases, the Banks also offer to pay 100% of the cost of the Car. Check and analyze the prepayment policies of several banks and also keep in mind the time required for the complete application process.