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There are multiple kinds of loans available in the market delivered by many Banks and other financial institutions. Some of them are home renovation loans, wedding loans, travel loans, debt consolidation loans, medical loans, higher education loans, small personal loans, gold loans, car loans, two-wheeler loans, etc. Every type of loan that a person holds must meet the eligibility criteria set previously by the lending institution. This further prevents any future conflicts between the borrowers and the crediting institutions. A Gold Loan is a secured loan against gold ornaments or Bank coins acceptable per the Reserve Bank of India's guidelines where a customer pledges his gold with a bank.

The Gold Loan Rate of different banks vary from each other, but the loan amount provided can be utilised for any personal or business use and even non-speculative purposes. A gold loan taken from a bank or NBFC is better than the high rate of interest provided by the pawnbrokers. All the eligibility norms the lending institution has laid down to give a gold loan to the applicant and are available on the websites of the particular Bank. These factors determine whether a person can compensate the loan to the creditor. The lenders or lending institution decides gold loan eligibility based on factors like credit score, documents, etc.

A gold loan requires some eligibility criteria to be fulfilled. Though different banks' gold loans have different interest rates like Interest rate on gold loan at SBI is reasonable compared to others. Numerous Banks have different eligibility criteria, but the basics remain the same. Among the basic eligibility criteria are age, which must be within 21 to 65 years, and he must possess all required documents. The quality of gold ornaments pledged should be within the range of 18 to 24 carats. Banks do not check job stability or business stability to authorise gold loans as these are secured loans. And therefore, gold loans do not need an excellent CIBIL credit score, unlike other loans. Gold bars, gold coins, gold ornaments and gold articles of any form are accepted by the banks as collateral. The loan amount granted can range a maximum of Rs 2 crore, but some Banks have restricted the maximum loan value to Rs 20 lakhs.

The list of documents that a person needs to give to the bank or NBFC to get a Gold Loan are; identity proof, address proof and income proof, in case the loan amount is huge. Most of the Banks do not require income proof to be provided in case of a gold loan. But some Banks, before sanctioning a considerable loan amount against Gold Loan, may ask for income proof to understand the borrower’s repayment capacity. Submitting only the KYC to establish repayment capacity is enough to enjoy instant approval of secured gold loans from most financial institutions.

Documents required for a gold loan regarding identity proof are PAN Card, Aadhar Card, Passport, Voter ID card, Driving licence, Central or State Government issued photo identity card, photo credit card, defence ID card. For address proof; Aadhar Card, Ration Card, Passport, Bank account statement, Voter ID card, any Utility Bill including electricity bill or water bill or telephone bill of last three months, or letter from any authorised person can be furnished by the borrower. The borrowers may need to furnish other necessary gold loan documents if the need arises. Therefore, most financial institutions must note the complete list of documents required to facilitate the borrowers’ easy approval of gold loans.

There are many benefits of gold loan like- most minor documentation jobs, inhouse gold evaluation, prompt loan disbursal, customer-oriented service, no maximum limit of the loan amount, zero or minimal prepayment and foreclosure taxes, safe customisation and custody of gold kept in solid rooms and speedy customer care service taking short response time. These perks fascinate most people to opt for a Gold Loan.

Also Read:- Avail Gold Loan For business Purpose 

This means that with a personal loan you can use the funds to meet any financial obligation from financing a wedding, meeting emergency payments, or planning a vacation abroad personal loan. The only task before your personal loan is to pick a personal loan that suits you best. And while competition among lenders is high for personal loan there are ways to narrow down the list. Here are 5 factors to pay attention to personal loans so that you can be sure of choosing the best personal loan for you. The interest rate is a vital aspect to consider when you are searching for the best personal loan or any other loan. It directly affects the amount of interest you pay and therefore determines the affordability of the personal loan. 

Personal loan interest rates are set by the lender-based personal loan on factors such as your credit score and repayment ability. Personal Loan Eligibility Generally, individuals with a higher score are considered a more reliable personal loan. However, if your score is sub-par, lenders are likely to offer you a lower sanction, personal loan, or even reject your application or any other loan.

You can check affordability simply by making use of an EMI calculator personal loan This tool accurately computes your monthly payments and even shows you the total personal loan interest that you will pay towards the personal loan, therefore allowing you to pick the right personal loan.

Additional fees and charges
Before settling on a loan, it is imperative that you check the fees personal loan apart from the interest rate. Depending on the lender, these may be highly personal loans and you may end up spending more than you intended to. So, don’t pick an option simply based on a low personal loan interest rate and ratings. Consider factors like processing fees, bounce charges, personal loan penal interest, and secure fees as well as personal loan.

Ensure repayment
To have the best borrowing experience, ensure you have a flexible tenure for repayment of personal loans. Personal loan Sometimes, can be stringent and you may end up paying up more than you save. Enquire on SBI personal loan about the costs to avoid paying hefty charges in the future personal loan. Enquire about the costs to avoid paying hefty charges in the future personal loan. This aspect is not surprising, considering the several benefits of a personal loan and the features it carries.. Personal loan Versatility in usage stands at the core of a personal loan. From paying for your home-renovation, personal loan, much-coveted vacation, medical emergencies to wedding costs, a personal loan can truly serve you well.

Conclusion 

While getting a personal loan is simple and convenient, personal loan you must also make sure that you obtain it from a viable lender and personal loan You must evaluate several aspects before making the right choice and Read on to know the different factors that you should consider when picking a personal loan lender in banks.

A gold loan is a loan against gold in which gold is pledged by the borrower with the lender and the amount is sanctioned by the lender after verifying the quality of the gold. One of the biggest advantages of the gold loan is the ease of availability. With the advent of digitalization and advancements in technology, most of the services are bought online. Nowadays banks prefer online modes more than offline modes for the distribution of their services. However, in a Gold loan, a customer has to visit the bank branch at least once to deposit the gold with the bank. Generally, an amount equivalent to 80% of the value of the gold is assigned which is transferred to the account of the customer within a period of 15 days. 

With the advent of this Covid-19 pandemic, it has become more and more difficult for people to step out of their homes and avail the of banking services. Banks however have already made their channels strong enough that they are capable of performing full-fledged online.Almost every banking service is available online and it also one of the fastest and safest modes of transaction of any service.

Banks have created their mobile app where you can get any banking service with just a few clicks. Gold loan is also one of those services provided by banks online. One can apply for a Gold loan from their own home. In this way banks are able to save a lot of their cost and customers are able to save a lot of their time and energy. That is why gold loan apply online has been promoted this much in recent times as it a win-win situation for all, be it the service provider or service receiver.

There are many banks that are providing their excellent services in the form of gold loans. Some of them are- 

1) Axis bank gold loan which provides the fastest disbursement. 

2) HDFC bank gold loan which provides excellent after-sales service.

3) SBI gold loan which is famous for its outstanding service and reputation of being the largest bank to provide gold loan services in the nation.

4) Dena Bank gold loan which is known for its low-interest rates and utmost trust of its customers.

Many other banks too provide their gold loan services. A customer willing to avail any such service just has to apply by filling an application form and the bank will automatically connect with the customer.In this high-paced business environment, businesses try to cater to as many customers as they can and serve them to prove them satisfactory services. In the same league, many banks are providing excellent services in the form of Gold loans.

To avail a Gold loan following eligibility criteria needs to be fulfilled-

1) The person applying for such a loan has to be a normal resident of India.

2) The person must have completed his/her 18 years of age.

3) He/she must have a self-owned house property in their name.

4) He/she must have in their possession and ownership the Gold which they are pledging with the bank.

Following documents are also needed to be filed for applying to a Gold loan-

1) Identity proof such as Aadhar card/ Voter card/ Pan Card/ License.

2) Residence proof such as Utility bill of house/ Adhaar card/ Voter ID/ License.

Fortunately, a gold loan is a secured loan so the banks do not check the CIBIL score of an individual. So individuals with a not-so-good CIBIL Score can also apply for a gold loan and get their amount sanctioned. 

Conclusion-

In this fast-paced and unstoppable modern era, one needs to get their work done quickly. The same goes while availing the financial services. Banks have their best to make the loan process less cumbersome, and less complex. They tried to bring the customer on an online platform so that more and more customers can be touched which has been a great step in developing the financial sector throughout the nation.

Read More:- What is the Top-Up Gold Loans Scheme 

WHAT IS A FAIR CREDIT IN A PERSONAL LOAN?

A personal loan can help a person with a whole variety of financial problems and various financial challenges. If a person is in need of some cash in order to cover a large expense or have to pay a medical bill or has to consolidate the balance of his credit card, he can always look upto a personal loan. This is because a personal loan can help a person in all of the circumstances mentioned above and not only this but a lot more. 

A personal loan is an installment loan, which means that a person has to repay the amount of loan back to the bank or to the money lender in the form of equated monthly installments and at the same time, it is an unsecured loan which means that you do not have to pledge any of your assets. Hdfc personal loan customer Care helps the customers to clear all the doubts regarding a personal loan.

Also, a person does not have to get the perfect credit to get a personal loan but if the credit of the person falls into the 'fair' category, he may find fewer loan options and will also have a more difficult time in getting a personal loan with the favourable interest rates than a borrower which has a higher credit score. If a person is considering a personal loan and his credit is in the 'fair' zone, then he can even improve his credit score in a lot of ways.

A FICO score of around 580 to 669 is considered 'fair'. FICO ranges from a minimum of 300 to a maximum of 800 and it mainly falls into the following five categories: -

• Very poor - 300-579
  
  
• Fair - 580-669
  
  
• Good - 670-739
  
  
• Very good - 740- 799
  
  
• Exceptional - 800-850.

Your FICO scores are based on the information that is in the credit reports and it is maintained by the three major credit reporting agencies which are - Experian, TransUnion and Equifax. Your FICO score depends on the following five factors: -

• PAYMENT HISTORY- How consistent a person is in paying the bills and the other dues is the most important factor in maintaining a good credit score. This factor mainly counts for around 35% of the FICO score. It means even if you have missed a single payment of the credit card dues or the EMIs, it will have a huge impact.
  
  
• AMOUNTS OWNED- The balances of the credit card divided by the sum of all the available limits of the credit cards gives the credit utilization. This is one of the most important factors to consider and also, along with this factor, how much the progress is made by paying all the loans, accounts for around 30% of the credit score. In simple words, the lower your credit utilization, the nearer you will be to pay off your cards and it will be better.
  
  
• LENGTH OF CREDIT HISTORY- Around 15% of the credit score is based on how long a person has held his loan accounts and his credit cards. This is also one of the most important factors and it also considers the average age of all the accounts of the applicant.
  
  
• CREDIT MIX- The seasoned credit users manage to have a variety of the credit products such as the credit cards, loans, lines of the credit card, etc.
  
  
• NEW CREDIT-  The remaining 10% of the credit score is based on the number of credit accounts that a person has opened recently and how many hard inquiries have been there to the credit report. A flurry of the new applications of the credit can also increase the risk of a person to the money lenders.
  
  

CONCLUSION: -

When a person applies for a credit, the banks or the money lenders use his credit score to assess the risk that is involved in lending you the money.  A higher credit score indicates that a particular person is managing all his credits easily and is also repaying all the debts successfully.

Read More:- Loan Against Property vs. Personal Loan 

Everyone wants to get a personal loan with the lowest interest rate possible but at the same time, everyone wants that their loan application will get approved. This is because due to the pandemic of coronavirus, a lot of banks and money lenders have changed the eligibility criteria and have made it a little stricter than it was earlier. Therefore, a lot of loan applications are also being getting rejected. An emi calculator for personal loan helps the borrowers to calculate the amount of the EMIs in advance to get an idea. The loan application of a personal loan is evaluated on many parameters so, it is always wise to take some actions today in order to increase your chances of getting a personal loan in the future.

The pandemic of coronavirus has shown that it is always better to make some advance preparations for the needs of future, whether it is to re-establish your business or to take care of your child's higher education or to clear some debts. Therefore, a personal loan is preferred by a lot of people as there is no need to pledge a collateral and a personal loan can also help you to get ready for all the goals that are not easy to get.

Following are some of the ways in which a person can improve the chances of the approval of his personal loan: -

• IMPROVE YOUR CREDIT SCORE- A credit score is nothing but a three digit number which explains the credit history of an applicant. The money lenders use the credit score as a way to determine the default risk on the part of the borrower and to understand as to how disciplined is the applicant with his finances. An ideal credit score is around 750. You should firstly find out your credit score and if it is not good, then you should really try to improve it. A credit score can be improved by paying all the EMIs on time, by paying all the credit card dues on time and by also limiting the utilization of the credit card. If you will have an ideal or a higher credit score, it will really improve your chances of getting the approval of a personal loan and you can also get the best interest rates too. ICICI bank personal loan interest rate is really low and affordable as compared to the other interest rates.
  
  
• MAINTAIN A STEADY EMPLOYMENT PROFILE- The money lenders or the banks always want some assurance that you are earning enough that you will be able to repay the amount of loan easily and therefore, they prefer the borrowers which have a steady income history as it proves that the borrower has a financially sound future. The banks or the money lenders prefer the applicant who is steady in his job, has a steady employment profile and who avoids frequent changes in his job.
  
  
• ADD A CO-APPLICANT OR A GUARANTOR- If you do not have a good credit score or a good steady source of income or if you are not able to meet the eligibility criteria that is set by the bank or the money lender, you can opt for a joint loan too. In a joint loan, you will be having a co-applicant or a guarantor with you. The co-applicant must be having a good credit profile and also a stable source of income. This will help you to minimize the credit risk as the guarantor or the co-applicant will be equally responsible and liable to pay the loan. Also, a co-applicant will increase the possibility of the personal loan getting approved even for a higher amount.

Read More:- Personal Loan for Marriage 

The money you borrow will have to be repaid over time, probably with interest. In its most basic form, a personal loan is money lent to you by a lender that you must back regularly for a set length of time. Of course, there are additional details. Any financial organization, including a traditional bank, credit union, online lender, or even a family member, can act as a lender. A personal loan works similarly to other types of loans. You apply for a loan, submit the required paperwork, and the bank evaluates your creditworthiness before making a loan offer. If you agree, the cash will be deposited into your bank account, where you can use them as you like.

You must pay back the loan in equivalent monthly instalments (EMIs), which vary depending on the loan amount, term, and interest rate. The lender will pull your credit as a part of the application procedure when applying for a loan and it lowers your credit scores by a few points. When you're looking for the best rates, some lenders with whom you already have an account will do credit on you and it has no bearing on your credit ratings. Check your rates with lenders who offer soft pulls, which don't affect your credit ratings . Some loan kinds can only be utilized for a specific purpose. When you take out a car loan, you can only spend the money to buy a car. Personal loans can be used for a variety of things, including debt consolidation and medical bill repayment. A personal loan can be suitable.

You can get accepted for an unsecured personal loan without a loan without putting up any collateral. This means you won't have to put up your car, home, or other valuables as collateral to secure the loan. Consolidating debt, such as many credit card accounts, is one reason why some people take out personal loans. A single fixed-rate monthly payment on a personal loan is easier to manage than many credit cards with varying interest rates, due payment dates, and other variables. Borrowers who qualify for a personal loan with a lower interest rate than their credit cards will be able to consolidate their debts.

Benefits 

Hassle-free documentation: Documentation is entirely digital when applying for a personal loan online. The few documents required to be uploaded with your application online can be done quickly and conveniently. This eliminates the need for any paper in the process. In addition, some lenders offer document collection at the borrower's home. 

Customized Plans: Instant personal loans are adaptable and can be used for a variety of purposes, including home improvements, travel, weddings, and medical situations. Personal loans have a variety of tenures and repayment schedules from which the borrower can choose. Personal loans are not subject to the "one size fits all" guideline. The loan can be used to fulfil any dream, need, or goal that you have set for yourself. Indiabulls Personal Loan customer care number is 1800 200 7777.

Collateral Not Required: Personal loans are almost always unsecured loans. As a result, no collateral is required as security in default or non-payment of dues. As a result, anyone currently employed and has a good credit history can apply for a personal loan.

Festive Offer In Personal Loan

1) Laxmi puja offer: Diwali, or the Festival of Lights, is a time for joy and celebration when we welcome the goddess of wealth into our homes and bank accounts. While it's undeniable that this month brings India's brightest streets and houses to life, in this festival many banks provide special scheme in personal loan.

2) Pandemic Offer: Small businesses and consumers need immediate cash for which they applied for a personal loan to meet their demands. Many people lost their employment and were financially exhausted during COVID- 19. In such instances, personal loans are a godsend for those in the middle who need to finish their task. 

3) New year offer: As we all know, many people start their businesses in the new year, and many of them desire to develop their businesses. All of these activities necessitate finances, and in the new year, lenders give customers attractive deals on personal loans to start their business. A personal loan calculator can be used to know all about the loan details.

Must Read:- Time Effectiveness Of Personal Loan 

A gold loan needs an asset to be pledged as collateral and is, therefore, one among the many secured loans. The gold loan is provided authentically by banks and Non-Banking Financial Companies(NBFCs) with affordable interest rates and flexible features. As unsecured loans don’t require collateral the eligibility criteria and the documents required is high and more. However, in a  secured loan the collateral during the loan term is temporarily owned by the bank or NBFC and is returned to the borrower only after receiving the owed money in full(principal amount plus the total interest).

But, besides pledging an asset, a bank or NBFC also have other demands. The applicant applying for a gold loan must be in the age range of 18 and 75 years. In addition, a government authorised ID proof is mandatory. PAN card, Aadhar card, Voter ID, driving license, passport are accepted as ID proofs by the lenders. Also, an applicant can apply for an agricultural gold loan if they have farming land in their name as proof. With these documents, a gold loan can be benefited.

Loans like personal loans have many documentation requirements, and the chance of getting rejected is high, but in a gold loan, as seen above, it only needs the basics. Hence, the probability of rejection is low but not NIL. One way of getting a gold loan rejected is by submitting an invalid ID proof or an expired one. For instance, passports and driving licenses have expiry dates, and if your submitted proof is expired, then a bank or NBFC can reject your gold loan application. Another probable reason for rejecting a gold loan is pledging a gold article(s) of purity less than 18 carats.

If the purity of the pledged gold is 16k, banks and financial institutions do not accept that gold as valid collateral and may reject your gold loan because of that. Also, in the case of an agricultural gold loan application, false land proofs or the unavailability of Kissan Credit Card may get an agricultural gold loan rejected. A loan rejection looks bad in a credit report and affects your credit score immensely. Therefore, make no mistake in the application submission and the documentation validity. Though unnecessary for a gold loan, a credit score is mandatory for availing most other loans and especially unsecured ones.

A gold loan can be applied using the internet from your home quickly or by visiting the bank or NBFC in person. Both the modes are simple and efficient. By filling in the basic details(name, age, address,etc..,) submitting the documents, and pledging the asset, one can rapidly avail a gold loan, and the loan amount disbursal is done immediately after the application’s verification process and approval. A gold loan is resourceful, and a customer can opt it for any purpose. Be it construction, business expansion, home renovation, weddings, or higher education, banks and NBFCs are readily available to fund your financial need. The LTV ratio is a maximum of 90% in a gold loan, and up to Rs one crore is sanctioned as a loan amount by the authorised finance providers. The interest rate starts at 7% per annum, and a gold loan interest calculator can be used to calculate the interest rate for the loan amount and tenure chosen. The tenure available is at most 36 months and at least three months in most banks and financial institutes. As an added advantage, the processing and prepayment fee are also NIL for a gold loan by most financiers.

A Kerala based financial company is Manappuram Finance Limited. And Manappuram gold loan stands as one of the best gold loans in India. The NBFC has millions of customers vouching for its reliability and trustworthiness with branches worldwide.

Read More:- How banks check the purity of Gold in Gold Loan 

The covid 19 was initially started on 31/12/2020 by the WHO(world health organization ). Later on 30/1/2021, the world health organization considered covid 19 as a world health emergency issue. on 11/3/2021 the WHO considered it as a pandemic.

In India during the pandemic, the govt and few banks introduced special loan schemes for people in need of emergency money.

1. IND- COVID Emergency Credit Line (IBCECL) for Corporate: this will provide 10% of the working capital and has a limit of 100 crores.

2. SHG-COVID - SAHAYA LOAN for Self Help Groups: these loans were provided for the self-help group (SHG).

3. IND- MSE COVID Emergency Loan— (INDMSE-CEL) for MSME: this will provide 10% of the working capital and has a limit of 50lakh.

4. IND-COVID Emergency Salary Loan for Retail borrowers: the salaried people will be given a loan amount up to 20 times their gross salary per month.

5. IND COVID- Emergency Pension Loan for Pensioners:15 times the pension that he receives and with a max limit of 2 lakh.

During the lockdown, the financial market resulted in an acute financial crisis. For the people who already had loans debts upon their heads, had a hit as they were in no situation of paying the money, as they were on the brink of being unemployed .as entire financial make was impacted by the total shutdown of its operations, due to coronavirus, it took its time to come back with help for the people.

Along with the risk of not being able to pay the repayment EMI. The people who have taken the personal loan had a greater risk of losing the credit score. As a personal loan has a higher risk factor, it reduces one credit score when one doesn’t pay the EMI. Vijaya Bank personal loan also provided financial help during the pandemic season.

Did covid really affect personal loan?

Higher Default Possibility :During the lockdown and the pandemic, people started losing a job and they started becoming unemployed - as the company were unable to keep up with the salary of every employee as most of the company were running on loss due to many factors like lack of customers etc. Due to non-payment of loans - the number of bad loans increased rapidly as a result of covid 19. As a result of the pandemic the economic growth slowed.

Should You Worry About Your Personal Loan Repayment? 

In the repercussion of the coronavirus lockout, it all comes down to two things: job protection and revenue. If your source of income is consistent, repaying your personal loan EMI will not be a problem. However, since the existence of the COVID-19 pandemic is unknown, if you decide to pay your EMI late to save money or for other financial reasons, In addition to the interest, you will be charged a late payment fee. On the other hand, those who are uncertain about their job security or who have lost their job due to the coronavirus will find it difficult to repay their personal loans. You may get a new personal loan or a personal loan moratorium in this case.

About Personal Loan Moratorium 
As announced by the RBI, the borrowers who already have an existing loan on the 1st of march - who have at least one payment due -can explore an EMI moratorium till august 31 2020. After applying with moratorium no amount will be deducted from the borrowers account for three months also will not affect the borrower’s credit score.

Conclusion
Covid 19 affected the entire profit organizations and non-profit organizations. As a result, the people started losing their jobs and becoming unemployed, this affected the loans as people were unable to pay the EMI of the existing loans.

Read More:- Gold Loan Vs Personal Loan 

Personal loans are the most convenient since the eligibility terms are lenient, the documents required are minimal and there is no restriction to how the funds from a personal loan must be used. Now a days you can apply for instant personal loans online. However, when you are looking for a loan amount of more than 10 lakhs, some credit lending agencies would also require you to have a guarantor who could guarantee the repayment in case you default.

Below are the steps that are the first, to-be-followed step when you are planning to get a personal loan.

1. Assess your requirement :- Think thoroughly for what purpose you need a personal loan and what must be the average money required for that purpose.
   
   

2. Check loan eligibility :- Once the estimation of the required amount is done, the next step is to check whether you clear the eligibility criteria of top credit lending agencies. You can visit the Eligibility Calculator of different credit lending agencies online, to find out according to your details, how much you can borrow as Personal Loan.
   
   

3.  Calculate monthly instalments :- Use an online EMI calculator tool to calculate how much fixed monthly instalment you would be repaying after availing loan. You can change the interest rate and period according to your income.
   
   

4.  Approach the Credit-lending agency online or offline :-You can apply for personal loans for a lot of credit lending agencies online. For SBI personal loan apply online. Similarly, there are a lot of other lenders that help you apply online and ease the procedure.
   
   

5. Submit documents :- Next, look for the documents required and upload the theme on the portal if you have applied online. In case you have applied offline, you'd be told to bring them in the next visit. Usually, you will be asked to present income proof, address proof and Identity proof.
   
   

6. Guarantor requirement :- If according to your income you won't be eligible for a loan of more than Rs. 10,00,000, then having a guarantor to sign for you can make the bank give you loan approval.
   
   

 Your funds would be remitted to you within a few hours or 2 - 3 days in rare cases.

 Personal loan eligibility

These steps broadly cover the different criteria of different agencies. Personal Loan Eligibility Criteria:

• Age of the candidate must be between 21 years to 65 years
  
  
• Can be a salaried professional
  
  
• Can be a self-employed individual
  
  
• Can be a private limited company's employee
  
  
• Can be a public limited company's employee
  
  
• Can be a member of any central government council
  
  
• Can be a member of the state government council
  
  
• Can be a member of a local government body
  
  
• Minimum monthly income of the candidate must be Rs. 15,000 (at least).

Note: these criteria just broadly covers the eligibility criteria that most credit lending agencies have. The actual points can differ and it is advised that you go to the specific company website to know their eligibility criteria.

There are a few things that you should keep in mind if you are applying for a huge loan amount.

• Perfect Credit Report :- Make sure your credit score is healthy and you don't have any nonpayment of  EMIs or  bad credit behaviour reflecting on your credit report.
  
  
•  Huge debt-to-income ratio :- It refers to the amount that you earn every month as salary and the amount that you spend towards your monthly liabilities. Lenders use this to evaluate whether you would have the repaying capacity in future for the additional loan you are going to take.
  
  
•  Employment status :- If in the recent past, you have been changing jobs every now and then, it might appear as a risk for the lending agency as from their perception if you default, it would be difficult for them to catch hold of you to extract their money.
  
  
•  Bad credit score of Co-borrower :- If you have joint account and your partner is the co-borrower , their reduced credit score can affect your ability to get a loan. Therefore, don't get a loan in an account which is joint and your partner is having a bad credit history.
  
  

Getting a loan amount as high as 10,00,000 or even more is not difficult provided you follow the above mentioned steps and have been a good borrower in the past.

Also Read:- HERE'S AN 8 POINT GUIDE TO REDUCE YOUR DEBT BURDEN 

A Gold loan is one of the most preferred loans for the Indians because it is given against the quantity of the gold articles you deposit as collateral or security to the bank or the moneylender. The banks and the non-banking finance companies value the gold based on the current prices in the market. The Reserve Bank of India allows a maximum of around 90% of the value of the gold to be disbursed as the amount of loan. The rest of the amount is kept by the moneylender as a margin and can be used in any case of unforeseeable circumstances. Availing of a gold loan is a great idea as it has a lot of benefits. A gold loan has certain features that make it one of the best loans.

Following Are Some Of The Reasons Which Make A Gold Loan One Of The Best Choices To Make In Case Of A Financial Emergency: -

• IT IS SIMPLE AND FAST- A gold loan is one of the simplest and fastest loans that banks offer. The whole process of the loan application of a gold loan is really fast. This is because the documentation involved in a gold loan is minimal, and a person does not have to carry a lot of documents with him as it is in the case of other loans. The documents needed in a gold loan are the KYC documents, which include the identity proof and the address proof.
  
  
  
• IT OFFERS A LARGE AMOUNT EVEN AT A LOW CREDIT SCORE- A gold loan is one of those financial instruments where a person can avail a higher loan amount even if the person has a low credit score. This is because the moneylender keeps the gold that the borrower deposits as security. This is why the banks and the non-banking finance companies are ready to offer higher loans at such low credit scores.
  
  
  
• THE INTEREST RATES ARE ATTRACTIVE- The interest rates on a gold loan are really attractive and flexible compared to the interest rates on the other loans. A person can check the amount of interest with the help of a gold loan interest rate calculator. As the borrower provides the gold to the bank or the moneylender, the risk decreases, and that is why a gold loan is offered at such attractive interest rates.
  
  
  
• THERE ARE FLEXIBLE REPAYMENT OPTIONS- The options of repayment involved in a gold loan are flexible, and it is, no doubt, one of the biggest highlights of the gold loan. A person does not have to pay only the EMIs because there are other options available too that a person can opt for. A person can repay the whole amount of the loan at the end of the tenure, too, with interest rates being paid every month.
  
  
  
• THE TENURE OF REPAYMENT IS LONGER- The tenure of the repayment in a gold loan is also longer as compared to the other loans. Also, the tenure of the repayment cab is extended up to a time period of around 30 months.
  
  
  
• MINIMAL CHARGES- A gold loan is more beneficial as compared to the other loans because of a lot of reasons, as mentioned above. Also, there are no extra charges in a gold loan as there are other loans such as processing charges, foreclosing charges, etc.
  
  
  

A gold loan comes with some of the prominent advantages that are not there with any other loan. A gold loan is considered one of the best loans to look up to when in a financial emergency because the whole process is easy and simple, and there is no need to deposit any income proof. There is also no requirement of having a good credit score or a good repayment capacity as an unemployed person can also apply for a gold loan. Also, the gold loan interest rate in SBI is affordable and reasonable compared to the other rates of interest in a gold loan. 

Also Read:- HOW GOLD LOAN IS DIFFERENT FROM TWO-WHEELER LOANS 

The government introduces many schemes for helping people avail gold loans and especially for farmers. There are agricultural gold loans for farmers, which start from a rate of interest of 7% and onwards. This agricultural gold loan has various conditions, and the eligibility, rates of interest, tenure period etc., also vary according to different banks and lenders. These loans can be availed at a rate of interest that is 7% onwards, and the gold loan amount is sanctioned as per the gold loan per gram; a farmer can avail a loan of any amount, whether it is ₹1,000 or it is ₹ one crore, it offers a flexible repayment option whether the farmer repays on EMI basis or lump sum amount, it depends on the bank or lender and the borrower, they have a flexible tenure which can range between 1 month to 36 months, gold loans generally have minimal processing charges that can be anywhere between nil-1%.

The agricultural gold loans have a slight difference. They require certain things such as:

1) The borrower should fulfil the KYC guidelines as per the request of the bank or lender.

2) The borrower should be involved in agricultural activities or allied activities.

3) The RBI should classify the agricultural that the borrower undertakes as under the agricultural sector.

4) The borrower must be between the age group of 18 years and 68 years.

There are also some documents requirements that need to be fulfilled:

1) KYC documents such as PAN card, driving license, voter ID, passport etc.,

2) Address proof, electricity bills, water bills, telephone bills, Aadhar card, PAN card, driving license, voter ID, passport etc., 

3) Duly filled application form and other necessary documents include proof for five years of business continuity (for self-employed individuals), passport size photographs etc.

There are some features that agricultural gold loans carry; let us take a look at some of these features:

1) They have an easy and hassle-free loan process, and the loan amount’s disbursement can be done quickly.

2) They are available with low-interest rates compared to other types of loans, and they begin at 7% and onwards per annum.

3) They offer a convenient repayment schedule that you can choose; you can either repay the EMI system or monthly instalments.

4) Gold loans require minimal documents, which means that the documentation process does not take a lot of time.

5) Most importantly, your gold is kept safe in the bank vaults, and you don’t need to worry about the safety of your gold, and you can get it back as soon as you repay the amount of the loan.

6) Some banks even provide the option of gold loan renewal.

These are some of the features offered along with the agricultural gold loan, making it easier to avail of a gold loan and use it as per your convenience. There is no rigid rule to use the loan money on any particular activity.

Many financial institutions and banks offer you agricultural gold loans such as Dena bank gold loan, Axis bank, HDFC bank etc. These loans are pretty convenient and easy to avail of as they are quickly available so that they can cater to your needs of quick funds as well. In addition, you can also apply for the gold loan online and get the loan with just the click of a few buttons; and Some documents requirements which makes it easier to get the gold loan as you can get the loan just by sitting at your home. This makes it easier to discuss the terms and conditions. As you just have to visit the bank branch once. So, these are all the benefits that agricultural gold loans can offer the farmers.

Also Read:- Things To Keep In Mind While Availing Of Gold Loan 

Every person's family always puts stress worrying about their health. On the other hand, you will also be worrying about how to simply pay all the medical bills. Having the correct financial support will lighten the whole burden of emotional toll put on the family. Personal loans also offer you very easily. Every technological advancement and the government’s vision of Digital India reduced the anxieties even very less. Everything has come inside the palms. The personal loan is always the best choice that you can very simply avail the personal loan online or offline. Only you have to fulfill necessary documents whenever you avail online or offline.

Every basic and necessary paperwork to be done is nullified if you do this online mode. A very few taps, as well as money, will be transferred to the account. Every requirement always asked to submit is very less. Necessary or mandatory details like personal Aadhar card, driving license, PAN card, etc. Also, make sure you have a reliable credit score, this is very important. The interest rates will also be very flexible. For the medical purpose, hospitals also ask you to pay the fees beforehand; that will only perform the surgery later. In that case, you do not need to panic for very immediate approval of the personal loan. After the submitting of proper and necessary documents online, and once the bank verifies every credibility, your loan will be sanctioned within very little time.

For applying for the gold loan simply, there's even very less and basic paperwork. You need to submit jewelry, gold and borrow money against this. The problem of defaulting is nullified as if you also fail to pay, gold will be taken by the best bank for auction. If you are educated about the economic options, this will always help you at the correct time. Tata Capital personal loan for medical purposes is the best option because the bank is always ready to give personal loans for every purpose. Personal loans are instant and come without pledging the collateral things. We have a personal loan offering for every person with less rate. Personal loan for helping for weddings, children’s studies, travel, etc. The best thing about the loan is that this can very easily solve every financial problem at an instance. The loans are the best and this is very popular for the flexibility of usage.

This loan can always be used for higher educational purposes if you have fewer amounts for the education purpose then avail of the loan and can help you to achieve the dream. The personal loan rate of 9.99% per annum only. Your age should be more than 21+ and the maximum should be 60. Every borrower needs to maintain a good credit history and always a good CIBIL score. A good CIBIL score also helps every persona to avail of a personal loan. Some of the people get rejected because they do not have a good CIBIL score, If you want to avail of the loan, then maintain a CIBIL score of 750+. If your score is not 750 then you are not eligible.

Conclusion :
A personal loan calculator is a method to calculate every person's installment amounts. If you are self-employed, you also need to make sure you are easily eligible for the loan. Tata Capital personal loan details also check like CIBIL score, age, interest rate, etc. Your CIBIL score must be 750+ and age is also a very important factor; these are the basic things you need to maintain. Because every bank their criteria are always different some bank criteria are high or difficult to understand. If you are thinking that every bank criteria is the same then you are wrong.

Read more:- A Perfect Personal Loan For You