A Gold Loan (also known as a Loan Against Gold) is a secured financial arrangement where a borrower pledges their gold ornaments or jewelry as collateral with the bank. In exchange, the bank provides an immediate loan amount based on a percentage of the gold's current market value and purity, which the borrower repays over a set period to reclaim their assets.
Key Features:
- Rate Of Interest 9.25%
- Short term loan to meet with immidate need.
- Maximum period 12-months
- Limits Rs 2 lakh.
- Margin 60% to 80% of amount of valuation. (30 days average rate of 22 carat)
