Here's all you need to know about taking a gold loan
Hindustan Times Ranchi|January 08, 2025
If you face a temporary cash crunch and are in an urgent need of funds, you can use the gold sitting in your locker to tide over your cash flow issues.
Jash Kriplani

Banks and non-banking financial companies (NBFCs) offer gold loans for tenures as short as three months to as long as five years. Interest rates range from 8.8% to 18%, depending on the lender, the purity of the gold, and loan-to-value (LTV) ratio, among other things.

While you don't need a credit history to apply for a gold loan as it is a secured loan (that is, disbursed against collateral), a high credit score can help you secure a slightly lower interest rate.

There is also a processing fee of between 0.25% and 3% of the loan value. While lenders are allowed to offer a loan up to 75% of the value of the gold, they may choose to be more conservative, based on their internal risk-mitigating safeguards.

This story is from the January 08, 2025 edition of Hindustan Times Ranchi.

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This story is from the January 08, 2025 edition of Hindustan Times Ranchi.

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