Hii. I am applying for a gold loan. I havent done that before. Can anyone tell me what things i need to ask or what points should i keep in mind while dealing with bank. What is floating point rate interrest. Anyone with any experience plz reply. Thanks.
2006-07-02 22:03:31 · 4 answers · asked by Sonia V 1 in Local Businesses ➔ India ➔ Hyderabad
First of all, the gold offered for loan is taken as pledge, not mortgaged or hypothecated.
The bank would have its own valuation done of the gold. If the quantity is large, it is advisable to have one private valuation got done with certificate.
Take all papers and receipts from the bank for all the items pledged with them with correct description, weight etc.
Loan would be extended on the weight of the metal only, no stones or gems are considered for the purpose.
Do enquire from more than one bank before going for the loan, about the facility, features, rate of interest, formalities, charges etc. You will yourself come to know of many things, benefits, conditions etc. prevailing for such loans at any point of time.
Floating point rate is the changing rate of interest applicable from time to time on the loan extended to any borrower opting such option of rate of interest. RBI has got no or extremely little role to play in fixing such rates by the banks and each bank is free to charge its own rate, so check with different banks, as suggested above, before finalising with any particular bank.
Do ask for hidden costs specifically, for the first time and annually, if any applicable to your loan. These costs should not surprise you every now and then.
2006-07-02 23:49:21 · answer #1 · answered by helpaneed 7 · 5⤊ 0⤋
Gold loans are given by any bank.Only ornaments can be mortgaged.Net gold in an ornament(without stones)is calculated.Nearly 75%of that value is loaned with normal lending rates.Easy and immediate sanction is the rule.
Floating point interest rate is the variable interest rates fixed by reserve bank..
Mortgaged ornament is not reported to IT,or any other inquiry agency.
2006-07-03 05:34:44 · answer #2 · answered by J.SWAMY I ఇ జ స్వామి 7 · 0⤊ 0⤋
I would like you to approach a government bank like SBI/ Bank of India for gold loan. It is obvious that gold loan interests are higher than home loan and as much equals to personal loan.
private banks may offer you best deals but try to know their hidden charges and then go for them.
cheers
2006-07-04 02:20:15 · answer #3 · answered by ravi 1 · 0⤊ 0⤋
You should contact The Gold Standard for the same.
You can visit them at : http://www.goldstandardny.com/
2014-07-25 09:13:25 · answer #4 · answered by Simon 2 · 0⤊ 0⤋