How Can I Use my Gold to Get a Loan?

How Can I Use my Gold to Get a Loan?

Many people have the above question. Up to now, market of loan against gold in India was highly un organized and the organized players were not in the market. But now, it is possible to get a loan against gold in India.

HDFC, ICICI & SBI banks are giving loan against gold. They are giving the loan up to 80% of the value of the Gold jewellery, Gold Bars, Demat Gold or any other variety of Gold.

How to get a Loan against Gold?

Well, you have to just walk in to your nearest ICICI, SBI or HDFC Bank branch with your gold. You will have to fill the application and submit the required documents at the branch. They will verify the Document and within few hours, they will issue a loan cheque to you.

Its that simple. The main advantage of Gold Loan is that, you don’t need to qualify for any kind of High Income Individual. Even if you are a low Income individual, you can get a loan against gold. Indians hold world’s largest quantity of gold than any other country in this world. And that’s why now private sector banks are entered into this highly un organized sector.

Since Centuries, the practice of giving loan against gold has been practiced in India. Many Indian Entrepreneurs have put their wives’, parents’ or family gold as a security and taken a gold loan and started their own Venture. And today they are Success….!!!!

People of India have an emotional attachment towards the gold and that’s why it is highly unlikely that, they will default in its loan payment against gold. And on the top of this, taking a loan against gold will be a family decision and not just the individual decision and this will markedly reduce the probability of defaulting…!!!!