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How to choose the best gold loan companies that offer the lowest gold loan interest rate?
Gold is an emotion for us Indians. We have been one of the leading importers of yellow metal, mainly for domestic purposes. The wide establishment of gold loan companies offering finance at the lowest gold loan interest rate has added another dimension to the usage of gold. The rapidly increasing gold prices have been offering a better gold loan amount for the borrowers. Consequently, the gold loan rate today would be more than yesterday.
As a result, the customer will be getting more amount than what he or she had spent purchasing the ornament earlier. Every gold loan company displays info on the gold loan rate today, so as to aid the client in decision-making. He or she can evaluate the gold loan rate of the day and compare the interest rates to ascertain the gold loan company offering the lowest gold loan interest rate.
A customer should examine all the facets of the gold loan including the lowest gold loan interest rate, the repayment options offered by the gold loan companies, the gold loan rate of the day, and the procedure pursued by the gold loan company. Every borrower should evaluate these basic benchmarks prior to choosing the gold loan company for the finance.
We are scrutinizing the conditions for selecting the best gold loan companies that not only offer the lowest gold loan interest rate but also support the client optimally.
Factors that Make a Gold loan company the Best One
Each of the points we discuss in this section has been identified after studying the scenario existing in the country. Although the gold loan companies in India are in tight competition, there are certain elements that make one better than the other is.
Gold loan Interest Rate – Gold loan interest basically the discretion of the gold loan company. The gold loan companies across the country have stipulated the gold loan interest rates ranging from 7% to 29%. The leading gold loan companies like Manappuram Finance has been providing gold loan at the lowest gold loan interest rate. It might turn a daunting task for the common man to calculate the total interest payable during the gold loan tenure. A customer-centric gold loan company would have trained executives to educate the borrower on the comprehensive aspects of the gold loan according to the gold loan rate today (on a particular day).
Finance Offered by the Gold loan company – The gold loan amount offered by the gold loan companies differ depending on the policies extant in the entity. The total amount offered for the gold would also depend on the gold loan rate of the day. Post relaxation of gold loan terms and policies concerning Loan To Value (LTV) ratio by the Reserve Bank of India, the gold loan companies are authorized to disburse the maximum amount. Nonetheless, many gold loan companies haven’t cared to share the benefit with the borrower. They just claim that they are offering the lowest gold loan interest rate, whilst not stating much about the gold loan rate of the day or any other element that is decisive in the case of a gold loan.
Further, a majority of the gold loan companies have limitations concerning the maximum permissible amount. Their ceiling rate would be 10 or 15 lacs for a gold loan. Such a gold loan company would not be of use if you want a better gold loan amount. This underscores the fact that you should consider not only the lowest gold loan interest rate but also the gold loan rate today, and the maximum amount offered.
Flexible Repayment Options on the Gold loan – A prominent factor that distinguishes a gold loan from other types of loans, the gold loan company should provide flexible repayment options. Unlike any other loan in which the bank or NBFC decides the repayment mode, the gold loan allows the borrower to choose a repayment option. To be precise, the lowest gold loan interest rate, the higher gold loan rate of the day, and supportive flexible gold loan repayment option make a gold loan company better than any other is.
The gold loan repayment options normally offered by the gold loan companies are:
- Repayment at Equated Monthly Instalments (EMIs) that comprise both principal and interest elements. The salaried customers may opt for this option, as they can repay the gold loan without any difficulties.
- Repayment of gold loan interest as EMIs. If the customer doesn’t have enough income to repay both interest and principal as EMI, s/he can consider this option. And repayment of the principal amount as and when the borrower receives a lump sum amount.
- Periodic interest repayment is also recommended by some of the gold loan companies. The lowest gold loan interest rate, as well as, the periodic monthly interest repayment on the gold loan would reduce the financial burden on the borrower. S/he can choose to repay the principal amount at the end of the gold loan Notwithstanding, the gold loan company has to be enquired whether they offer this facility or not.
- Bullet repayment of the gold loan is the most chosen option by the customers. With this facility, the customer can repay the complete gold loan amount in a single go. Those in the business sector or the customers expecting a consolidated amount from the firms they are working for or from the project they are in can select the bullet repayment option on the gold loan.
Purity of the Gold is Vital on the Gold loan rate of the day – Lenders including gold loan banks and gold loan companies have systems derived for ascertaining the gold loan rate today, based on the purity of the gold ornament. The gold ornaments in India would be in a purity rating of 18k to 22k. The most common gold loan rating in the country is 22 karat. Therefore, most of the gold loan companies would be deciding the gold loan rate today on the subject purity standard. Moreover, only a limited section of gold loan companies will be offering gold loans on 18k and 20k gold ornaments. Check with the company about their gold loan criteria beforehand. The lowest gold loan interest rate might be available on 22k and 24k gold only.
Hassle-free, Quick, and Convenient Gold loan Processes – The gold loan is ideally the best and convenient finance option available in the country. The gold loan company should process the loan application quickly and disburse the money in minutes. A fussy gold loan approval process and a list of documents are not welcome. Choose a gold loan company that offers instant approval of the gold loan without any hassles or complications. They should render the details about the gold loan rate today, provide the lowest gold loan interest rate, and credit the amount to your SB account or hand over the loan amount directly to you in the shortest possible time. Online Gold loan is also a welcome step by some of the top gold loan companies in India. It helps borrowers to receive money at the time of need without the need to go to the branch physically.
The above-mentioned are the factors that are to be checked before deciding on the gold loan company. We have studied the gold loan companies, including those rendering the lowest gold loan interest rates, and identified the best ones. The details of the most preferable gold loan companies are given in the subsequent section.
The Best Gold loan companies
We have used specific criteria for determining the best gold loan companies in India. The elements that were taken into consideration include the lowest gold loan interest rate, the right gold loan rate of the day, and flexible gold loan repayment options. The data would aid you in making a well-informed decision on taking a gold loan.
Gold Loan Rate Today
The Gold Loan Rate Today should be more or less the same across all entities , and may keep fluctuating higher or lower based on various factors. Depending on the gold rate, 750% of the value, i.e., LTV (Loan to Value), can be released. For example, if the gold loan rate today is 4500 per gram, and the NBFC/Bank appraises Rs 10000 for your gold, you can receive Rs 7,500 for your gold, however, the Bank/NBFC has its final say on how much loan amount it could extend to its applicants. To know the live gold loan rate today, you can check online or with our branch executives.
Manappuram Finance Gold loan Scheme
The lowest gold loan interest rate, the better gold loan rate than any other gold loan company, instant gold loan facility, and the fixed processing fee of ₹10 are the factors that make Manappuram Finance the best gold loan company in the country.
The entity has been supporting customers in need for more than seven decades. Their trustworthy and optimistic services have aided many in materializing their dreams. The gold loan schemes offered by Manappuram have been derived with a client-centric concept. The gold loan interest rate offered by the company varies from 7% to 29%. And the amount you receive for the gold loan pledge depends on the offered gold loan rate today.
Manappuram Finance established its identity as the best gold loan company in India by serving the customers genuinely. All their gold loan schemes and services have been designed to help the borrowers. Furthermore, the transparent dealings and clarity in every aspect make them a reliable gold loan company in the country.
Details of the gold loan scheme from Manappuram Finance:
- Minimum gold loan amount – ₹1000
- Maximum gold loan amount – ₹1.5 cr (a higher amount can also be obtained on special cases. The amount above 1.5cr would be sanctioned after due analysis and approval by the board of directors)
- Rate of interest – 7% to 29%
- Gold loan tenure – up to 12 months
- Processing fee – ₹10
The tight competition among the gold loan companies has favoured the borrower. Customers nowadays get the best services, the lowest gold loan interest rate, and the best gold loan rate of the day. Being in the pole position, Manappuram Finance has been introducing many gold loan schemes that are advantageous for the clients, to maintain their top spot among the gold loan companies.
The gold loan rate today per gram for each caratage is different and the live prices can be rechecked with the Manappuram branch on the day of pledging your gold loan, to make sure you are choosing the right option.
We believe that you should always opt for a gold loan instead of a business or personal loan during emergency financial requirements. The gold loan schemes offered by the gold loan companies are much favorable to the clients than any other type of loan.
In addition to the lowest gold loan interest rate, and the best gold loan rate today, the gold loan approval process does not consider the CIBIL score, credit history, income details, or financial status of the customer. The finance approved exclusively depends on the gold mortgaged. Choose the best gold loan company from the lot and go for a gold loan confidently.
Do you have any questions regarding the gold loan schemes? Do you have any suggestions on this article about the gold loan companies in India?
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Title : Best gold loan company with lowest interest rate | Manappuram Finance
Description : The leading gold loan companies like Manappuram Finance has been providing gold loan at the lowest gold loan interest rate. Read to know more….