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Banking and Finance

How to Apply Online for 2 Lakhs Gold Loan?

Today everyone realises how important it has become to invest in gold. Gold has now become the fastest and easiest way to cash out money. If you require a small amount like 2 lakhs or a big amount up to 20 lakhs, you can get these amounts by applying for a gold loan. You can use this amount for any purpose such as repairing your house, paying for higher education, covering marriage expenses or even during medical emergencies. If you want to apply online for a 2 lakh gold loan then, this article will offer all the necessary guidance. 

2 Lakh Gold Loan – Eligibility Criteria

Given below are the eligibility criteria you need to abide by while applying for a gold loan of 2 lakhs. 

  • Since you do not require any income proof, your form of employment does not matter. Salaried employees, self-employed, non-working or even senior citizens can apply. 
  • 18 to 75 years is the appropriate age. 
  • You can get a gold lakh of 2 lakhs if your gold has 18 to 24 karats certifications. 
  • Gold coins, ornaments and even bars make you eligible to apply for this loan. 
  • The maximum tenure offered to you for a gold loan worth 2 lakhs is 36 months.

How to apply online for Gold loans of 2 lakhs

Given below are the steps that you will have to follow if you want to apply online for a gold loan of 2 Lakh. 

  • Visit the website of the lender. 
  • Then click on the “Gold loan” option. 
  • Fill in the details like the weight of your gold, the amount you need(in this case 2 lakhs), original receipts of the gold ornament etc. 
  • Once you have filled in the important details submit the form. 
  • Now the lender will go through the details and will approve the loan. 
  • Someone from the lending party will reach out to you for the final formalities. 

Also Read: Where Can One Sell Gold Near Me?

Features of Gold Loan

Let us have a look at the features you may see if you decide to take a gold loan for 2 lakh. 

Attractive rate of interest

Gold loan has the lowest rate of interest compared to any given loan scheme. They start at a rate as low as 6.90%. The rate of interest can change on the bases of your gold quality. 

Pay interest only

One of the most unique features of gold loans is that you only need to pay the interest. You need to the interest throughout the tenure of the loan and only the actual principal amount at the closure of your loan term. 

No charges for early closure

Unlike other loan schemes, you are not charged with any charges or penalty fees for paying the full loan amount in advance. In other schemes, the charges for early closure can be 4% which is high. 

Wide range of purposes

Once you borrow a gold loan it is up to you how you spend the loan amount. You can use it to decorate your house, cover marriage expenses, higher education or maybe even for medical emergencies. 

No credit history is required

Other loan schemes present in the market require credit score history but gold loans do not. They do not check for your credit score since the gold you deposit is good enough to cover your collateral. 

Quick disbursement of loan amount

Gold loan is said to be the fastest way to get cash. The lenders often grant you the loan amount within 1 hour if you are eligible for the loan. This is because you are backed by your physical gold and you get minimal documentation and eligibility. 

No need to produce income proof

No income proof like your salary slip or bank statements are asked while you apply for gold loans. This is because you are backed by your gold articles. Hence, this makes it possible for both salaried and self-employed individuals to apply for a gold loan. 

Anytime liquidity

As mentioned above, gold loans are the fastest way of getting cash. This is because your gold can liquidity anytime with the right amount of gold and minimal documents. This feature is not applied to any other loan scheme. 

The interest rate and EMI

The table below shows the different banks along with the rate of interest and the EMI for 1 year they tend to offer on gold loans of 2 lakhs. 

Banks  Interest Rate EMI Amount
State Bank of India  7.40% only  3,106
Muthoot Finance 6.90% to 23.00% 3,083
Federal Bank 7.39% only  8,671
Canara Bank  7.65% only  8,638
Yes Bank 9.99% only 3,226

Whether you want to issue a 2 lakh gold loan or a 20 lakh gold loan, this loan type guarantees being the quickest. With minimal documentation, no credit history and income proof, this loan scheme tends to be the most favourable in comparison to other loans like personal or housing loans.

Sakshi884

Sakshi is a Financial Advisor who helps people with investments and help them to get more out of their investment.

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