Do you know that your idle gold ornaments can be a suitable option if you want to fulfill your urgent financial need? Well, if you didn’t know it yet, know this now that with the help of a Gold Loan, customers can get the loan amount against their gold ornaments and coins minted by banks. But one of the most common questions that people ask is how do lenders decide the gold loan amount? Well, the answer to this question lies in the present gold price. A lender first assesses the overall value of your gold ornaments and then provides you the gold loan amount accordingly.
The loan amount usually ranges from 65% to 90% of the overall gold price of your ornaments. This criteria changes from one lender to another. So, suppose the overall value of your ornaments is INR 10 lakh, and you want to get a Gold Loan against this, you can get a maximum loan amount of INR 9 lakh that can be as low as INR 6,50,000. So, you can see the importance of gold price when going for a Gold Loan. When you want to opt for a Gold Loan, lenders evaluate your ornaments according to the Gold Rate today and then decide the final loan amount. In this article, we will talk about how gold price and a few other factors also affect the Gold Loan interest rates. So, keep reading to know more. Impact of Gold Price on Loan Amount & Gold Loan Interest Rates Gold Loan Interest Rate is one of the most important factors of the Gold Loan and that’s why individuals always look for lower rates. We are seeing some of the factors that determine Gold Loan Interest Rates. Have a look. As we told you the gold price determines the gold loan amount. If the gold rate today is at an all-time high, you could get a higher loan amount. But it’s also important to know for you that the higher the loan amount, the higher would be the Gold Loan Interest rates. Several lenders decide gold loan interest rates according to the present gold value. For example, the Indian Overseas Bank Gold Loan Interest Rates tend to change according to the loan amount. Apart from Gold price, there are a few other factors too that decide the Gold Loan interest rates such as Monthly Income, Gold Loan Benchmarking Methods, Credit Score, etc. For example, if an individual has a higher monthly income, he or she will have a better repayment capacity and that’s why lenders may provide lower interest rates. Gold Loan Interest rates also change from one lender to another according to the benchmarking methods - MCLR linked Lending Rate (Internal) and Repo Rate Linked Lending Rate (External). If the Gold Loan rates are linked to RLLR, it will be updated once in a minimum of three weeks, while for the MCLR-linked lending rate, the reset period is fixed at 6 months or 1 year. It doesn’t matter if your Gold Rate Today is high, it is not necessary that you will get a higher loan amount at lower rates. Lenders also check the credit score of an individual before deciding the final loan amount and interest rates. An individual who has a good credit score (750 or above) may have higher chances to get a higher loan amount at lower rates as compared to an individual who has a poor score. One thing you also need to remember is that lenders charge a spread/mark-up/margin on the RLLR and MCLR while deciding the gold loan interest rates. This spread/mark-up/margin can vary according to the credit score of borrowers. If you have a good credit score, lenders may decrease this because of past repayment behavior. This can reduce your interest rates further. So, you can see that apart from Gold Price, there are several factors that affect your Gold Loan Interest rates and you should keep them in mind while applying for a Gold Loan.
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You must have hundreds of credit card options in the market, but you can find the right one at the Bank of India. Today in this post we will discuss the benefits of the Bank of India credit card, and how they will help us manage our day to day expenses with an advantage of rewards cashback and more, so read on to know further about the Bank of India credit card.
What Benefits Do you Get From the Bank of India Credit Card? If you are looking for a card that can be used worldwide, Bank of India has a variety of options for you. Take a look at the list of benefits available on the Bank of India credit card.
Which are the Popular Bank of India Credit Cards? The following are the listed Bank of India credit cards which are popular among the customers:- Rupay Platinum Credit Card
Visa Gold International
Visa Platinum International
Now you know everything about the Bank of India credit card benefits, so apply for them either online or offline. Home Credit India provides you a personal loan online to ensure that you obtain your cash instantly. Because there are sometimes times when you need a loan as soon as possible, but your bank might not approve your loan that quickly. That's why Home Credit Personal Loan comes to help you. With the Home Credit Personal loan, you can meet any of your financial needs without any hassle. Read this article to know how to apply and what benefits does this product consist of.
Home Credit Personal Loan Application Process The entire process consists of a minimal documentation and in just a few steps, you can get an instant online approval for a personal loan, and post KYC procedure the amount will be disbursed to your bank account within a few hours. So what you need to do is:-
If you couldn’t able to find the app on play store or apple store then ask for a link, call Home Credit India customer service by calling the toll-free number 0124-662-8811.
Once the procedure is over you will get approval instantly on the mobile app. What is the Eligibility for Home Credit Personal Loan? To borrow a loan from Home Credit India Company Ltd. you need to meet the following conditions:-
Key Benefits of Home Credit Personal Loan When you apply for the Home Credit Personal Loan, you will get the following benefits:-
SBFC is one of the leading and popular financial institutions of our country that offers a wide range of banking products to customers. But one of the most popular loan options is the Personal Loan facility with which customers can fulfill their various needs and desires. SBFC offers this unsecured loan to customers for a maximum period of 5 years at an affordable rate of interest. Many people don’t know the impact of SBFC Personal Loan Interest Rates on the repayment amount (EMI amount). This EMI amount is the monthly installments that individuals pay towards repayment of the loan.
Since personal loan is an unsecured loan which means customers don't need to pledge any security against the loan amount. This is the reason behind the importance of interest rates on a personal loan. Usually, Personal Loan Interest Rates range from 11% to 20% per annum. But the final rate depends on several factors and SBFC Personal Loan interest rates vary from one individual to another. In this article, we will discuss the impact of rates on your Repayment amount and how you can use the SBFC Personal Loan EMI Calculator. To know more, keep reading! Impact of SBFC Personal Loan Interest Rates on EMI amount Now as we told you earlier that interest rates affect your repayment amount. You must be thinking about how? Well, SBFC Personal Loan Interest Rates directly impact your EMI amount. Higher rates will make your EMI amount higher whereas lower rates will make your EMI amount lower. So, consider it as a direct impact on your Repayment. That's why it is always advised to always choose the lower rates so that you don't end up having a huge pressure on your pocket. Now, let's understand this with an example so that it can be more clear. Suppose an individual wants to opt for a 4-year SBFC Personal Loan of INR 7,50,000. To know SBFC Personal Loan Interest Rates affect your EMI amount, we are taking two different interest rates of 15.30% and 17.99% per annum. On taking the interest rate of 15.30% per annum, the monthly installments he would need to pay is INR 20,987 and interest outgo will be INR 2,57,390. On the other hand, when we consider the interest rate of 17.99% per annum, the EMI amount would be INR 22,027 and interest amount will be INR 3,07,312. From the above results, you can see that when we are choosing a higher rate, the EMI amount is higher whereas when choosing a lower rate, the EMI amount is lower. If you are thinking about the method by which we made these calculations, let us tell you that it can be with the SBFC Personal Loan EMI Calculator in an easy way. Let’s know in detail. How to use SBFC Personal Loan EMI Calculator? This is a tool to have an early estimate about the monthly installments for your personal loan. A lot of people don't do this and end up paying a higher monthly installments than their repayment capacity. There are a few details that you will need to put in the calculator. We are showing them in detail. Please check. Required Loan Amount This is the first thing you will need to put in the tool. With the SBFC Personal Loan, customers can opt for a loan amount maximum of INR 10 lakhs. However this is not the final loan amount and depends on several factors. SBFC Personal Loan Interest Rates This is the second thing to put in the tool. SBFC decides the final rate of interest for an individual after assessing several factors such as Monthly Income, Repayment Capacity, Existing Obligations, Residing City, and Credit Score. Tenure This is the third and last thing to put in it. Choose a tenure according to your repayment capacity and income from a maximum of 60 months. As soon as you put all these details into the sbfc Personal Loan EMI calculator, you will get the EMI amount, interest outgo and Total Amount payable. |
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