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Gold Loan Interview Questions & Answers - Learning Mode

Gold Loan Interview Questions & Answers - Learning Mode

Gold loan is sanctioned by accepting the gold ornaments of the customer as pledge. Personal loan is sanctioned on the basis of source of income and repayment capacity of an applicant. It is true that Gold loans, like personal loans or credit card borrowings, are often used for short term household requirements. Gold loans for less than Rs 50000/- also available for rural markets. Instant liquidity: Enjoy any time liquidity on your loan against gold. It can be repaid any time without any foreclosure charges. Foreclosure charges are to be paid when a loan is closed before the tenure is completed.

Try Gold Loan Interview Questions & Answers - Exam Mode


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Gold Loan Interview Questions & Answers - Learning Mode
Try Gold Loan Interview Questions & Answers - Exam Mode
Question: I am thinking to opt for a gold loan for my business. Should I go in for a gold loan from a bank or a non banking financial company? Which is a better idea and how much loan can I get?

Answer: As far as gold loans are concerned, the Reserve Bank of India has allowed banks and NBFCs to set up their own maximum cap. Earlier NBFC's used to offer high LTV for gold loans while banks were offering lower LTV. The constant decline of international gold prices has forced banks to lower the LTV on gold loans.

On an average for one year tenure, banks are offering 60 percent of LTV on gold loans instead of the earlier 70 to 75 percent. But NBFCs are more actively promoting gold loans. Source:
Question: I need some money for short term and Pl is not an option. Currently divided between gold loan and loan against property. Which one is better?

Answer: Picking between a gold loan and loan against property will all come down to your financial needs and associated risk factors. If you need quick money for short tenure gold loans can be beneficial but if you are looking for a higher quantum of loan with low interest rate loan against property can be your preferred loan option. Source:
Question: What is the LTV for gold loans?

Answer: The Reserve Bank of India has barred NBFCs from offering a loan to value ratio exceeding 75%. So if you are mortgaging a gold jewelry worth Rs. 1 Lakhs you can at best get a loan of only up to Rs. 75,000. Add to it the loan processing fee and other charges thereby reducing the final amount you can get in hand. Source:


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