What is a GOLD Loan?
Gold loan or loan against gold is a secured loan in which a customer pledges his/her gold ornaments as collateral with a gold loan company. The company, in turn, gives a loan amount as per the market value of gold and the quality of the gold to the customer. It is a very quick and easy way of fulfilling one’s financial needs as compared to the other loans. It is use for short term and temporary method of borrowing.
Why should I avail of a Gold Loan from money2me?
- Fast and easy process with 100% Transparency
- Low interest rates (1% p.m.) and Maximum Rate per Gram
- Flexibility in repayment facility (EMI scheme also available)
- No part payment charges, no foreclosure charges
- Part release facility
- No charges for gold security
Who is eligible to avail a gold loan from money2me?
Any salaried/self-employed individual aged 18 and above with gold of purity 18 karat and above is eligible for a gold loan from us.
Which documents do I need to carry with me?
Any One documents of Address proof (such as Passport, Aadhar Card, Utility Bill, Agreement of Sale, Rent Agreement etc.) And One documents of Identity proof such as Pan Card, Aadhar Card, Passport, etc.
How long will it take for me to get my gold loan?
Once you submit your application form and supporting documents, we shall give approval within a matter of minutes provided everything is in order. All loan approvals are at the sole discretion of the branch head.
What is the tenor of these loans?
The minimum tenor is 3 months, while the maximum is 06 months. Which can be renewed on the basis.
How much money can I avail through a gold loan?
The eligible amount for a gold loan is calculated by combination of parameters like (Net weight of the jewellery x Purity x Prevailing gold rate) and finally the scheme availed by the borrower.
Do I require a Guarantor or Introducer for availing Gold loan?
No. Unlike other loans, there is no need for either a Guarantor.
What happens if the loan amount is not repaid on the due date?
In case loan amount is not repaid on or before the due date, penal rate of interest is liable to be charged on the loan amount from the due date of loan.
Can I make a part payment of my loan amount?
Yes, you can make a part payment where you can pay-back a part of the total loan amount. Here, you will have the advantage of future interest being charged only on the balance principal amount after part-payment. Moreover, you may choose to release a part of your gold ornaments/jewellery as per the loan amount that has been paid back.
Can I part release my gold?
Yes, you can once you have paid back a part of the loan amount as per the value of gold you wish to have released.
How can customers settle the loan account and get back the gold ornaments?
The customer has to submit the Gold Receipt (given to them at the time of taking loan) to the counter staff at the branch with a request to close the loan account. The staff will enquire into your account in the system and inform you of the outstanding loan amount (principal + interest accrued). By depositing the outstanding loan amount with up to date interest, the loan account is closed. The branch head then hands over the ornaments to the customer against his/her acknowledgement immediately.
What are the things that people should keep in mind while taking a gold loan?
The most important things from the customer’s perspective are transparency, security and choice of loan product to suit individual requirements. Transparency would help the customer see for himself what he gets in return for what he pays. There should be no hidden costs and no surprises. Security is about how well the gold is physically secured, and also about the internal systems and procedures at the company which ensure that there is no scope for any mala fide actions after the jewellery has
Is there Benefits for Money2Me Customer ?
Yes, company will provide the concession in the ROI to existing customer depending on their previous track record.
