Bangalore is the state capital of Karnataka, is a cosmopolitan city which reflects modern India by several means. The climate in the city is generally pleasant throughout the year, making it extremely suitable for living in. However, the living standards can often seem quite in excess, and this can be seen while one shops, dines, or drinks outside.
In Bangalore, a Gold Loan can be taken by people who require a monetary resource for any immediate expenses or financial needs. Many banks and NBFCs offer gold loans in Bengaluru city. Often referred to as the IT capital cap of India and Silicon Valley Vale of India, Bangalore is one of the Information Technology (IT) hubs of India.
Some of the best offers on loans against gold in Bengaluru can be found with Kotak Gold Loan, HDFC gold loan, Axis gold loan, Muthoot gold loan, and gold loan Manappuram, besides others. mymoneykarma lets you know the best gold loan providers in Bangalore and about the gold rate today, alongside the best gold loans interest rates in Bangalore.
Gold loans are getting more and more common as the banking industry is advancing fast. It is a common practice in India that people keep gold ornaments and jewellery idle at their homes or bank lockers, it is not surprising that a huge majority of people rely on Gold as a resource for emergencies. One can easily utilize the value of gold and get it materialized by availing a loan against it, without liquidating savings in terms of gold jewellery and ornaments. The process, as opposed to what many expect, is quite fast and easy.
It is always a good idea to get a gold loan after knowing Today's gold rate in Bangalore.
Banks and NBFCs offer attractive rates on gold loans in Bangalore. These institutions charge only a nominal rate of interest. The loan amount can be used for any purpose as needed by the borrower. The loan tenure is generally quite flexible, and one can get the maximum possible amount as per the gold weight. Moreover, the loan sanctioning process is extremely transparent, and the financial institution involved helps customers to fulfil their financial needs with the loan against gold. You'll get the best gold rate today in Bangalore.
By the way, it is essential to know about 22-carat gold rate today in Bangalore and 24-carat gold rate today in Bangalore per gram, because on this your loan will depend.
The prominent features of Bangalore gold loans are listed below:
All a prospective borrower needs to do is approach their bank or any other bank which provides gold loans and get a valuation certificate of their jewellery.
Once this is done, the borrower will be given sanction for a loan after pledging the gold.
The value of the loan granted will be normally up to 80% of the value of the gold.
To get over the hassle of visiting banks, borrowers in need of a gold loan can also apply with mymoneykarma.com online for loans against gold. The process is quick and discreet, involving documentation and verification only.
At mymoneykarma, you can compare rates from several possible lenders and immediately apply for gold loans online. You can review several gold loan schemes offered by NBFCs and banks, and even go through all their features; such as the processing fees, quantum of loan, interest rates, amount of loan, and other conditions. mymoneykarma also offers you a free-of-cost gold loan EMI calculator to calculate the instalment to be paid each month.
You can also quickly apply for Gold loans online on our website without having to visit the bank branch. The process is quick and simple, as you can upload all the documents required online itself. The amount is disbursed at the earliest, and you can also use the website to keep a track of your loan application.
Currently, the Gold Loan interest rates in Bengaluru range between 9.70% and 26%. To get the lowest possible interest rate on loan against gold in the city, keep a check on banks and NBFCs offers on our website.
Here are some of the ways in which you can get the lowest interest rates for gold loans:
Compare the interest rates and offers on our website to the lowest known gold loan rates.
Maintain a clean repayment record, such that the lender readily offers you the best interest rates on the loan.
Try to keep your credit score above 600. This is considered to be a decent credit score needed for gold loans.
Do not default on any of your existing loans. If you do, it could be difficult to get loan approval, or lower rates even if approved.
Avail the benefit of seasonal offers by NBFCs and banks, especially offers that cut down interest rates.
Inquire whether your employer has tie-ups with banks or other lenders for better rates.
Know today's gold rate in Bangalore
Eligibility for Gold loans may be different for different candidates. However, you can always use our free-of-cost gold loan eligibility calculator at mymoneykarma.
Most NBFCs and banks ask only for KYC documents, viz. identity proof (Aadhar, voter card, PAN, passport, etc.) and address proof (ration card, voter card, Aadhar, driving license, etc.) to sanction the gold loan.
Accessibility: In Bangalore, gold loans can be availed without the need to furnish salary slips, credit history (credit score) or certificates. Hence, even self-employed, non-working, or unemployed individuals can avail the gold loan. The only eligibility generally tends to be ownership of gold.
Minimal Documentation: You can get a gold loan in Bengaluru by providing just your basic KYC documents, i.e. address proof and an identity card.
Low Interest Rates: The interest rates charged on loans against gold online is quite low, ranging from 12-16%.
Repayment: Repaying a gold loan in Bangalore is quite simple and straightforward. You can choose to pay a portion each month (EMI), and the remaining amount can be repaid as a lump-sum thereafter.
Hassle-free Processing: Once valuation and verification of the gold ornaments is done, the loan amount is processed and disbursed within a few hours of loan approval itself.
You can apply for a gold loan in Bangalore from either a bank or NBFC gold through mymoneykarma by clicking here.
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/lender. The lender, in turn, gives a loan amount as per the market value of gold to the customer. It is a very quick and easy way of fulfilling one’s financial needs as compared to the other loans.
Gold loan is a secured loan in which customers pledge their gold jewelry to banks or to Non-Banking financial corporations in order to get a short-term loan. Banks, NBFCs and independent lenders provide the loan amount, which depends on the market value of the gold ornaments. Gold loan is an easy way to get loans quickly for the fulfillment of immediate or pressing financial needs. Through gold loans, you can get loans faster and more easily than other forms of loans.
If you want to get a short term loan or any other form of credit, you need to agree to pay a rate of interest on the borrowed amount. After all, that’s how banks made profit, right? Now, this rate of interest on loans varies according to various criteria. These include income sources, money borrowed, past repayment records, credit score, repayment potential, and other factors. You can use a credit card to take a short term loan and predetermined credit to get an interest-free loan.
When it comes to the requirement of funds, a person needs to approach long-term credit facilities that are offered by banks and NBFCs. These include personal loans, gold loans, home loans, vehicle loans, study loans, and more. Now, when getting loans for personal needs, or while getting one for personal use, people confuse between personal loans and gold loans. In case of personal loans, the interest rate is 2% to 5% higher when compared to a gold loan.
The main reason for this difference is that personal loans are unsecured, but gold loans are secured with your gold jewelry. To offset the risks for personal loans, banks charge you a higher interest rate.
Gold loans are better than personal loans. People prefer gold loans because they come with low interest rates, bigger loan amounts, faster disbursement, minimum documentation, and more flexibility in repayment. Even people with slightly low credit scores can get gold loans, which is not possible in the case of personal loans.
It is currently not possible, but there are other alternatives if you want lower interest rates.
Government subsidy: If you want to get money for agricultural purposes, there are subsidies from the government of India. By these subsidies, you can get lower interest rates as low as 4%.
Good credit score; Banks and NBFCs have no problem with giving low-interest loans to those with high credit score. Having a high credit score means you are reliable in paying back loans. For this, your score needs to be above 750. Gold loan interest rates start at 9.95%.
Selling the gold: If you are in dire need of money, consider selling the gold at the current value. That way, you won’t need to pay any interest and will get funds immediately. This will give you more value for your gold ornaments.
When you face any financial dilemma, the very first thing that comes to mind is of taking a loan. Of course, there are personal loans. But these come with high interest rates, and therefore are stressful on the borrower. The good news is that there are alternatives like gold loans and property loans. These can be useful in times of financial stress.
But which one is best for you? Let us find out:
Gold loan-
Advantages-
Easy availability
Flexible schemes
Limited repayment problems as only your gold shall be lost
Disadvantages-
Rising interest rates
Lower Loan to Value Ratio
Loan against property:
Advantage-
Lower interest rates
Disadvantage-
Longer loan procedure
Tough on non-repayment with property possession and its auction
Stricter terms and conditions
There are several alternatives like:
credit cards
peer-to-peer loans
unsecured personal loans and lines of credit
salary advance
small business loans.