News India Live, Digital Desk: Nowadays when money is needed, it cannot be said. In such a situation, if you have a little gold in your house, then it can help you a lot. Yes, nowadays almost all banks and many finance companies (also called NBFC) give loans easily on your gold jewelery or coins. This is called gold loan.
The special thing is that you do not have to have a lot of gold to take a loan. Even if you have only 5 grams of gold, you can still take a good loan on it. Let us take some more information about how the gold loan works and how much money you can get on 5 grams of gold.
How to get a loan on gold?
When you go to the bank or finance company with gold, they first check the purity of your gold (ie how much carat they) and its weight. Based on this, the current market price of your gold is fixed.
Typically, banks or companies give up to 75% of the total price of your gold as loans. That is, if the price of your gold today is 1 lakh rupees, then you can get a loan of up to 75,000 rupees.
How much does the interest take?
Interest rates on gold loans may vary slightly in different banks and companies. Usually they can start from 8% annually and go up to 24% or more. It depends on your loan amount, period and bank policy. Apart from this, some banks or companies can also take some processing fees to give loans, so know all this before taking the loan.
So, how much loan will be available on 5 grams of gold?
As we said, the loan amount depends a lot on the purity of gold. Let us see how much loan you can get on 5 grams of gold of different carats:
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If you have 24 carats (pure) gold (5 grams): So you can get a loan of about ₹ 30,350.
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If you have 22 carat gold (5 grams): So you can get a loan of about ₹ 27,820 (most of the jewels are of this carat).
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If you have 20 carat gold (5 grams): So you can get a loan of about ₹ 25,290.
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If you have 18 carat gold (5 grams): So you expect to get a loan of about ₹ 22,760.
The Post Gold Loan Calculator: is only 5 grams of gold? Know how much you can get a gold loan! First appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
