Gold loans are secured loans in which the lending bank/NBFC takes gold items as collateral, such as gold jewellery and so on. You can get a loan against gold quickly and with minimal paperwork. Individuals can get gold loans through non-banking financing firms (NBFCs) as well as institutions like Ruptok, SBI, ICICI Bank, and HDFC Bank. Ruptok Fintech, Manappuram Finance, and other NBFCs offer gold loans.
The amount of money you can borrow against a gold item depends on the purity of the gold in your jewellery, the LTV Ratio, and other lender restrictions. In addition, the lender may set a minimum and maximum limit. For instance, ICICI Bank offers gold loans ranging from Rs 10,000 to Rs 1 crore, SBI gives gold loans ranging from Rs 20,000 to Rs 20 lakh, and Muthoot Finance offers gold loans starting at Rs 1,500 with no maximum restriction. The minimum amount for a gold loan with Ruptok is Rs. 15,000, with a maximum loan amount of Rs. 1.5 crores available.
Calculator for Gold Loans
The Ruptok Gold Loan Calculator can help you figure out how much money you can borrow against your gold. If you have 100 grams of gold, for example, it will tell you how much money you may borrow.
This Gold Loan Calculator can also be used to determine the amount of gold required to obtain a loan amount. For example, if you need a Rs. 200,000 loan, it will tell you how much gold you’ll need in grams to get the loan.
Ruptok’s Gold Loan Calculator: How to Use It
Ruptok’s online gold loan calculator makes it easy for consumers to find the information they need. A step-by-step guide on how to utilise it may be found here.
Click on the ‘Required Loan Amount’ button. It will take you to the appropriate gold loan calculator online.
Choose the purity of the gold jewellery from the drop-down menu, then input the total gold weight (in grams). The loan amount that an applicant is eligible for will then be displayed.
Select the ‘Click here to apply’ option to apply for a loan.
Make an application for a gold loan with Ruptok, and we’ll deliver a fast gold loan right to your door.
Gold loans, as previously stated, are a secured lending mechanism, but they are unlike any other financial instrument in the same category. This financial product contains a number of features that set it apart from the competition. Furthermore, the presence of gold loan calculators aids individuals in making informed decisions.