All about Joint Gold Loan
The creditor or lending institution after verifying the gold pledged in terms of the purity and weight, ascertaining the title of those Gold jewellery and doing the required documentation work, also called LTV (loan to value) disburse the agreed amount of gold loan to the applicant. Any person of any profession between the age of 18 to 75 with identity and address proof is eligible to get Gold loan from an amount starting from Rs 1500.
The Gold Loan Per Gram can easily be evaluated through EMI calculator. If the gold is of 18 to 20 carat, gold loan interest rate of 9.5 % and the ltv ratio is up to 90% then gold loan per gram will be within Rs 2749 to Rs 3360.
The basic purpose of a gold loan is to help the borrower at the times of urgent financial needs with low rate of interest and faster disbursement. Joint gold loans are also available for the customers who are at least 18 years old, owns gold ornaments or Gold coins, and have savings or current bank account and regular income; though the last two components are not mandatory.To get a joint gold loan, the identity, address, and income proof with passport size photograph and duly filled up and signed gold loan application form is mandatory.
This joint gold loan is a short term loan whose tenure is limited to 12 months in case of non agricultural use. The repayment options of this loan depends on the bank generally EMI and bullet repayment option both are available for the reimbursement of loan amount. Joint Gold Loan includes processing fee, prepayment penalty and late payment penalty in some cases, as per the bank instructs. Joint account holders can avail gold loans jointly and have to repay within the stipulated time.
Joint accounts can be of different modes like joint or survivor, first holder or survivor, either or survivor, and anyone or survivor. Married couples, partners, senior citizens, parents with their children can open a joint bank account. The joint account holders can opt for a gold loan against their joint savings account. The interest income on a joint account is generally considered as income of the primary account holder for the purposes of taxation.
There are numerous banks and NBFCs in India that gives low rates of interest for gold loan with minimum processing fees.There are many gold loan schemes like:- SBI Gold Loan, Capital Small Finance Bank Gold Loan, HDFC Bank Gold Loan, Axis Bank Gold Loan, Manappuram Gold Loan, Muthoot Finance Gold Loan, Punjab National Bank Gold Loan, ICICI Bank Gold loan, etc. these banks also provide the facility of joint accounts and their by joint account holders can avail the advantage of getting a gold loan at times of financial misfortune.
People who do not want to settle with whatever they possess and strive to satisfy all their ambitions need good investment planning to accomplish their dreams. This process keeps them stimulated to struggle and acquire all the amenities of life one wishes to get. Majority of folk in India have a limited income and this restricted proportion is not sufficient to obtain all the luxuries. Financial involvements assist a person to multiply his savings by investing in several options like mutual funds, shares, debentures , real estate, gold etc. Gold has an important position in our culture and society as it is the friend at times of misfortune. Gold is deemed as a store of value without progress. In the Hindu civilization, yellow gold as an asset got promoted in Hindu mythology and it was used as currency in historical period.This ancient form of cash is deemed to be a carrier of fortune and is one of the favorable options of investment.
