Important Points To Consider And Avoid Before Pledging Your Gold, Everything You Need To Know About

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 Gold has always been a coveted asset in India. Along with the financial value of Gold, it is also has a unique emotional and social value that pertains to owning physical Gold in the form of jewelry, coins, and bars. However, for investment purposes, one can invest this yellow metal in different ways. The gold loan business in India has been carrying on for a long time; it is only in recent years that most of the banks have actively started participating in giving gold loans.

A gold loan is a loan against the physical pledge of the aureate metal. This can either be in the form of bars or in the form of ornaments. The bank/financer does a complete assessment before the loan is given against your ornaments.

Cash for Gold

Is getting a loan a good option?

Gold Buyers are one of the quickest and simplest ways to monetize your jewelry and get money. This loan can be applied to anyone who owns the precious metal either as jewelry or as coins or bars. Like your local jeweler, many NBFCs(non-banking financial companies) specialize in giving loans to retail customers. In fact, many banks are also using NBFCs as their last-mile link for giving loans in rural and semi-urban areas.

What are the types of gold that can be pledged?

The higher the purity of your metal, the higher will be the valuation and the loan amount. Most lenders ask for a minimum of 18-carat purity. If you are looking to take a loan against jewelry, the lender won’t consider the gems or stones’ value. They will only value the metal. Also, many lenders offer loans against bars. However, they accept coins with a purity of 99.9 and up to 50 grams.

Should you pledge your gold or sell it?

If you own the yellow metal in the form of jewelry, it is advisable to get a loan. Jewelry making charges are simply not considered by the Jewellers when buying the jewelry back from the customers. Even while giving you a loan, the loan providing company will evaluate only the metal’s quality and quantity. Still, here, at least you are assured that next time you do not waste any money on jewelry making charges again if you plan to buy the same type of jewelry after that.

However, if you own coins, bonds, or EFTs, it is recommended to sell them when in need of money as here you are paid more or less in full accordance to the market rate of Gold For Cash the EFT NAV. Also, there is no point in borrowing money for your financial need and pay interest on it when you already have it in your locker.

First and foremost, these loans are for the short term only. These are usually for a period of 1 year in some cases to 2 years at max. Hence, make sure you can repay the amount of the loan in that time frame. If you cannot, a Gold Buyer In Delhi is not for you.

Source

Location: Delhi, India

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