Choose the best gold loan scheme for your loan amount

Now you can take a loan against the gold ornaments your deposit. There are companies offering this service online. The companies offer an instant loan against gold. Once your loan application is processed the company deposits the loan amount in your bank account. Your gold is packed in GPS enabled packets and deposited in safety vaults.

There are different gold loan schemes available for different loan amounts. The schemes offer different options. There are schemes for the following amounts:

Less than 2 lakhs
Different schemes are available for this amount with different interest rates. One of the schemes offers a fixed interest rate, 6 months tenure, no late payment penalty, and assured next day release.

Other schemes offer a discounted interest rate for regular payments, 6 months tenure, the principal amount can be paid in the end and assured next day release.

Between 2 – 5 lakhs
Different schemes offer different interest rates and the same features. The features are a discount interest rate for regular payments, 6 months tenure, can pay the principal amount in the end, and assure next day release.

Between 5 – 10 lakhs
The interest rate for gold loan schemes is different. One of the schemes offers a fixed interest rate, 6 months tenure and you have to pay 1% of the loan amount as a penalty if late.

Other schemes have features like a discounted interest rate on regular payments, 6 months tenure and an option to pay the principal amount at the end.

Above 10 lakhs
There is a scheme for this amount. The features are a fixed interest rate, 6 months tenure, penalty of 1% of the loan amount if late, and assured next day release.

The author is a writer and likes to write about the different loan options available. Here the author has discussed schemes available for different loan amounts when you take a loan against gold.

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