GOLD LOAN
Gold loans are one of the easiest and quickest ways to get funds for personal or business requirements.
Gold Loan
Gold loan is an important source of credit for funding your emergency cash requirements such as medical emergency, child education, business expansion, down payment for the purchase of a vehicle, and holiday with your family. If you are in a dire situation and need cash urgently, you can utilize the ideal gold lying in your locker to fund the emergency cash requirement. Many banks and non-banking financial companies (NBFCs) offer gold loans Gone are the days when you had to wait endlessly and bear the troublesome process of taking a loan. If you’re looking for an easy and quick way to get financing, the Gold loan is just what you’re looking for, and let the gold glitter to your life by relieving your immediate cash requirements. While your gold stays safe with us, you can go ahead and take advantage of every opportunity.
Starinvest India Nidhi Limited has designed a number of gold loan schemes to provide easy financial assistance to its members according to their preferences. One can choose the higher amount for his/her ornaments or can choose lower interest schemes or may go for short-term or long-term schemes.
Starinvest India Nidhi Ltd. gold loans may be availed for any amount between ₹.10,000 to a maximum of ₹.2.00 Lakh. Loans are available for periods ranging from one month to one year. Our Gold loans do not have any lock- in-period and there are no prepayment penalties. You can repay earlier than the scheduled as you desire. Anyone who is a member and owns gold ornaments can avail of the loan. (Note: Minors are not eligible.) To obtain the loan, you need to submit your gold jewelry (within the Karat range of 18 to 24k) at your nearest Starinvest India Nidhi Ltd. branches. The loan amount will be sanctioned on the basis of gold valuation which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the intention of valuation.
Features & Benefits
- Availed for any amount between ₹.10,000 to a maximum of ₹.2 Lakhs
- Hassle-free quick processing of loans
- Minimum documentation and quick disbursal
- Simplified Paperwork
- Easy Payment Options
- ATL – Anytime Liquidity
- No EMI, Service only Interest and enjoy the Loan facility
- Online request facility
- Online Repayment facility is available
- Personalized service to all the customers
- Approval and disbursal just in 30 min
- No lock-in period and pre-payment penalties
Schemes
Our gold loan schemes fall broadly into two categories:
- High loan to value: These schemes offer the maximum amount of loan per Gram. At the same time in keeping with the extra risk, the interest cost to the borrower is higher.
- Low-interest rate: In this category, the interest rates are lower but the Loan to Value (LTV) is also comparatively less.
Our products are well tailored not only to the income group of the customer, but to relevant considerations like how much loan customers would like to avail against jewelry, and their comfort levels with respect to the interest rate and periodicity of repayment of interest and principal. Incidentally, gold loans can be availed at our branches for amounts as low as ₹.10,000 and as high as ₹.2 Lakhs.
Rate of Interest
The interest rate varies from 12.5% to 19.5% per annum. Our base rate of interest is 12.5 percent. However, depending upon the loan to value (LTV), additional interest (amounting to risk premium) ranging from 4-8 percent is charged over and above the base rate. The interest and risk premium is applicable only for the days the money was actually utilized. There are no prepayment penalties. Simple interest is charged, which the borrower has to pay at the specified periodicity or at the closure of the loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.
Gold loan products have a maximum tenure of one year. However, depending upon how high the LTV has opted, members are required to service the interest at specified periodicities. For example, in schemes where LTV is high, interest would have to be serviced monthly.
Guaranty and Security
We know that these gold ornaments are very precious and favorite to you. So we guarantee you that it will be in Our Safe Hands in strong cash safes inside a strong room built as per standard norms. The pledged gold ornaments are also insured for full value. Moreover, Security Personnel and modern electronic surveillance technology are deployed to protect your beloved gold ornaments.
The most important things from the customer’s perspective are transparency, security, and choice of loan product to suit individual requirements. Transparency would help the customer see for himself what he gets in return for what he pays. There should be no hidden costs and no nasty surprises.
Security is about how well the gold is physically secured, and also about the internal systems and procedures at the company which ensure that there is no scope for any malfunctions after the jewelers have been pledged. The choice of loan products should cover the range from high LTV (loan to value) to low LTV, with appropriate variations in interest rates.
Documents Required for Gold Loan
- Two colored photographs of the pledged gold and gold ornaments
- Two colored photographs of the borrower
- ID proof of the borrower
- Address proof of the borrower
- Stamp Paper of Rs. 500/- or 0.15% of LTV whichever is high
Once you submit your Application Form, Demand Promissory Note, and supporting documents, we shall give approval within a matter of minutes provided everything is in order. All loan approvals are at the sole discretion of the Branch Head.
Terms & Conditions:
- Gold loan products have a maximum tenure of 1 year.
- Loans can be renewed after 12 months.
- Daily remittance is available.
- Closing of Jewel loan is allowed only at the branch where the loan was availed.
- TDS Deduction will be as per the Income Tax Act.
- The gold ornaments are valued through an authorized person and the cost of the valuation is to be borne by the borrower.
- The borrower has to provide an affidavit declaring the ownership of the ornaments.
- The interest is to be paid on a monthly basis.
- If the borrower does not pay the interest, a penalty of 5% has to be paid along with the next interest installment.
- If the interest is not paid for 12 months continuously, the pledged gold will be sold by Starinvest Bank.
- The expenditure on the sale of gold, plus the loan amount due and the 5% penalty on the due amount will be deducted before the balance is deposited in the loan account.