1. Loan Amount The loan amount typically depends on the value of the gold pledged. Most lenders offer a certain percentage of the gold's current market value, commonly ranging from 60% to 90%. 2. Interest Rate Gold loans generally have lower interest rates compared to unsecured loans due to the security of gold collateral. The rates can vary widely between lenders but usually range from about 7% to 29% per annum, depending on the lender’s policy and market conditions. 3. Loan Tenure The repayment period for gold loans can be flexible, often ranging from a few months to a few years, allowing borrowers to choose a tenure that suits their repayment capability. 4. Processing Time and Fees Gold loans are known for their quick processing times, often disbursed within a few hours of application. Lenders may charge a processing fee, generally a small percentage of the loan amount. 5. Repayment Options Lenders typically offer various repayment options including lump sum payment at the end of the tenure, paying interest initially and principal later, or regular EMIs combining principal and interest. 6. LTV Ratio (Loan to Value) The LTV ratio determines how much loan one can get for the gold pledged. The Reserve Bank of India often sets guidelines on the maximum LTV ratio that lenders can offer to ensure fair practices. 7. Security of Gold The pledged gold is securely stored by the lender until the loan is fully repaid and the gold is returned in the same condition. 8. Foreclosure Charges Some lenders might charge a penalty for prepayment or foreclosure of the loan before the tenure ends, though this is not universal. For those interested in a gold loan from Bethshanil Nidhi Limited specifically, it's important to directly contact them or visit their office as specific details such as interest rates, loan terms, processing fees, and LTV ratios can vary and might not be publicly listed online. 9. Flexible Repayment Schedules A unique feature of our company is the exceptionally flexible repayment schedules tailored to the diverse financial situations of our customers. Borrowers can choose to make their loan repayments using the EMI (Equated Monthly Installment) method, or opt for more frequent repayments with daily or weekly options. This flexibility allows our customers to manage their finances more effectively and align their loan repayments with their income cycles, reducing financial strain and enhancing convenience. This unique repayment feature is especially beneficial for those with variable income streams, such as small business owners, freelancers, and others who may not have a fixed monthly income. It enables them to stay on top of their repayments and avoid accumulating debt, all while making use of the funds for urgent or significant financial needs.
