Low Interest Gold Loans in Indiastarting @ 0.49%P.M. (5.88%* P.A.)

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low interest gold loan

Get a New Gold Loan

IconInstant 30 minuntes

Shift your Existing Gold Loan

IconSave ₹37,131*

We offer the highest per gram rate on our gold loans.

3,551*
lender banks

Gold Loan in Amritsar

The city of Amritsar is the second most populous city in Punjab and it gets its name after the Amit Sarovar lake which is situated in the premises of the Golden Temple. The late Sikh Guru Ramdass Ji was the person involved in finding this majestic city. Amritsar, the sacred pilgrimage, is a highly visited spiritual destination for people from different religious backgrounds across the world. According to history, this city has been subjected to some of the most vicious acts of forced migrations in all times. Till date, the people here connect with their distant relatives across borders. Temples and community kitchens located in the city are well acclaimed for its immense nature of hospitality and kindness. The Gurudwaras practice a culture of offering free food to anyone in need, thereby taking care of the hungry souls. Kulcha (Indian bread) and Lassi (sweet buttermilk) stand as the authentic staple diet of the people. The city is abundant in tourist sites and the most renowned ones are the Golden Temple, Gobindgarh Fort, the Jalinwala Bagh memorial, Partition Museum, Maharaja Ranjit Singh Museum, Jama Masjid Khairuddin, Akal Takht, Durgiana Temple and Ram Tirath Ashram. In order to manage financial commitments, most people consider the choice of gold loans in Amritsar.

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Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days.

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Frequently asked questions

What is a gold loan?

A gold loan is a loan in which the borrower offers a certain amount of gold against a loan amount (called loan-to-value or LTV) for a certain period of time. This works like a normal secured loan in which the gold acts as collateral or asset. A secured loan is also known as a collateral-based loan. A secured loan is one of the best sources of funds available in the market, thanks to the flexibilty that it offers. Acquiring a gold loan is a very simple and smooth procedure. Usually, it doesn’t take more than an hour for the funds to get disbursed. Its flexibilty allows the borrower to obtain funds even when they have a poor credit history, if they have an irregular income or even if they are unemployed.

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Amritsar where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed.

Why should I take a gold loan with my jewellery?

If you have any short-term goals that need to be financed, you can use the gold jewelry that is lying dormant in your home lockers to encash them, but at the same time reclaiming them as they were. As gold loans are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Ideally, you should go for a gold loan in Amritsar if you are looking for emergency funds.

How is the market value of gold determined?

Gold is a precious commodity, used commonly for trade internationally. Investing in gold has several benefits as opposed to a cash investment. The fact that the price of gold has never dipped below zero in its 3000-year history only strengthens the position of gold in the market. Several determinants influence loan interest rates. It could be the supply of gold in comparison to its demand both locally as well as globally, inflationary rates, the gold reserves present in the possession of the government, ongoing import and interest rates, taxes and levies. To know the gold loan rate in real-time, you can check out our gold loan calculator.