A gold loan is a secured loan wherein the borrower keeps their gold, ranging from 18K to 24K, with a bank or a financial institution as security and avails capital against it. On comparative terms, a gold loan can be understood as a similar concept to a “mortgage loan” in which the owner keeps their house or property as mortgage with the bank and takes a loan against it to fulfill their need for capital.
|S No||Particulars||Above 2 Lakhs||Below 2 lakhs|
|1||Amount per Gram||3500||3500|
|3||Repayment||1 Year||1 Year|
|4||Rate of Interest||7.5||7.5|