Shriram Finance Gold Loan: Shriram Finance offers a 1-year gold loan at 11.40% per annum. If you’re in need of cash, you can easily secure a loan against the gold you have at home. Anyone can secure a gold loan by pledging gold jewelry as security/collateral to meet personal and business needs.
This loan is available to both employed and non-employed individuals, including existing customers. If you’re considering a personal loan, Shriram Housing Finance may be a good option. Read this article for more information.
Why gold loans are a go to?
Gold loans are a popular way to access quick funds in India. Unlike traditional loans, gold loans are secured by your gold jewellery. They offer a unique set of advantages that make them a valuable tool for individuals and businesses alike.
The gold loan process is typically faster than traditional loans. You may choose to pay interest only during the loan term and repay the principal later.
Shriram Finance Gold Loan Interest Rate
Gold loan interest rates can vary depending on the lender, loan amount, and loan tenure. Shriram Finance offers its customers gold loans at 11.40% per annum. However, the bank’s gold loan interest rates depend on a number of factors, including the borrower’s credit score and the market value of the pledged gold.
Eligibility Criteria for availing Shriram Finance Gold Loan
The eligibility criteria for availing gold loans from Shriram Finance are as follows:
- Salaried individuals, self-employed professionals or business owners can avail gold loans from Shriram Finance
- Minimum age: 18 years
- Maximum Age: 75 years (at the time of loan maturity)
Shriram Finance Gold Loan Fees and Other Charges
Before applying for a loan, it’s important to learn about Shriram Finance personal loan interest rates. Banks charge loan interest rates based on various factors, including credit score, monthly income, job profile, and employer profile.
| Description | Charges |
| processing fee | 0.5% |
| Documentation Charges | ₹100 |
| Late payment charge | 36% Per Year |
| Cheque bouncing fee/bank charges | ₹1,000 per instance |
| Collection charge | ₹500 per visit |
Shriram Finance Gold Loan Eligibility
- A salaried individual, self-employed professional, or business owner can avail a gold loan.
- The minimum age of the loan applicant must be 18 years.
- Maximum age: 75 years (at loan maturity)
Shriram Finance Gold Loan Documents Required
- Aadhaar card, passport, driver’s license, voter ID, or PAN card
- Voter ID, gas connection card, water bill, electricity bill for address proof
- Passport-sized photo
- Proof of income for the last three months, bank statements for the last six months, a canceled check and ACH form for electronic clearing mandate (eNACH), and a passport-sized photo
How to apply for a personal loan
- Visit the bank’s website.
- Verify your personal details.
- Now you’ll need to select your loan amount and term.
- Confirm your bank details.
- After completing this process, you’ll receive the loan amount in your bank account.
Gold loans provide instant access to funds. If you need cash, you can take a loan against the gold you have at home. This is completely safe and provides faster access than a bank loan.
