Understanding Gold Loan Rate Per Gram As Per Gold Purity

A gold loan may be a dependable option in times of financial difficulty or a pressing need for cash, giving access to funds swiftly and safely. The gold purity & weight of pledged jewelry directly impact the gold loan rate per gram and ROI. To get the highest value of your gold assets, it’s important to comprehend gold loan rates per gram. This thorough book seeks to make sense of this idea and provide you with the information you need to make wise choices.

What is the rate per gram for gold loans?

When you get a loan against gold jewelry, the loan amount depends on gold’s value. Gold rates are mapped in per gram or tola. Similarly, gold loan amounts are also decided by the per-gram rate of gold at that time.

Lenders use it as a metric to calculate how much to lend you depending on the weight and purity of your gold.

For example, if you pledge 10 grams of 22K gold jewelry and the gold rate per gram is ₹ 6500 for 22K gold. According to RBI guidelines, you can only get up to 75% loan of the total gold value. 

 So, for 10 grams, your loan amount at 6500 per gram gold rate will be 48,750 ₹ ( 6500*10/100*75). Please note, that the quality of your gold determines the rate per gram; more purity yields a higher rate, and lower purity yields a lower rate.

Gold purity plays a significant role in determining the loan value or rate per gram. Different karatages or purities of gold have distinct rates. For example, the most common purities are 22K and 18K gold. Typically, 22K gold may fetch high rates per gram compared to 18k gold. This difference in rates of loan amount is due to the varying gold content in each purity level.

Factors Impacting the Rates on Gold Loans

• Gold’s current market price: The gold loan rate per gram is directly dependent on market current market price for gold.
• Policies of the lender: Rates per gram may somewhat vary depending on the rules and risk assessments of various lenders.
• Area: Depending on the geographic area and state of the local market, rates may differ somewhat.

Benefits of a Gold Loan with Manipal Fintech

Getting a loan against gold with Manipal Fintech Services is easy and fast. Plus, you get a high value or rate per gram for your gold asset. Additionally, Manipal Gold Loan being India’s largest gold loan aggregator platform, offers various benefits, mentioned below-

• Lower Interest Rates: Manipal Fintech offers low interest rates on gold loans, making it an economically viable solution compared to other conventional loans.
• Multiple Bank Options: Manipal Gold Loan has partnerships with India’s best banks for gold loansmultiple banks such as HDFC, Axis, ICICI, Kotak, and more, ensuring that you have access to the best gold loan options. You can choose your preferred bank for the gold loan, enhancing your flexibility and convenience.
• Security of Gold Assets: While pledging gold assets, you are assured of the security of their valuables throughout the loan tenure.
• Quick Processing: The secured nature of a loan against gold expedites the approval and disbursal process, ensuring that borrowers can address their financial needs promptly.
• Zero paperwork: Manipal Fintech makes acquiring the loan against gold easy as the whole process is digital, with no need for any physical paperwork. For documentation, you just need your PAN, address proof, and bank account details.
• Flexible Repayment Options: Manipal fintech understands the diverse needs of borrowers and offers customized gold loan schemes.  This allows individuals to tailor their repayment plans according to their financial capabilities.
• No Credit Score Requirement: Unlike other loans, Manipal Gold Loan doesn’t rely on your credit score, making it accessible to a broader spectrum of individuals.

Conclusion

A high rate per gram is a crucial factor that directly impacts the loan amount you receive against your pledged gold. Manipal Gold Loan understands the importance of this and offers high rates per gram, ensuring you get the best value for your assets. With a range of flexible options, minimal documentation requirements, and convenient services like balance transfer and refinance, Manipal Gold Loan emerges as the ideal choice for your gold loan needs. Explore their gold loan options today and experience hassle-free access to funds backed by the security of your precious gold.