• Hey there! Welcome to TFC! View fewer ads on the website just by signing up on TF Community.

Reg gold investment

Apply For Lifetime Free IDFC First Credit Card
I

iamdhamo

TF Ace
VIP Lounge
Hi Team,

If one has accumulated good amount of gold like 100g or 200g can they take loan on it and again buy gold with the loan amount and pay the loan as emi

The loan interest seems to be 8.8%. is it good idea considering gold prices will shoot up going forward?

@RAMESH BABU N @Vasuki
 
Apply For LTF AU LIT Credit Card
iamdhamo said:
Hi Team,

If one has accumulated good amount of gold like 100g or 200g can they take loan on it and again buy gold with the loan amount and pay the loan as emi

The loan interest seems to be 8.8%. is it good idea considering gold prices will shoot up going forward?

@RAMESH BABU N @Vasuki
Click to expand...
As long as price increase beating your interest rate that's a good idea. But remember they will not give 100% value of the gold as loan.
 
iamdhamo said:
Hi Team,

If one has accumulated good amount of gold like 100g or 200g can they take loan on it and again buy gold with the loan amount and pay the loan as emi

The loan interest seems to be 8.8%. is it good idea considering gold prices will shoot up going forward?

@RAMESH BABU N @Vasuki
Click to expand...
Yeah it can act as safety too
Is bar 24k

Yes with my trump coming expecting gold to shoot even more
 
Verify the rate of interest again, which varies as per the classification of the customer's category. Agricultural gold loans (AGLs) are charged @ lesser Rate of Interest than for others (PER-personal....).
 
RAMESH BABU N said:
Verify the rate of interest again, which varies as per the classification of the customer's category. Agricultural gold loans (AGLs) are charged @ lesser Rate of Interest than for others (PER-personal....).
Click to expand...
Yeah for agriculture the interest seems to be less than 7%
 
AGLs are NOT GIVEN to non-Agri customers. For AGL, the borrower must submit a copy of the pattadar passbook of agri land holding in/around the branch's adopted villages. AGLs come under Priority Sector Lendings. Besides the AGL, the agri segment customers also has access to ATL (agri term loans), ACL (agri crop loans)....
 
Try researching about gold monetization scheme. It allows you to deposit your physical gold into banks in grams and it will show up on your account just like savings account as gold accoumt which will show how many grams of gold you have. You earn interest and when ever you want you can get the market value of the gold
 
Also, Banks probably do accept only Jewellery, not coin/bar as collateral for the gold loan. Do check the same once.
 
You must log in or register to reply here.
Apply For SBI Cashback Credit Card

Similar threads

V
Gold for investment
2
Replies
30
Views
460
Vinay13
V
S
Malabar Gold and Diamonds Investment Schemes
Replies
10
Views
605
snike1792
S
I
Better invest investment
Replies
11
Views
369
iamdhamo
I
harsha1
GROWW DEFENCE INDIA ETF FUND Investment
Replies
1
Views
111
manowarmanowar is verified member.
M
M
Best and Worst ETF Categories for Investment: What to Choose and What to Avoid?
Replies
3
Views
181
Wealth is my birth right!
Wealth is my birth right!
Back
Top