All About Gold Loans And Gold IRAs

gold loans gold ira accounts

Gold Loans

A Gold Loan is a loan where Gold is kept as collateral. Gold trading has been practiced in the past for thousands of years. Golds and lenders used to store Gold and other precious metals like Silver as a form of collateral. Following the establishment of banks, gold pledging in banks began. Gold has significant importance because of its economic value, industrial uses, and lustrous appearance. Gold gifting is found to be very auspicious in Indian culture. The procedure of availing Gold loan The method of obtaining a gold loan is quick and easy. 

In times of need, a reputable Bank Gold Loan can be valuable. The procedure of availing Gold loans are Application process Document verification or Documentation Purity Test of Gold Loan Approval Application protocol The application is a process where one has to appeal to the respective authority for granting certain things. The application for a Gold loan can be completed in the bank in-person visit or digitally by visiting Dena Bank's official website or app. An application contains some personal information along with gold information and other details. 


This is the most crucial process for acquiring golden loans. A simple background check is conducted to avoid fraud. KYC documents, along with two passport-sized photographs, are asked to be submitted. One can submit any one of the Aadhar Card, Driving licenses, Voter IDs, PAN Card as Identity proof. Aadhar card, Ration card, passport, utility bills, or renter agreement for people residing on rent can be submitted as Address proof or residence proof. The Borrower has to visit the Bank for this procedure. A bank representative will assess your KYC Documents. Purity test of Gold Bank authorities do the Purity test of Gold on the premises of the Bank. 

The purity test of Gold is an evaluation of Gold for its composition, weight, and impurities present in it. The loan amount is sanctioned based on the evaluated gold rate per gram. A purity test is a mandatory test. Loan Approval After completing all the procedures and meeting the Eligibility criteria, a Gold loan is sanctioned. A Sanction letter is issued in the name of the Borrower. A sanction letter contains details about the lending bank, loan scheme, gold rate per gram, interest rate, processing fee, prepayment options, tenure period, and repayment options, along with the Dena Bank's terms and conditions. After depositing the evaluated Gold in the Bank, the loan amount is reflected in the Borrower's account quickly. 

Safety Of Gold 

The Gold deposited in the Bank is placed in the bag and marked by a unique application no. This is placed in the lockers present in the Bank. Lockers are present inside the Bank's vault. It is safely guarded and kept under surveillance. Bank authorities only enter this room. Each locker has its specific keys. The keys are with one of the Bank authorities. Repayment options These choices are given for the fulfillment of the Debt. The loan amount has to be paid over the tenure period chosen by the Borrower. 

If the Borrower misses repaying an installment, they can renew or extend their tenure period, but this has to be done before the expiry of the tenure period. The three options given for repayments are Bullet repayment scheme, Overdraft repayment scheme, and EMI option. Bullet Payment Scheme One has to repay towards month-end, and the principal amount is due at the end of tenure. Overdraft Scheme This scheme can be available for colossal loan amounts, and the interest is only charged on the amount disbursed by the Borrower. Equated Monthly Instalments (EMI) In EMI, an indicated amount by the Borrower gets deducted towards the end of the month. EMI can be calculated using EMI Calculator. Choices have been given to the Borrower for making a suitable EMI choice. 

Standing Instruction (SI)- It is For Dena Bank account holders. The repayments are made towards month-end on the amount indicated by the borrowers. 

Electronic Clearing Service (ECS) It is for Non-Dena Bank account holders to digitally transfer the amount. 

Post-Dated Checks (PDC) Enable non-Dena Bank accounts to submit post-dated EMI cheques have to be submitted. 

So when it comes to gold loans, go for the gold! 

gold ira

Gold IRA Information 

An Introduction To 401K And IRA and The Key Differences Between An Individual Retirement Account (IRA), Traditional IRA Account, SEP IRA Account, Simple IRA Account And Self Directed IRA Account including Gold IRAs.

Many people never give a second thought to their retirement until they get older. When they finally get around to it, they panic, thinking that they may not be able to survive. Social Security only goes so far, and when you look at senior citizens today, all you find is people who have worked all their lives only to have to pinch pennies in order to survive. With the rate of inflation and the economy being what it is, planning your retirement should be done when you are young, in order to insure that you will have a comfortable retirement. Retirement investing is an option that is chosen often because your portfolio can be built in a few different ways, however, Roth IRA’s and 401K plans are by far the most chosen type of plans. Gold IRA accounts are less common but growing in popularity each year.

When you are young, building your retirement investment portfolio can be done slow and steady. However, when you are just starting your retirement investment portfolio at a late age, then you may want to build it quickly. This is one of the most important decisions you will make in your life. It will affect you for the rest of your life, and could make the difference between retiring in comfort or not retiring at all. Retirement investing simply put is a way of saving money that you can use to live on after you retire. If you plan well, you many even be able to retire early. There are many things that you need to take into consideration before you decide on how much to invest in a gold IRA

• At what age you want to retire 
• Your lifestyle 
• Your present income 
• How fast you want to build your portfolio 

These are all important questions that need to be addressed before you commit yourself to a retirement plan. If you are not sure which plan you need, there are companies that are designed specifically to retirement investing. They have trained professionals who can assist you in determining what plan is best for you. 

Get Gold 

Finding these gold companies is relatively easy, however that best way to find one is by using the Internet. By doing a simple Google search you will find millions of links to these companies. It is however, very important that you research your choices very carefully to avoid any unforeseen occurrences in your retirement account. Don't miss out on this golden opportunity!

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