- Home
- Gold Loan
Instant online approval. Apply online and get approved in 3 working days
Loan amount from Rs 50,000 - Rs 30 Lakhs
Flexible repayment tenures between 1 to 5 years
Apply for Gold Loan
Features of Gold Loan
Easy Finance
Avail easy gold loan to finance for education, medical emergencies, traveling and so on.
Security
The gold you deposit is the only security you need.
Flexible Tenure
Flexible tenure ranging from minimum 3 months to maximum 48 months
Simple loan process
Not all loan processes are complicated. Enjoy simple gold loan processing at MAKS Finserv.
No hidden charges
Read about the fees and charges on your business loan and stay informed.
Money in bank instantly
Get your business loan amount on the same day of approval.
Calculate EMI with MAKS Finserv Gold Loan EMI Calculator
0
0
0
Personal loan eligibility criteria
Nationality
Indian
Age
Must be minimum 18 years, maximum 75 years
Security to be pledged
Gold ornaments or articles
Total carats
18 carats and above only
Income
No minimum income required
Employment
No minimum income required
Documents required
- Duly-filled application form
- Passport sized photographs
- Identity proof
- Address Proof
- Signature Proof
- Form 60 or PAN card
- Proof of age
- Post-loan disbursement documents, if any.
Current Gold Loan interest rate, fees and charges
| Types of fees | Charges applicable |
|---|---|
| Interest rate | Low interest rates starting from 6.70% p.a. |
| Processing fees | This is a one-time non-refundable fee that is to be paid to the business loan provider after the loan application has been approved. The processing charge varies depending on the loan scheme you are applying for. |
| Penal interest | Loan providers also charge a penalty on delayed repayments i.e., if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another. |
| Prepayment charges | Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure. |
| Cheque dishonor charges | The fee is levied when the loan provider finds that a cheque issued by the borrower is found to be dishonored due to reasons such as insufficient funds in the borrower’s account. |
Types of personal loan interest rates
Personal loans come with two types of rates of interest: Fixed interest rate and floating interest rate.
1. Fixed interest rate
As the name suggests, the interest rate remains the same throughout the loan tenor. Thus. the loan E Ils will also remain constant.
2. Floating interest rate
A floating, adjustable, or variable interest rate is linked to an internal benchmark of a financial institution. Changes to this benchmark will affect the rates. Hence, floating rates vary throughout the loan tenor.
Both of these rates have advantages and disadvantages. Fixed rates keep ENls constant, which helps in budgeting. On the other hand, floating rates go up or come down along with the internal benchmark rate.
Methods for Interest Calculation on Personal Loan
1. Flat rate method
In this method, the applicable rate of interest is charged on the entire principal throughout the tenor.
2. Reducing balance method
In the diminishing balance or reducing balance method, the applicable rate of interest is chargeable on the outstanding principal after each EMI is paid off. Thus, the interest is calculated every month on the loan balance. Borrowers pay lower interest on the loan compared to the flat rate method.
Interest rate calculation formula
The interest rate for a personal loan through the flat rate method and the reducing balance method is calculated using the following formula:
1. Flat rate method
The rate of interest is chargeable on the entire loan principal. The formula for this method is — ENI = (principal + total interest payable) / loan tenor in months Wherein, total interest payable = P x r x n/100
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Gold Loan
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
Any Indian citizen can avail a gold loan from banks or non-banking financial institutions (NBFCs) and generally the age criteria range from a minimum of 18 years to a maximum of 75 years. This might vary from lender to lender.
This will vary based on the lender’s terms and conditions. Certain lenders may allow you to pre-pay the loan amount at any time, without having to pay a fee for the same. In some cases, certain financial institutions and banks will require you to pay a certain fee if you want to pre-pay the loan amount.
