Wednesday, March 29, 2023
  • Privacy Policy
  • Disclaimer
  • About Us
  • Contact Us
ENF Blogs
  • Home
  • World
    Iron Oxide Nanoparticles

    Iron Oxide Nanoparticles – All To Know!

    5 Ways to Promote Workplace Safety For All Industries

    5 Ways to Promote Workplace Safety For All Industries

    Which city is famous in guest posting providing all over the world?

    Which city is famous in guest posting providing all over the world?

    Tactical Equipment's

    Tactical Equipment’s History

    Plumbing At Home

    Australia: How Do Location And Climate Affect The Plumbing At Home?

    Look Into The Future

    Choose Your Own Adventure: A Look Into The Future

    Cost Of Living

    Cost Of Living In Georgia

    • Entertainment
      stone phillips net worth

      Who Is Stone Phillips? Stone Phillips Net Worth, Career, Education, And Controversies

      Songs That Make You Feel Like A Baddie

      An Epic Guide About Top 14 Best Songs That Make You Feel Like A Baddie With Description

      The Shack Quotes

      A Detailed Guide About “The Shack” A Novel Along With Some Impressive The Shack Quotes

      How to Design and Install Your Home Theatre System - A Step-by-Step Guide

      How to Design and Install Your Home Theatre System – A Step-by-Step Guide

      Babli Bouncer

      Babli Bouncer Full Movie Download | Ibomma 2023

      Doctor G movie download

      Doctor G Movie Download

      Trending Tags

      • Golden Globes 2018
      • Grammy Awards
      • Explore Bali
      • Champions League
      • Harbolnas
    • Technology
  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel

    Surprise Your Loved One With These Valentine’s Gifts

    high street women’s clothing

    4 High Street Women’s Clothing and Why are They Most Loved Among All the Women’s Clothing Segment

    Airbrush makeup 

    Here is what you need to avoid while using airbrush makeup 

    adult disposable bed pads

    How to properly use adult disposable bed pads?

    sports watch for kids

    What to Consider When Buying a Sports Watch

    Famous Jacket

    Online Marketplace of Celebrities Famous Jacket

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
    • Fashion
    • Travel
    • Food
  • Business
    Foreign exchange

    Can you trade foreign exchange options?

    Jewellery Repair London

    Pros & Cons Of Jewellery Repair

    The Importance of Financial Planning in Investing

    The Importance of Financial Planning in Investing

    Things to Know About Direct Market Access

    Things to Know About Direct Market Access

    Custom soap boxes

    The Guide to Custom Soap Boxes Packaging Design

    Foamex sign printing

    How To Design A Custom Foamex Sign Printing?

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Digital Marketing
    • Real Estate
  • Health
    • Gaming
    • Sports
      CSGO Accounts at Lowest Price

      Buy CSGO Accounts at Lowest Price!

      5 Signs You Need to Replace Your Softball Equipment

      5 Signs You Need to Replace Your Softball Equipment

      Onchan Raceway

      RC Car Racing – Great Tips To Prepare For The Race

      John Logan Volleyball

      John Logan Volleyball: 2022

      Apps for Chinese

      Top 5 Apps for Chinese to Watch TV Shows on Your Smartphone

      Sports

      The Ultimate Guide to about Sports

      Trending Tags

      • Champions League
      • Explore Bali
      • Harbolnas
      • United Stated
      • Market Stories
      • Litecoin
  • Home Improvement
    • Pets
    • Automobile
  • Education
    • Law
No Result
View All Result
ENF Blogs
  • Home
  • World
    Iron Oxide Nanoparticles

    Iron Oxide Nanoparticles – All To Know!

    5 Ways to Promote Workplace Safety For All Industries

    5 Ways to Promote Workplace Safety For All Industries

    Which city is famous in guest posting providing all over the world?

    Which city is famous in guest posting providing all over the world?

    Tactical Equipment's

    Tactical Equipment’s History

    Plumbing At Home

    Australia: How Do Location And Climate Affect The Plumbing At Home?

    Look Into The Future

    Choose Your Own Adventure: A Look Into The Future

    Cost Of Living

    Cost Of Living In Georgia

    • Entertainment
      stone phillips net worth

      Who Is Stone Phillips? Stone Phillips Net Worth, Career, Education, And Controversies

      Songs That Make You Feel Like A Baddie

      An Epic Guide About Top 14 Best Songs That Make You Feel Like A Baddie With Description

      The Shack Quotes

      A Detailed Guide About “The Shack” A Novel Along With Some Impressive The Shack Quotes

      How to Design and Install Your Home Theatre System - A Step-by-Step Guide

      How to Design and Install Your Home Theatre System – A Step-by-Step Guide

      Babli Bouncer

      Babli Bouncer Full Movie Download | Ibomma 2023

      Doctor G movie download

      Doctor G Movie Download

      Trending Tags

      • Golden Globes 2018
      • Grammy Awards
      • Explore Bali
      • Champions League
      • Harbolnas
    • Technology
  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel

    Surprise Your Loved One With These Valentine’s Gifts

    high street women’s clothing

    4 High Street Women’s Clothing and Why are They Most Loved Among All the Women’s Clothing Segment

    Airbrush makeup 

    Here is what you need to avoid while using airbrush makeup 

    adult disposable bed pads

    How to properly use adult disposable bed pads?

    sports watch for kids

    What to Consider When Buying a Sports Watch

    Famous Jacket

    Online Marketplace of Celebrities Famous Jacket

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
    • Fashion
    • Travel
    • Food
  • Business
    Foreign exchange

    Can you trade foreign exchange options?

    Jewellery Repair London

    Pros & Cons Of Jewellery Repair

    The Importance of Financial Planning in Investing

    The Importance of Financial Planning in Investing

    Things to Know About Direct Market Access

    Things to Know About Direct Market Access

    Custom soap boxes

    The Guide to Custom Soap Boxes Packaging Design

    Foamex sign printing

    How To Design A Custom Foamex Sign Printing?

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Digital Marketing
    • Real Estate
  • Health
    • Gaming
    • Sports
      CSGO Accounts at Lowest Price

      Buy CSGO Accounts at Lowest Price!

      5 Signs You Need to Replace Your Softball Equipment

      5 Signs You Need to Replace Your Softball Equipment

      Onchan Raceway

      RC Car Racing – Great Tips To Prepare For The Race

      John Logan Volleyball

      John Logan Volleyball: 2022

      Apps for Chinese

      Top 5 Apps for Chinese to Watch TV Shows on Your Smartphone

      Sports

      The Ultimate Guide to about Sports

      Trending Tags

      • Champions League
      • Explore Bali
      • Harbolnas
      • United Stated
      • Market Stories
      • Litecoin
  • Home Improvement
    • Pets
    • Automobile
  • Education
    • Law
No Result
View All Result
ENF Blogs
No Result
View All Result
Home Business

Do Not Make These Mistakes When Buying Gold

Olivia Anderson by Olivia Anderson
December 21, 2022
in Business
0
Buying Gold
587
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

Over the past few years, the gold loan has become massively popular, with many applying for it in times of financial exigency. This considerable growth is fueled by the COVID pandemic. The low rate of interest environment is substantially the reason for its widespread popularity amongst Indians. Unlike unsecured loans, like personal loans, the rate of interest charged by the gold loan is way lower. For instance, suppose you compare between HDFC personal loan and an HDFC bank gold loan; you will see that the HDFC bank gold loan interest rate will begin from 7.60 per cent p.a. while for a personal loan, the interest rate ranges anywhere between 11 per cent p.a. and 21 per cent p.a. Nonetheless, you as an applicant must consider certain parameters while buying gold jewellery to avail a gold loan with zero hassle. 

What are a few of the mistakes you must avoid before buying gold?

Listed below are the serious mistakes you must avoid before buying gold jewellery – 

You might also like

Can you trade foreign exchange options?

Pros & Cons Of Jewellery Repair

The Importance of Financial Planning in Investing

∙       Not authenticating the jewellery’s weight

∙       Not checking the gold’s purity

∙       Buying from any random jewellery store 

∙       Purchasing at a higher price

∙       Not checking if the jeweller provides buyback

∙       Failing to consider the BIS hallmark

Here’s a discussion in detail

When buying gold ornaments, you must factor in various parameters to determine their prices. Moreover, you must confirm that the bought gold is of standard quality with requisite markings confirming the same. Keeping such things in mind will assist you in obtaining higher loan proceeds when pledging your gold. Apart from this, it will even assist you the fetch a higher resale figure in the case of any cash crunch. 

A few common mistakes you must avoid while buying gold are – 

∙       Not authenticating the jewellery’s weight 

Gold jewellery is sold by weight in India. If precious stones and gems are embedded, they further add to their weight. When buying such jewellery, you, as a customer, tend to miss out on estimating the weight separately. And you end up paying more than the actual, as most jewellers weigh the piece in its entirety. 

∙       Not reviewing its purity

91.6 per cent of gold or 22 Karat is the purity rating of gold jewellery. 24 Karat is the purity rating for pure gold of 99.9 per cent. However, this is not suitable for the manufacturing of jewellery. As every gold karat is equal to 4.2 per cent pure gold, 14-karat and 18-karat gold just contain 58.33 per cent and 75 per cent pure gold, respectively.  

As 24 karats cannot be used for the manufacturing of jewellery, jewellers use 22-karat, 18-karat or 14-karat gold. Gold jewellery bought from any jeweller who is credible will have the 22K marking, fineness number and BIS marking engraved on it. Such markings help assure the best value per gram on a jewellery loan. Opting for a gold loan with 22-karat gold is extremely simple. Hence, buying gold jewellery without checking up on its purity is a complete no. Ensure to check the gold’s purity rating and BIS hallmark when purchasing the jewellery or using it as security or collateral for getting a hassle-free gold loan. Such ratings are checked thoroughly before any lender approves the credit. 

∙       Buying from any random jewellery store

Considering that there are several jewellery stores, selecting the correct one may be tricky for you. Reputed jewellers put their hallmark or gold ornament abbreviation for fast identification. Moreover, renowned jewellers will not jeopardise or hamper their reputation by passing off or selling impure gold as pure. It is often the situation for small sellers. If you are one of those planning to buy gold jewellery, you must look out for the jeweller’s reputation for utmost safety. 

Also Read: HDFC Bank Gold Loan Interest Rate

Purchasing at higher costs

The next must-check parameter is the manufacturing process of the gold to be bought. It is common in the present day age to witness jewellers making machine-made ornament. Making charges on the jewellery are comparatively lower as compared to the man-made ones. When it comes to making charges, it is worth stating that these charges reflect current gold rates. Thus, you must insist on the fixed making charges so as to ensure cheaper buys. 

Not looking for the BIS hallmark.

BIS is an authorised GOI agency for the quality testing of gold. If you are one of those collateralising your gold jewellery, then the BIS hallmark will assist you in fetching a higher value on every gram of gold. 

What are the important parameters that impact your application for a gold loan?

The rate of the gold loan per gram is based on the gold’s quality and purity. As a gold loan is secured in nature, the lender auctions it in case you fail to repay the loan proceeds. So, the gold loan per gram rate is usually higher when the gold pledged is of the BIS hallmark and standard purity. 

Similarly, if gold jewellery lacks purity and quality, gold loan every gram rate moves down considerably. The gold loan rate for every gram is proportional directly to the karat rating and gold quality to be pledged. Many a time, a trustworthy financer does not approve the loan against gold that lack quality and purity. 

Read on to know the parameters that impact the application for a gold loan 

Gold purity

As mentioned already, gold purity plays an important role in deciding the gold loan interest rate. Hence, knowing the per-gram gold rate is crucial. The higher the purity level, the higher the chances of availing of a gold loan approval.

Weight of gold

As gold is sold by the jewellers by weight, the heavier the piece more costly it is. When precious stones are included in the ornament, jewellery weight increases; hence, when buying gold, make sure to weigh them well. By pledging gold jewellery of the highest purity, you can get maximum funds through a gold loan in times of exigency. 

The price of gold

With the correct gold jewellery collateralised, you, as a customer, can secure a substantial gold loan promptly. Note that lenders approve a maximum of 75 per cent of the pledged gold’s value as per the Reserve Bank of India guidelines.

Apart from this, if you are interested to know about Resources Business Owners Need then visit our Business category.

Tags: HDFC bank gold loan
Previous Post

How to improve concentration in Students?

Next Post

Jurassic World: Dominion Full HD 720p 1080p Movies Download |Hdhub4u

Olivia Anderson

Olivia Anderson

Related Posts

Foreign exchange
Business

Can you trade foreign exchange options?

by Umer Malik
February 3, 2023
Jewellery Repair London
Business

Pros & Cons Of Jewellery Repair

by ghiselle rousso
January 7, 2023
The Importance of Financial Planning in Investing
Business

The Importance of Financial Planning in Investing

by ghiselle rousso
January 21, 2023
Things to Know About Direct Market Access
Business

Things to Know About Direct Market Access

by ghiselle rousso
January 6, 2023
Custom soap boxes
Business

The Guide to Custom Soap Boxes Packaging Design

by ghiselle rousso
January 21, 2023
Next Post
-jurassic-world-dominion-movie-poster

Jurassic World: Dominion Full HD 720p 1080p Movies Download |Hdhub4u

Recommended

7 Things That An Original Leather Wallet Will Have

7 Things That An Original Leather Wallet Will Have

November 29, 2022
search engines

What are the best search engines? Qwant vs Google, Brave vs Edge

November 14, 2022

Categories

  • Automobile
  • Business
  • Digital Marketing
  • Education
  • Entertainment
  • Fashion
  • Food
  • Gaming
  • Health
  • Home Improvement
  • Law
  • Lifestyle
  • Pets
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Uncategorized
  • World

Don't miss it

Estafiate Tea Benefits
Uncategorized

Estafiate Tea Benefits: The Herbal Remedy for Digestive Health and Beyond

March 25, 2023
Alecia yelich
Real Estate

Alecia Yelich’s Approach to Success: The Art of Selling Real Estate

March 9, 2023
stone phillips net worth
Entertainment

Who Is Stone Phillips? Stone Phillips Net Worth, Career, Education, And Controversies

March 1, 2023
Songs That Make You Feel Like A Baddie
Entertainment

An Epic Guide About Top 14 Best Songs That Make You Feel Like A Baddie With Description

January 30, 2023
Surprise Your Loved One With These Valentine’s Gifts
Uncategorized

Fiji – Best Things to Do

January 29, 2023
Lifestyle

Surprise Your Loved One With These Valentine’s Gifts

January 29, 2023

Footer Menu

  • Contact Us
  • Disclaimer
  • About Us
  • Privacy Policy

Categories

  • Automobile
  • Business
  • Digital Marketing
  • Education
  • Entertainment
  • Fashion
  • Food
  • Gaming
  • Health
  • Home Improvement
  • Law
  • Lifestyle
  • Pets
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Uncategorized
  • World

Browse by Tag

#Home Best RAM Best seo toronto business business tips Buy Instagram Followers custom boxes custom boxes for cosmetics custom boxes for food custom boxes for small business custom boxes manufacturers custom boxes wholesale Custom Lip Balm Boxes custom lipstick boxes custom packaging boxes USA digital marketing Digital Marketing Agency in Pakistan education family Fashion FITNESS free guest post get instagram followers gifts Health holiday sales home home constructions ibomma increase followers on instagram Iverheal 12 iversun 6 lifestyle luxury custom boxes marketing real estate Rigid Boxes sales SEO Services seo toronto social media marketing technology travel virtual event planning washroom services

Recent News

Estafiate Tea Benefits

Estafiate Tea Benefits: The Herbal Remedy for Digestive Health and Beyond

March 25, 2023
Alecia yelich

Alecia Yelich’s Approach to Success: The Art of Selling Real Estate

March 9, 2023

© 2022 ENF Blogs - All Rights Reserved

No Result
View All Result
  • Home
  • Landing Page
  • Buy JNews
  • Support Forum
  • Pre-sale Question
  • Contact Us

© 2022 ENF Blogs - All Rights Reserved