With attractive schemes, easy repayment options and lowest interest rates, LAMJINGBA NIDHI LIMITED, one of the leading Nidhi Companies in Manipur offers a hassle-free experience to avail gold loan.
LAMJINGBA NIDHI LIMITED Gold loans may be availed for any amount between Rs.1,000 to a maximum of Rs.1 Lakh. Loans are available for periods ranging from 1 month to 1 year. Anyone who is the member and owns gold ornaments can avail the loan. (Note: Minors are not eligible.) The loan amount will be sanctioned on the basis of gold valuation which involves verification of its purity. The weight of stones etc. fixed on the ornaments will be deducted for the intention of valuation.
Our gold loan schemes fall broadly into two categories:
a) High loan to value: These schemes offer the maximum amount of loan per Gram. At the same time in keeping with the extra risk, the interest cost to the borrower is higher.
b) Low interest rate: In this category, the interest rates are lower but the Loan to Value (LTV) is also comparatively less.
Our base rate of interest is 12 percent. However, depending upon how high the loan to value (LTV) is, additional interest (amounting to risk premium) ranging from 4-8 percent is charged over and above the base rate. The interest and risk premium is applicable only for the days the money was actually utilized. Simple interest is charged, which the borrower has to pay at the specified periodicity or at the closure of loan, whichever is earlier. The interest rate is fixed and calculated on a reducing balance basis.
Gold loan products have a maximum tenure of 1 year. However, depending upon how high the LTV is opted, members are required to service the interest at specified periodicities. For example, in schemes where LTV is high, interest would have to be serviced monthly.