How to Buy Gold on EMI for a Wedding?

In India, marriages are incomplete without gold jewellery. In fact, families plan for the wedding in a way that a dedicated budget is set aside for gold purchases. However, due to the ever-growing prices of gold, currently reaching around Rs 1 Lakh for 10 grams, people are finding it difficult to purchase this yellow metal.

The good news is that you can buy gold on EMI. Yes, you heard it right! You can buy gold on EMI without disrupting your savings. If you are wondering how it works, then this article is for you.

Understanding the Gold Sentiment

In India, apart from being an auspicious thing, gold is considered the best investment. In one of the reports news websites released in 2023, Indian homes own around 21,000 tonnes of gold, more than World Bank reserves. It is also considered special to gift gold jewellery or coins on occasions like birthdays, anniversaries, child birth, achievements, and important milestones in life.

Since the prices of gold have been increasing continuously over the last few years, purchasing even the minimum standard of 10 grams requires a second thought. That’s why, many buyers now prefer to purchase gold jewellery on EMI through unsecured loans.

Old Prices in India (Per Gram) – 2020-2025

Source: www.rupeerates.in/Gold

How Does Gold On EMI Work?

Expenditure on buying gold jewellery for weddings depends on the design, thickness and size of the ornaments. As a result, the bill may go in several lakhs, which requires substantial funds. If you're planning to buy gold on EMI, you must know how the instalment plan works.

Several lending institutions, including Hero FinCorp, offer instant loans to help you buy gold without hassle. You choose the quantity or pieces you wish to buy using the loan and repay the amount in monthly instalments over the agreed tenure.

Benefits of Buying Gold on EMI

Buying gold on EMI offers several benefits, including the following:

• Gold purchase on EMI helps you buy more gold than you can with savings.
• Distributing the gold’s cost into instalments avoids financial burden.
• Attractive interest rates do not increase the gold’s cost much.
• Flexible terms allow you to choose a repayment plan with affordable EMIs.
• Buy your favourite pieces without compromising on design or weight.

Also Read: Gold Price Today/Fluctuations

Things to Consider When Buying Gold on EMI

In order to make a secure purchase, you need to be watchful of a few things while purchasing gold on EMI.

• Interest Rates: Find out the lender's interest rates to determine the overall expense.
• Tenure: An EMI plan provides varying repayment terms. Make use of a Personal Loan Calculator and opt for a plan which is within your affordability.
• Eligibility: Verify your eligibility before applying for the loan.
• Gold Purity and Quality: Verify the hallmark certification of the gold for ensuring purity.
• Wastage and Making Charges: Compare wastage and making charges while purchasing gold jewellery on EMI.

How to Choose the Right EMI Plan for Gold?

Begin by researching the available funding options and check your eligibility according to the lender’s requirements. Once you finalise a lender that can offer a loan to buy gold on EMI, check and confirm the interest rates, repayment tenures and any other charges.

Before applying, use the online loan calculator to choose a budget-friendly EMI plan. Based on the plan, apply for a loan to get the funds for buying gold. Remember to pay the EMIs on time as it will help build your credit score.

How a Personal Loan Can Help You Buy Gold on EMI?

A Personal Loan can help you buy gold on EMI by providing you with instant funds at competitive interest rates and flexible repayment tenures. For example, Lalit Gupta plans to buy Gold jewellery worth Rs 3 Lakh for his daughter’s wedding. Instead of using his savings, he takes a loan of Rs 3 Lakh to pay the jeweller and repays the lender in monthly instalments over 24 months.

Today, you can avail a Personal Loan online. At Hero FinCorp, you can avail up to Rs 5 Lakh at competitive interest rates, beginning at 1.58%* per month, and flexible repayment terms of 12 to 36 months.

Also Read: Gold Loan Vs Personal Loan: Which one is better

Conclusion

Gold purchase on EMI makes owning gold much easier, more convenient, and more secure. If you need financial support, a Personal Loan is there to help you buy gold on EMI for a wedding or investment. Simply fill out an online application form and get instant loan approval.

Frequently Asked Questions

1. Can I buy gold and pay in EMI?

If you want to buy gold and pay in EMI, finance its purchase with an unsecured Personal Loan. Use the funds to purchase the gold and pay its price in instalments. Borrow a low-interest loan to keep the EMIs and loan costs low.

2. Can I get a Personal Loan to purchase gold on EMI?

Various factors determine your eligibility like your age and occupation. Your work experience and monthly income also matter. Check the lender's eligibility criteria to get a Personal Loan to buy gold on EMI.

3. Is it possible to buy gold on EMI without a credit card?

If you purchase gold with a Personal Loan, you do not need a credit card to distribute its cost into EMIs. You can obtain one if you fulfil the lender’s eligibility criteria.

4. Can I buy gold on EMI for my wedding online?

Many jewellery brands allow you to buy gold on EMI for your wedding online. You can check the credentials and reviews of such jewellers before buying.

5. What is the minimum income required to avail of gold EMI?

Different loan providers have different criteria for providing loans you can use to buy gold on EMI. For example, you should have a monthly income of at least Rs 15,000 to get a Personal Loan from Hero FinCorp.