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Gold loans have always rescued households from unforeseeable financial crunches, especially during the times of COVID-19 pandemic. Well, that’s mainly because a Mathura gold loan comes with a low interest rate and can be opted for in a seamless manner. As mentioned, it is pretty easy to get a Mathura finance gold loan, however, if the gold comes with certain follies, your loan is bound to get rejected. So, what things should be considered before buying gold so that you don’t face any problem in applying for a Mathura gold loan in the future? Bhumi Finance will take you through some of the most common mistakes committed while buying gold. Hang tight and read till the end:

Buying gold without validating the weight.
Gold ornaments often have a considerable weight, however, the addition of some precious stones can add up to the ornaments’ weight. Many customers do not verify the weight of the ornament separately. Because of this, they end up paying more than the original price because all jewelers weigh an ornament in its entirety. When you apply for a Mathura loan scheme or a gold loan via a Mathura loan agent, the bank or the financial institution pays you for the gold present in the ornament and not the precious stones attached to it.

Buying without checking the purity of the ornament.
The standard purity rating for gold is 22 Carat i.e 91.6% while that for pure gold is 24 Carat i.e 99.9%. However, this isn’t suitable for manufacturing jewelry. Since every Carat of gold is equivalent to 4.2% pure gold, 18 karats and 14 karats gold only contain 75% and 58.33% pure gold, respectively. Since 24 karats cannot be used for jewelry manufacturing, jewelers use 14 karats, 18 karats, or 22 karat gold. Hence, it is noteworthy that gold jewelry purchased from any credible jeweler in India will have the 22K marking, BIS marking, and fineness number engraved on it. Such markings assure the best value per gram on a jewelry loan and are thoroughly checked before any financer approves the credit. 

Not looking for the specific BIS hallmark. 
The BIS is the only authorized GOI agency for testing and quality sealing (BIS Hallmark). Customers collateralizing gold ornaments with BIS hallmarking will help them fetch a higher value per gram on a Mathura gold loan. Besides, opting for gold ornament with the BIS hallmark will easily facilitate gold loans at lower interest rates without much hassle.

Buying gold from any jewelry store.
Considering that there are numerous jewelry stores, choosing the right one can be tricky for individuals. Reputed jewellers will put their hallmark logo or abbreviation on the gold ornament for easy identification. Furthermore, renowned jewelers will not jeopardize their reputation in the market by selling or passing off impure gold as pure. So, it is recommended to buy from such jewelers and not mere small sellers.

Purchasing gold at exorbitant prices.
Every gold ornament comes with manufacturing charges. This adds up to the cost of the gold ornaments. When speaking of making charges, it’s worth mentioning that since these charges reflect the current gold rates, one is often fleeced into paying higher charges. Therefore, one must insist on fixed making charges to ensure cheaper purchases.

Not validating whether the jewelers offer buyback.
Buyback facilities are a must. Despite the BIS marking and fineness numbering, when an individual chooses a different lender to sell gold ornaments, there are always more deductions. Let’s say individuals can exchange their old gold jewelry for a new one from the same jeweler. In that case, the deductions are marginal, and thus, individuals can get the maximum value for their exchanged items. So, it’s important to verify whether the jeweler offers buybacks or not.

Keeping these things in mind while purchasing gold can assure you getting the desired amount for it on applying for a gold loan near Mathura. At Bhumi Finance, we extend the best gold loan in Mathura at a significantly-low rate. Wish to know more? Reach out to us at https://bhumifinance.com/.