Gold Loan taken 15 yrs ago and its affect on my CIBIL score !

POSTED BY cp754 ON November 6, 2014 10:58 am ONE COMMENT

Hello I took gold loan of amount 93,600 before 15 years ago. Due to my business loss, I was not able to pay interest of it. Now they told me to pay 60% interest at a time in 2 days and remain amount in emi.

If I’ll not do that so they told me that it will affect your CIBIL report as well. They also told me that it is not necessary to give advertisement in to the newspaper for action, and for gold loan there is no rule to print add for action. My question is – Will it affect my CIBIL score? and Is not important to give advertisement in to the newspaper before action my gold?   Please do let me know as soon as possible.   Regards Ron T

One reply on this article “Gold Loan taken 15 yrs ago and its affect on my CIBIL score !”

  1. Credexpert says:

    Dear Sir,

    If you have taken the gold loan from a bank or a registered gold loan company, the credit history pertaining to this loan account will be present on your credit report and must have already impacted your credit score. It would be advisable that you pay the entire outstanding amount and close this loan account at the earliest.

    Also, regarding the auctioning of your gold, please check the term and conditions of your loan agreement. It should precisely mention the auction procedure in case of non-payment of the loan and interest amount. If required, you should seek help of a legal adviser.

    Regards,
    Credexpert

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