This type of loan has very special characteristics, both because it addresses a very specific type of customer and because instead of making a sum of money available, a good is physically delivered, which is represented by gold, understood as raw material .
Those who can access this type of loan are therefore those who transform and market gold, who will obtain the delivery of a certain quantity purchased and owned by a bank, so as to be able to transform and market it.
Characteristics of the loan for the use of gold
The person who requests it can choose two methods of repayment . The most usual means that the bank delivers the gold, which remains its property (therefore without invoicing but with the accompanying delivery of the goods through the issuance of a transport document). Therefore, the beneficiary must return both the interest provided for in the contract and the return of the same amount of gold received through the loan at the due date (generally following the quarter following the loan).
The other method of restitution always provides for the payment of the interest provided for in the contract, but instead of returning the equivalent of the gold obtained on loan with other gold, you pay the sum corresponding to the bank by effectively becoming owners of the gold. In this case the bank must provide for invoicing.
Normally, in spite of the particularity of the loan, the basic logic is that of opening a credit line , with the granting of loans of this type up to its capacity (with the return of gold it is restored in whole or in part the credit line for the returned value). There are many banks that offer this kind of loan, the conditions of which can generally vary.
Banks that provide this type of loan
- Among the banks that are part of the “popular” is the Best bank , which provides for the availability of 1 kg but on request also bars of 12.50 kg ;
- The MPS provides a wide choice, and a system of fixed costs (equal to 50 USD) for the lighting, the extension and the operations of returning the gold, in addition to the calculation of the interests;
- Unicredit provides for the calculation of interest numerous maturities, with different amounts, and fixed management costs ranging from a minimum of 15 USD (practical opening) to a maximum of 49 USD for the related closure.