Hi Everyone, recently we had to buy some gold and gold price increase has brought tears to our eyes. I have heard about Jewelers offering some investment scheme where you can pay money in EMI and they save equivalent amount of gold for you. And I think they offered much more gold at the end of the years of the scheme. Anyone has more clarity on this?
Any other way to buy gold in EMIs?
by
While the gold rate is increasing day by day, the best choice right now would be to go for monthly payments in jewellery shops. There are two types of jewellery monthly schemes.
One, you keep posting a monthly amount for a particular number of months. At the end of the term, for the total amount collected, you get the gold equivalent to your amount. Of course damages, taxes added.
Second, you fix your scheme with the jewellery shops for an amount. For this amount, you will be credited with equivalent gold for that amount. Every month on your payment, you will be credited with the gold. At the end of the term, you would have gold on cumulative basis.
In my opinion the second one is a better choice.
Also in my experience, Tanishq gives such a scheme and we can trust them as of now.
Others, do not give me any confidence. Whoever it is…
I think these schemes offer Jewellery at the end of time period. If you were asking about investment, you should look for gold bonds. Check SGB information online. You pay gold price to government and own gold on paper. After 8 years you get it encashed at the gold price that time.
Gold prices are skyrocketing, and the EMI schemes offered by several jewelers can be a game-changer and motivate people to make more investments in Gold in spite of the rising prices.
An attractive scheme that I came across by a jeweler was- You pay a specific amount, say INR 1000, every month for 11 months, and they will add the EMI for 12th month.
I find this a great scheme for investment. It allows the flexibility to decide upon a sum that your budget allows and invest every month. At the end of the tenure, you receive a lump sum amount, which can be used for buying a piece of jewelry that again serves as an investment. Instead of spending a big sum of money at once, you can invest a small amount every month.
I am thinking of investing in this scheme. What are your views? Do you know of a better investment scheme?
I definitely think that EMI scheme sounds intriguing! The only thing I am concerned about it is if they are structured and flexible approach to gold investment? I believe if the monthly amount aligns well with your budget, it seems like a smart way to acquire gold.