Gold loan is secured loans where gold jewellery or ornaments is used as collateral security. You pledge your gold jewelry with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you get back your gold jewelry in the same shape or condition. Usually, borrowers use Gold Loan Amalapuram to meet an immediate financial need, such as a marriage or a child’s education. Instead of selling gold, many people prefer to opt for a loan.
Gold loan Amalapuram Interest Rate
Gold loan is available at very easy rates of interest because it comes under the category of secured loans. So the interest rates are less than in comparison to a personal loan or home loans. The annual interest rate lies between 10.75% up to 25.00%. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Amalapuram Eligibility Criteria
Firstly, the applicant should lies between 18 to 70 years of age group.
Foremost, the applicant who has more than 10 gm gold to invest can apply for gold loan.
The applicant must be a resident of India.
Lastly, on the bill of gold, which is to be pledged, should be in the name of the applicant or any family member.
Documents required for Gold Loan Amalapuram
Certain documents are needed to get a gold loan. These are as follows:
Identity Proof: Aadhar Card, Voters Card, Driving License, Passport, Pan Card of a borrower.
Address Proof: Aadhar Card, Ration Card, Bank Statement (Active), Utility Bills of last three months on the name of the applicant (if tenant), Passport Copy.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Amalapuram
Firstly, it comes under a secured loan.
Banks do not check CIBIL scores for loan approval.
It has a low-interest rate in comparison to a personal loan or any other loan.
Income proof is not required to get loan approval.
Safety of ornaments is available.
Gold Loan Amalapuram Procedure
Now you can also apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through the official website.
First, register yourself at the website of lenders portal i.e., Bookmyloans
Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After that, you should mention your contact information.
But after applying for a gold loan online, you have to visit your lender.
Is Gold Loan secured?
Yes, it is essentialt to note that the gold loan comes in the category of secured loans. Gold loans are secured against gold because your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, Bookmyloans offers a secure method of application of the gold loan.
Access gold loan from anywhere, anytime.
Easy documentation, instant approval, convenient 24X7 online repayment.
Furthermore, the company provides a facility of documentation pickup from your doorstep.
Amalapuram is a town in East Godavari district in Andhra Pradesh state, India. It had a total population of 141,194 with 70,850 males and 70,344 females, according to the 2011 census report. The official language of this town is Telugu.