When a customer deposits gold as collateral for taking a loan, it is called a gold loan. Gold loans Apra is short-duration loans, and the repayment period can range from one month to a few years. If you are in crucial need of money for immediate expenses and you believe and able to pay it back in a short tenure, then this loan might be a good option.
Gold Loan Apra Interest Rate
In general, the gold loan is available at straightforward rates of interest because it comes under the category of secured loans. So the interest rates are less than that of a personal loan or home loans. The interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum. Various banks, or NBFCs provide different interest rates.
Gold Loan Apra 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.
Documentation required for Gold Loan Apra
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.
Agriculture proof: If applying for a agriculture gold loan then proof of ownership of land.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Apra
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 Apra 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 an official website.
Visit the website Bookmyloans
Register yourself at the website of lender’s portal. 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 will have to visit your lender place.
Is Gold Loan secured?
Yes, because it comes under the category of secured loans. In this, customers put their gold ornaments into the bank’s locker as security or as collateral. If the customer is unable to return the loan amount in time, then the bank is liable to sell his gold ornaments.
First of all, Bookmyloans offers an easy method of application of the gold loan.
After application, the customer gets a good comparison of the interest rates with other banks interest rate as well.
Furthermore, the company provides the document pickup facility from your doorstep.
Apra is a census town located in Phillaur Tehsil in Jalandhar district in the Indian state of Punjab. The town is famous for gold jewellery and paddy crops which are produced in large amounts. It had a total population of 6,258 of which 3,219 are males and 3,039 are females. The languages which is spoken here are Punjabi and Hindi.