Gold loan is one of the oldest forms of a loan which is now being offered by financial institutions or banks at a higher level. Anyone having gold can take a loan from banks or financial institutions. When you approach a bank for Gold Loan Arvi, firstly they evaluate the value of gold based on the market price and its purity.
Gold loan Arvi 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 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, financial institutions, or NBFCs provide different interest rates.
Gold Loan Arvi 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 for Gold Loan Arvi
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.
Besides, two copies of Photographs of the borrower.
Benefits of Gold Loan Arvi
Banks do not check CIBIL scores for loan approval.
Access gold loan from anywhere, anytime.
Free insurance cover for your gold.
Easy documentation, instant approval, convenient 24X7 online repayment.
Hassle-free, paper-less transaction from your mobile device.
Free safe custody for your precious gold.
No hidden charges, fully transparent.
Gold Loan Arvi Procedure
Now you can also apply for a gold loan through online with the help of the banks or NBFCs mobile application or through an official website.
Visit the website Bookmyloans
Register yourself on 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.
After applying for a gold loan, the online borrower has to visit the lender’s place to enjoy the facility of loan.
Is Gold Loan secured?
Yes, it is important to know that gold loan is secured as it comes under the category of secured loans. Secured loans are loans that are supported by an asset means some asset as collateral for the loan. When you agree to the loan, you also agree that the lender can repossess the collateral deposit if you don’t repay the loan amount in time.
First of all, Bookmyloans offers a straightforward process of application of the gold loan.
After that, the customer gets a good comparison of the interest rates of other banks as well.
Furthermore, the company provides the document pickup facility from your doorstep.
Arvi is a city in Wardha district in the Indian state of Maharashtra. It had a total population of 42,822 out of which 21,956 were males while 20,864 were females, as per the 2011 census report. The official languages of this city are Hindi and Marathi.