About Gold Loan Banswada
A gold loan is an amount of money that is lent out to you against your gold or gold ornaments by a bank or NBFC, these are financial institutions that are authorized to give you money against the value of your gold.
Gold loans are one of the fastest and easiest ways to borrow money from the banks/financial institutions. It’s a type of secured loan and all secured loans require something to be kept as security to the lender. In most cases up to 80% of the value of the gold can be given as a loan and requires least of paperwork and hassle. That’s because the amount they’re providing is always less than the actual value of the gold.
Gold loan Banswada Interest Rate
In general gold, the 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 annual interest rate lies between 10.55% 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 Banswada Eligibility Criteria
Firstly, the applicant should lie between 18 to 70 years of age group.
Foremost, the applicant who have more than 10 gm gold to invest can apply for gold loan.
The borrower of money must be a resident of India.
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 Banswada
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.
RESIDENCE PROOF: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill of last three months on the name of the applicant/ Telephone Bill of previous three months on the name of the applicant, Passport Copy of a borrower.
Two copies of Photographs of the borrower.
Benefits of Gold Loan Banswada
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.
Interest rate of Gold Loan Banswada
| Bank | Gold Loan Rate |
| HDFC Bank | 10.75% |
| Yes Bank | 10.85% |
| Axis Bank | 10.90% |
| SBI Gold Loan | 11.50% |
| ICICI Bank | 11.75% |
| IIFL Gold Loan | 11.75% |
| Allahabad Bank Gold Loan | 11.75% |
| Muthoot Gold Loan | 12.00% |
| Federal Bank Gold Loan | 12.00% |
| Manappuram Gold Loan | 12.25% |
| IDBI Bank | 12.25% |
| PNB Gold Loan | 12.25% |
Gold Loan procedure
The applicant has to visit the site www.bookmyloan.in
After that, the applicant fills the application with the required information.
But the applicant should fill the contact number.
After that, the applicant gets a call from our side if he/she is eligible.
Is Gold Loan secured
Yes, it is essential to note that the gold loan comes in the category of secured loans. Because in a gold loan, the customers put their gold ornaments into the bank’s locker as security or as collateral. If the customer is unable to return the gold loan on time then the bank is liable to sell his gold ornaments.
Why bookmyloan.in
First of all, www.bookmyloan.in 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.
About Banswada
Banswada is a state Assembly/Vidhan Sabha constituency in the state of Telangana. It is located 46 KM towards South from District head quarters Nizamabad. It is a Mandal head quarter.