About Gold Loan Baramulla
When a customer deposits gold (including jewellery, ornaments) as collateral for taking a loan, it is called as a gold loan. The moneylender uses the gold as security against possible payment default by the customer. The loan amount approved is a certain percentage of the value of the gold that has been deposited.
Gold loans are short-duration loans and the repayment period can range from one month to a few years. If you are in urgent need of money for immediate expenses and expect to be able to pay it back in the short period of time, then this loan might be a good option.
Gold loan Baramulla 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 upto 25% per annum. Various banks, financial institutions or NBFC provide different interest rates to different customers.
Gold Loan Baramulla Eligibility Criteria
Firstly, the applicant should lie 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.
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 Baramulla
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.
AGRICULTURE PROOF: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Baramulla
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 Baramulla
| 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 Baramulla
Baramulla is a city and a municipality in the Indian-administered disputed territory of Jammu and Kashmir. It is on the bank of the Jhelum River downstream from Srinagar, the state capital.