About Gold Loan Baraut
When a customer deposits gold (including jewellery, ornaments) as collateral for taking a loan, it is called 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 Loan Baraut eligibility criteria
Firstly, the age of the applicant should lie between 18 to 70 years.
Foremost, one can apply for a gold loan who have more than 10 gm gold to invest.
The borrower must be a resident of India.
The bill of gold should be in the name of the applicant or any family member.
Documents required for Gold Loan Baraut
Certain documents are needed to get a gold loan. These are as follows:
IDENTITY PROOF: Aadhar Card, Voters Card, Driving License, Passport, Pan Card.
RESIDENCE PROOF: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill of last three months on the name of the borrower, Telephone Bill of last three months on the name of the applicant, Passport Copy.
In Adition to that two passports sized colored photographs of the borrower.
Benefits of Gold Loan Baraut
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 Baraut
| 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 have to visit the site www.bookmyloan.in
After that, the borrower should fills the application form with the required information.
But the applicant should mention the contact number.
Atlast, the applicant gets a call from company side if he/she is eligible.
Is Gold Loan secured
Yes, Gold loans come in the category of secured loans and thus includes moderate eligibility criteria and minimum documentation required. It does not even need credit score like CIBIL to grant loans. And therefore, lenders generally pay out the loan in just a few hours.
Why bookmyloan.in
First of all, www.bookmyloan.in offers an effortless way of application of the gold loan.After that, also the customer gets a good comparison between the interest rates with other banks and NBFCs as well.Furthermore, the company provides the facility of document pickup from your doorstep
About Baraut
Baraut is a city in Uttar Pradesh, Baghpat district, India. Farmers and traders mostly occupy this small town, most of the population consists of Sikhs, Jatts, Muslim, and Christians being the minority. The average literacy rate of Baraut is 62%.