About Gold Loan Bemetara
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 crucial 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.
What is Gold Loan Bemetara interest rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. Gold loan is a quickest and most accessible form to raise funds on short notice with the easy norm and low-interest rate. 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.
How does the Gold Loan work (PROCESS) Bemetara
If you want to enjoy the service of the gold loan you can get it quickly because it has concise process. Following is the simple and quick process of the services of a gold loan.
The applicant should bring their gold jewellery to the bank for a loan purpose.
You pawn your gold jewellery to the lender to generate loan amount.
After that, the quality and quantity of purity of the gold are checked.
According to the value of the gold, the applicant get cash equivalent to around 70%-75% of the value of gold.
After this, the lenders has the guardianship of gold until the full repayment of the loan amount.
Finally, the bank returns your gold in the same shape when you repay the whole amount of your loan.
Factors upon which Gold Loan Bemetara depends
There are two factors upon which the amount of the gold loan depends, i.e., Quality of gold and Quantity of gold.
Quality of Gold: This factor plays a vital role in deciding the amount of the gold loan. The purity of gold is defined if it lies between 18 carats to 22 carats. The more is the purity of the gold, the more is the loan amount.
Quantity of Gold: This factors tells that in how much quantity gold is available and on should not be less than 10 gm. It is the minimum requirement of a quantity which is necessary to get a loan.
Who can apply for Gold Loan Bemetara
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 Bemetara
IDENTITY PROOF: Aadhar Card, Driving License, Pan Card, Passport
RESIDENCE PROOF: Passport, Bank Statement ( Active), Aadhar Card, Voter ID Card, Ration Card, Utility bills on the name of applicant (if tenant).
AGRICULTURE PROOF: Agriculture Land Proof
Interest rate of Gold Loan Bemetara
| 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% |
Why Gold Loan instead of Personal Loan
In the current world, demand for people is increasing day by day with the increase in necessities. Some people have a strong financial background but most of people don’t, so they think of loan. They want to fulfill their needs and wants by availing a loan. Every person wants to get credit on easy terms so here is the gold loan facilities which are available by various banks and NBFC’s. Gold loan is the quickest loan one can get without so much paperwork and without any hindrances as well.
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.
Is Gold Loan secured
Yes, Gold loans are secured against gold i.e., your gold will be released on payment of the loan amount taken by the borrower with the interest.
Why bookmyloans.in
First of all, www.bookmyloans.in 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.
About Bemetara
Bemetara is one of the districts of the Indian state of Chhattisgarh. Bemetara is located near the centre of a vast plain area. It is referred to as the “rice bowl of India”, where hundreds of varieties of rice are grown.