Gold Loan Challakere
Gold is a precious metal. It is used for marriage or on a special occasion but it can also be used for investment purposes. It does not have a depreciating value, and its value in the coming years will increase definitely.
With the help of a gold loan you can get money on easy terms by depositing gold as collateral security against your loan amount. It is a quick loan one can opt for and can get it with easy terms and conditions in comparison to a home loan, personal loan, car loan.
What is Gold Loan Challakere interest rate
Interest rate is the amount 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. Different banks, financial institutions or NBFC provide different interest rates to different customers.
How does the Gold Loan work (PROCESS) Challakere
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 is 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 Challakere 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 tell 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 Challakere
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 applicant 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 Challakere
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 Challakere
|Bank||Gold Loan Rate|
|SBI Gold Loan||11.50%|
|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%|
|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, 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.
First of all, www.bookmyloans.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.
Challakere is a Taluka and town in Chitradurga district in the state of Karnataka, India. Challakere had a population of 55,194 Challakere has an average literacy rate of 69%. Challakere is also known as the ‘oil city’ or “second Mumbai” of India.