About Gold Loan Chhindwara
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 one can get money on easy terms by depositing gold as collateral security against the 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 Chhindwara 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 up to 25% per annum. Various banks, financial institutions or NBFC provide different interest rates to different customers.
How does the Gold Loan work (PROCESS) Chhindwara
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 have 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 Chhindwara 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 Chhindwara
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 Chhindwara
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 Chhindwara
|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, the demand for people is increasing day by day with the increase in necessities. Some people have a strong financial background, but most of the 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 are 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 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.
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.
Chhindwara is the city in India and a Municipal body in Chhindwara district in state of Madhya Pradesh, India. It is also known as the “Corn City” of India. Chhindwara is home to brands like Raymond’s & Hindustan Unilever.