Gold is a precious metal. Now it can also be used for investment purpose, and it doesn’t have any depreciating value.
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 you can opt for and can get it with easy terms and conditions in comparison to a home loan, personal loan, car loan.
Gold loan Harji Interest Rate
In general gold, the loan is available at very easy 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 up to 25% per annum. Different banks, financial institutions, or NBFC provide different interest rates to different customers.
Gold Loan Harji 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 Harji
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.
Two copies of Photographs of the borrower.
Benefits of Gold Loan Harji
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 Gold Loan Harji
|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%|
Gold Loan procedure
The procedure of getting a gold loan is very straightforward. Firstly, visit a bank branch or NBFCs to get a gold loan. To do so, visit a bank branch of your choice with the gold you want to pledge.
Fill up the application form with necessary details and attach required documents with it.
After that, the lender conducts a process of gold purity checks and determines its weight based on which it evaluates its market value. Gold loans can be given or approved up to 80 percent of the calculated value of the deposited gold. Once the documents are verified, and value of the pledged gold is evaluated, then lender approve your loan.
Is Gold Loan secured
Yes, gold loan is secured as it comes under the category of secured loan. In this type of loan, only the customers can put their gold articles into the bank’s locker for security. Customer can enjoy the benefit of loan, and after the maturity period, they will get their gold articles in the same shape.
First of all, www.bookmyloans.in offers a easy methods of application of the gold loan.
Also, the customer gets a good comparison between different rates.
Furthermore, the company provides the facility of document pickup from your doorstep.
Harij is a city in Patan district in the state of Gujarat, India. It has average height above the sea level of 33 metres. As of 2001 India census, Harij had a population of 18,388. The official language of this city is Gujarati.