In India, where gold has an emotional connect with the masses, it is relevant for them to use this gold to solve their money issues and breathe in a sigh of relief. Gold Loan is a secured loan which involves your gold ornaments to be mortgaged with the bank until you repay the loan amount to the bank within the loan tenure.
Gold loan Igatpuri Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are less than that of a personal loan or home loans. The annual interest rate lies between 10.55% per annum to 24.00% per annum. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Igatpuri 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 Igatpuri
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.
Address 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 (if tenant), Passport Copy of a borrower.
Agriculture proof: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Igatpuri
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.
FACTORS UPON WHICH GOLD LOAN 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.
Interest rate of Gold Loan Igatpuri
|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 applicant should bring their gold articles to the bank for a loan purpose.
You deposit your gold articles 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 a cash amount equivalent to around 70%-75% of the value of gold.
Now, the lenders have the guardianship of gold until the full repayment of the loan amount.
Finally, when you repay the whole amount of your loan, the bank returns your gold in the same shape.
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.
Igatpuri is a town and a hill Station located in the Western ghats municipal corporation in Nashik District in the Indian state of Maharashtra. It has an average elevation of 600 metres. As of 2001 India census, Igatpuri had a population of 31,572. The average literacy rate is 74%.