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When a customer pledge gold as collateral security for taking a loan, it is called a gold loan. The lender uses the gold as security against possible payment default by the customer. The loan amount granted is a certain percentage of the value of the gold that has been deposited.
Interest Rate Gold loan Jangareddygudem
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 person to person.
Gold Loan Jangareddygudem eligibility criteria
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 Jangareddygudem
Identity proof: Aadhar Card, Voters Card, Driving License, Passport, Pan Card.
Address Proof: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill of last three months on the name of the borrower, Passport Copy.
In Adition to that two passports sized colored photographs of the borrower.
Benefits of Gold Loan Jangareddygudem
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 of Gold Loan Jangareddygudem
|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 has to visit the site www.bookmyloans.in
After that, the borrower should fill the application form with the required information.
But the applicant should mention the contact number.
At last, the applicant gets a call from company side if he/she is eligible.
Is Gold Loan secured
Yes, Gold loans come in the category of secured loans and thus includes moderate eligibility criteria and minimum documentation required. It does not even need credit score like CIBIL to grant loans. And therefore, lenders generally pay out the loan in just a few hours.
First of all, www.bookmyloans.in offers an effortless way of application of the gold loan. After that, also the customer gets a good comparison between the interest rates with other banks and NBFCs as well. Furthermore, the company provides the facility of document pickup from your doorstep.
Jangareddygudem is a town located in the West Godavari district of the Indian state of Andhra Pradesh. The city had a population of 48,994, constituting, 23,997 males and 24,997 females, as per 2011 Census of India. The average literacy rate stands at 80.09%. The official language is Telugu.