Every secured loan requires the borrower to keep some security against the loan. It is necessary for a secured loan. In this case, Gold as used as security against the loan. It does not take much time to get the amount in hand. The lender bank of NBFC will check the grams and purity of gold and give you a valuation based on that.
Gold loan Jarg 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% to 24.00%. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Eligibility Criteria of Gold Loan Jarg
The applicant should fall between the age group of 18 to 70 years.
The applicant having more than 10 gm gold, can apply for gold loan.
The applicant must be a resident of India.
On the bill of gold articles, which is to be pledged, the name of the applicant or any family member should be mentioned.
Documents required for Gold Loan Jarg
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.
Agriculture proof: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Jarg
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 of Gold Loan Jarg
|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 applicant fills the information which is needed.
But the applicant should fill the contact number.
After that, the applicant gets a call from our side if he/she is eligible.
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.
Jarg is a village in Khanna Tehsil located in Ludhiana District of Punjab State, India. It is located 80 KM from the State capital Chandigarh. Punjabi is the local language here.