A Gold Loan falls under the category of secured loan, and it provides you a loan amount, which is totally secured and cash equivalent to the market value. It also provides an EMI option to repay the loan with interest for quick and easy fulfillment of your financial needs. Many go for this for a short period to meet the various requirements like marriage, children’s education, accidental case, and other economic crisis in the family.
Gold loan Jhalawar Interest Rate
In this, the credit is available at very easy rates of interest because it is a secured loan. 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.
Gold Loan Jhalawar 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 borrower 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.
Factors upon which Gold Loan Jhalawar 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.
Documents required for Gold Loan Jhalawar
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, 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 Jhalawar
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 Jhalawar
|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
Nowadays, you can also apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through an official website.
The applicant has to visit the site www.bookmyloans.in
First, register yourself at the website of the lender’s portal. Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After that, you should mention your contact information.
But by applying for a gold loan online does not mean that it is not necessary to visit your lender branch. You have to visit your lender at least once to deposit your gold articles, to avail the facility of the online gold loan.
First of all, www.bookmyloans.in offers an easy process of application of the gold loan.
Access gold loan from anywhere, anytime.
Easy documentation, instant approval, convenient 24X7 online repayment.
Also, the company provides a facility of documentation pickup from your doorstep.
Jhalawar is a city in the state of Rajasthan, India. It was the capital of the former princely state of Jhalawar. Earlier Jhalawar was also known as Brijnagar. The total population was 66,919, as per 2011 census report. Its average height above the sea level is 312 metres. The official language is Hindi.