Gold is a precious metal. It is used for marriage or on a special occasion, but it can also be used for investment purpose. It does not have depreciating value, and its importance in coming years will increase definitely.
Gold Loan Joya interest rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. Gold loan is the quickest way to raise funds on short notice with the easy norm and low-interest rate. The interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum.
Gold Loan process Joya
If you want to enjoy the service of the gold loan, you can get it quickly because it has a short process. Following is the simple and quick process of the services of a gold loan.
The applicant should bring their gold jewellery to the bank for a loan purpose.
You pawn your gold jewellery to the lender to generate loan amount.
After that, the quality and quantity of purity of the gold is checked.
According to the value of the gold, the applicant get cash equivalent to around 70%-75% of the value of gold.
After this, the lenders have the guardianship of gold until the full repayment of the loan amount.
Finally, the bank returns your gold in the same shape when you repay the whole amount of your loan.
Factors upon which Gold Loan Joya depends
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.
Who can apply for Gold Loan Joya
Firstly, 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 Joya
Identity Proof: Aadhar Card, Driving License, Pan Card, Passport
Address Proof: Passport, Active Bank Statement, Aadhar Card, Voter ID Card, Ration Card, Utility bills
Agriculture Proof: Original agriculture land documents.
Interest rate of Gold Loan Joya
|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%|
Why Gold Loan instead of Personal Loan
It is 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.
Is Gold Loan secured
Yes, Gold loans are secured against gold i.e., your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, www.bookmyloans.in offers an easy method of application of the gold loan.
After application, the customer gets a good comparison of the interest rates with other banks interest rate as well.
Furthermore, the company provides the document pickup facility from your doorstep.
Joya is a town and Nagar panchayat located in Amroha district in the state of Uttar Pradesh, India. The total population was 18,337, as per 2011 census report. The official language is Khariboli, Haryanvi, Punjabi, Urdu, English. Its average literacy rate stands at 85%.