When a customer deposits gold as collateral security for taking a loan, it is called a gold loan. It is a very older form of credit as earlier in the 1990s. People fulfill their immediate need for cash from gold loan. The loan amount approved is a certain percentage of the value of the gold that has been deposited.
Gold Loan Kalpetta eligibility criteria
The applicant should fall between the age group of 18 to 70 years.
One can apply for a gold loan who have more than 10 gm gold to invest. The applicant 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 Kalpetta
Certain documents are needed to get a gold loan. These are as follows:
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 applicant/ Telephone Bill of previous three months on the name of the applicant, Passport Copy.
In Adition to that two passports sized colored photographs of the borrower.
Benefits of Gold Loan Kalpetta
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 Kalpetta
| BANK | Gold Loan Rate |
| HDFC Bank | 10.75% |
| Yes Bank | 10.85% |
| Axis Bank | 10.90% |
| SBI Gold Loan | 11.50% |
| ICICI Bank | 11.75% |
| 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% |
| IDBI Bank | 12.25% |
| PNB Gold Loan | 12.25% |
Gold Loan procedure
Now 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.
First, register yourself at the website www.bookmyloans.in
Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After applying for a gold loan online, you have to visit your lender’s place once to avail the facility of loan.
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.
Why bookmyloans.in
First of all, www.bookmyloans.in offers a very easy 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.
About Kalpetta
Kalpetta is a town in the Wayanad district of the Indian state Kerala. As of 2011 India census, Kalpetta had a population of 90491. The official language is Malayalam and English. As per the 2011 census report, 90,491 was the total population. The average height above the sea level is 780 metres.