Gold loans are short-period loans, and the repayment period is between from one month to a few years. When a customer pledges gold as collateral for taking a loan, it is known as a gold loan. The loan amount sanctioned is a certain percentage of the value of the gold that has been pledged.
Gold loan Kanchrapara Interest Rate
In general, the gold loan comes under the category of secured loans, and it is available at easy rates of interest. The interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum, which is less than a personal loan and home loan. Different banks, financial institutions, or NBFC provide different interest rates to different customers.
Gold Loan Kanchrapara 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 applicant 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.
Documents required for Gold Loan Kanchrapara
Certain documents are needed to get a gold loan. These are as follows:
Identity Proof: Aadhar Card, Driving License, Voters Card, Passport, Pan Card of a borrower.
Address Proof: Aadhar Card, Ration Card, Bank Statement (active), Electricity Bill of last three months on the name of the applicant (if tenant), Telephone Bill of previous three months on the name of the applicant (if tenant), Passport Copy.
Agriculture proof: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Kanchrapara
It comes under a secured loan.
The bank does not check CIBIL scores for loan approval.
100% safety and security for your gold jewellery.
Enjoy liquidity anytime.
It has a low-interest rate in comparison to a personal loan or any other loan.
Your loan can approve in a single working day.
Safety of ornaments is available.
Interest rate of Gold Loan Kanchrapara
|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
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 are 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.
Is Gold Loan secured
Yes, it is essential to know that the gold loan comes under the category of secured loans. Because in a gold loan, the customers deposit their gold ornaments or jewellery into the bank’s locker as collateral.
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.
Kanchrapara is a city in the state of West Bengal, India, and it comes under the area covered by Kolkata Metropolitan Development Authority. It has average height above the of 10 metres. The official language is Bengali and English. The total population as per 2011 census was around 129,576.