As the name suggests, a Gold loan is when a customer pledge gold as collateral for taking a loan. The bank uses gold as a security purpose against possible payment by the customer. If you are in crucial need of money for immediate expenses and expected to repay the amount in a short period, then this loan might be a good option.
Gold loan Kantabanji Interest Rate
Gold loan is available at very minimal rates of interest. The interest rates are less than in comparison to a personal loan or home loans. The interest rate of the gold loan is 10.75% per annum and up to 25% per annum. Various banks, financial institutions offer different interest rates to different customers.
Eligibility Criteria Gold Loan Kantabanji
The borrower should lie between 18 to 70 years of age group.
The applicant having more than 10 gm gold, 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 Kantabanji
Identity Proof: Aadhar Card, Voters Card, Driving License, 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/ 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 Kantabanji
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 Kantabanji
|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 application with the required information.
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.
Kantabanji is a town in Balangir district in the Indian state of Odisha. Here, the official language is Odia. The total population as per census report 2001 was 21,819. Its average height above the sea level is 298 metres.