Gold is a precious metal. Now it can also be used for investment purpose, and it doesn’t have any depreciating value.
With the help of a gold loan, one can get money on easy terms by depositing gold as collateral security against the loan amount. It is a quick loan you can opt for and can get it with easy terms and conditions in comparison to a home loan, personal loan, car loan.
Gold loan Katol Interest Rate
The loan is available at very low rates of interest as it comes under the category of secured loans. The interest rates are less than that of a personal loan or home loan or any other loan. The interest rate of the gold loan is 10.75% per annum and up to 25% per annum. Different banks, financial institutions, or NBFC provide different interest rates.
Eligibility Criteria Gold Loan Katol
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 Katol
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 Katol
Firstly, it comes under a secured loan.
CIBIL scores are not checked by banks.
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 gold is available.
Gold Loan procedure
The procedure of getting a gold loan is very straightforward. Firstly, visit a lender branch to get a gold loan.
Fill up the application form with necessary details and attach required documents with it.
After that, the lender conducts a process of gold purity checks and determines its weight based on which it evaluates its market value. Gold loans can be given or approved up to 80 percent of the calculated value of the deposited gold.
Once the documents are verified, and value of the pledged gold is evaluated, then lender approves your loan.
Is Gold Loan secured
Yes, gold loan is secured as it comes under the category of secured loan. In this type of loan, only the customers can put their gold articles into the bank’s locker for security. Customer can enjoy the benefit of loan, and after the maturity period, they will get their gold articles in the same shape.
First of all, www.bookmyloans.in offers an easy method of gold loan.
Also, the customer gets a good comparison between different rates.
Also, the company provides the facility of document pickup from your doorstep.
Katol is a city in Nagpur district in the Indian state Maharashtra. Its average height above the sea level is 41 metres. The total population was 43,267, as per 2011 census India. Marathi is the official language here.