When a customer deposits gold as collateral security for taking a loan, it is called a gold loan. The lender uses the gold as security against possible payment default by the customer. The loan amount approved is a certain percentage of the value of the gold that has been deposited.
Gold loans are short-duration loans, and the repayment period can range from one month to a few years.
Interest Rate Gold loan Khamla
Gold loan is available at a very easy and minimal rate of interest. The interest rates are less than that of a personal loan or home loans. The annual interest rate lies between 10.55% per annum to 24.00% per annum. Though the interest rates keep on changing mainly depends upon different banks.
Eligibility Criteria Gold Loan Khamla
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 Khamla
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.
Agriculture Proof: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Khamla
It comes under the category of 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.
Safety of ornaments is available.
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.
Khamla is a city and a district in Nagpur City in the state of Maharashtra, India. Here, Marathi is the local language.