Gold loan is secured loans where gold articles is used as collateral security. You pledge your gold jewelry with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you get back your gold jewelry in the same shape or condition. Nationalized banks, private banks, and other financial institutions offer these loans at affordable interest rates. Usually, borrowers use this loan to meet an immediate financial need, such as a marriage or a child’s education. Instead of selling gold many people prefer to opt for a loan. A gold loan is a loan where you can use your gold ornaments as collateral.
Gold loan Madhapar Interest Rate
In general gold, the loan is available at very easy rates of interest because it comes under the category of secured loans. So the interest rates are less than that of a personal loan or home loans. The annual interest rate lies between 10.75% to 25.00%. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Madhapar Eligibility Criteria
Firstly, the applicant should lies between the age group of 18 to 70 year.
Foremost, the applicant who have more than 10 gm gold to invest can apply for gold loan.
The borrower 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 Madhapar
Certain documents are needed to get a gold loan. These are as follows:
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.
In addition, two copies of Photographs of the borrower.
Benefits of Gold Loan Madhapar
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.
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.
Madhapar is a large village located in the Kutch district in the Indian state of Gujarat. Its average height above the sea level is 106 meters. The official language is Gujarati, Kutchi.