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Every secured loan requires some security against the loan. In this case, Gold as used as collateral against the loan. The lender bank or NBFCs will check the quantity and purity of gold and give you a valuation based on that. Gold loans are short-period loans, and the repayment period can range from one month to a few years.
Gold loan Mahabubnagar Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are very less in comparison to a home loan or personal loan. The interest rate of the gold loan is between 10.75% per annum and up to 25% per annum.
Eligibility Criteria Gold Loan Mahabubnagar
The applicant should lies 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 Mahabubnagar
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 Mahabubnagar
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.
Easy documentation, instant approval, convenient 24X7 online repayment
Hassle-free, paper-less transaction from your mobile device
Free safe custody for your valuable gold
No hidden charges, fully transparent
Furthermore, the company provides the document pickup facility from your doorstep.
Mahabubnagar is a city in the state of Telangana, India. It has an average height above the sea level of 498 meters. It had population of 34,45,336 out of which male consititute 17,42,438 and female 17,02,898, as per 2011 census report. The official language is Telugu & Urdu.