Gold loan is a loan on gold. Anyone having gold in the form of jewelry can take a loan from banks or financial institutions on easy terms. When you go to a bank for gold loan, they first evaluate the value of gold based on the market price of gold, quantity, and its quality. After evaluation, a lender offers the loan amount to the customer, which cash equivalent usually 60% of the amount of gold.
Gold loan Mahoba Interest Rate
Gold loan is available at low-interest rates, and it comes under the category of secured loans. The average interest rate of the gold loan is 10.75% per annum and up to 25% per annum. Different banks or NBFCs offer different interest rates to different customers.
Eligibility Criteria Gold Loan Mahoba
The applicant should lies between 18 to 70 years of age group.
The applicant who has 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 Mahoba
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.
Residence proof: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill or telephone bill of last three months on the name of the applicant( if tenant), Passport Copy of a borrower.
In addition, two copies of Photographs of the borrower.
Benefits of Gold Loan Mahoba
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
Now, you can also apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through an official website.
First, register yourself at the website of the lender’s portal i.e., www.bookmyloans.in. Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After that, you should mention your contact information.
But after applying for a gold loan online, you have to visit your lender.
Is Gold Loan secured?
Yes, it is essential to note that the gold loan comes in the category of secured loans. Gold loans are secured against gold because your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, www.bookmyloans.in offers an easy method of application of the gold loan.
Access gold loan from anywhere, anytime.
Easy documentation, instant approval, convenient 24X7 online repayment.
Furthermore, the company provides a facility of documentation pickup from your doorstep.
Mahoba is a town and also a district located in the state of Uttar Pradesh, India. It has average height above the sea level of 214 meters. The official language of this town is Hindi and Urdu. The total population was 95,216, according to the census report 2011. The average literacy rate stands at 74.91%.