Gold Loan Malegaon is a secured loan. Gold is widely used as a loan security. The banks or NBFCs check the quantity and purity of the gold to give you a valuation. Gold loans are short-period loans and the repayment period can range from one month to a few years.
Interest Rate of Gold loan in Malegaon
Gold loan is available at a minimal rate of interest. Consequently, its interest rates are less in comparison to other kinds of loans. The interest rates range from 10.75% per annum to 25% per annum. It can vary from among financial institutions.
Eligibility Criteria Gold Loan Malegaon
- Firstly, only people between 18 to 70 years of age can apply.
- Secondly, he/she must have a minimum of 10 gms of gold.
- Moreover, the applicant must be a resident of India.
- Lastly, the bill of the gold should be in the name of the applicant or any family member.
Documents required for Gold Loan Malegaon
- Identity proof: Borrower’s Aadhar Card, Voter Card, Driving License, Passport and Pan Card.
- Address proof: Borrower’s Aadhar Card, Ration Card, Bank Statement (ACTIVE), electricity Bill of last three months on applicant’s name (if tenant), and Passport Copy.
- In addition to that, two copies of passport-size photographs of the borrower.
Benefits of Gold Loan Malegaon
- Firstly, it is a secured loan.
- Fortunately, banks do not check the credit score for loan approval. Hence, it is widely accessible.
- Then, it has a lower-interest rates than other kinds of loans.
- Gold Loan does not require income proof for approval.
- Ultimately, banks are responsible for the safety of the Gold. Hence, there is no need to worry about it.
Gold Loan procedure
- Visit the site www.bookmyloans.in.
- After that, fill out the application form.
- Then, we check the eligibility of the applicant.
- Finally, our representatives contact the applicant for further processing.
Is Gold Loan secured?
Yes. This is because the customers put their gold into the bank’s locker as security or collateral. In case the customer defaults on repayment, the bank can sell his gold.
- First of all, www.bookmyloans.in offers a simple process for gold loan application.
- After that, the customer has access to a comparison of interest rates across banks.
- Furthermore, there is easy documentation, instant approval and a convenient 24*7 online repayment system.
- The process is hassle-free and paper-less (from your mobile device)
- You get free safe custody for your valuable gold.
- There are no hidden charges.
- In addition to that, the company provides a document pickup facility from your doorstep.
Malegaon is a city in the Nashik District of Maharashtra, India. It is one of the largest cities in Maharashtra. Marathi is the official language. It has a population of 12,51,529, as per Census 2011.