Gold is a precious metal. Now it can also be used for investment purpose, and it doesn’t have any depreciating value.
With the help of a gold loan, one can get money on easy terms by depositing gold as collateral security against the loan amount. It is a quick loan you can opt for and can get it with easy terms and conditions in comparison to a home loan, personal loan, car loan.
Gold loan Maluka Interest Rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. The interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum. Various banks, financial institutions, or NBFCs provide different interest rates to different customers.
Eligibility Criteria Gold Loan Maluka
Firstly, the applicant should lies 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 Maluka
Identity proof: Aadhar Card, Voters Card, Driving License, Passport, Pan Card of a borrower.
Address proof: Aadhar Card, Ration Card, Bank Statement (ACTIVE), utility 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 Maluka
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 Maluka 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.
Maluka is a village in Bathinda District in the Indian state of Punjab. It is 196 KM far from state capital Chandigarh. This place is situated between the border of the Bathinda District and Moga District. Punjabi is the local language here. The village literacy rate stands at 57.7%.