Gold loans are short-term loans, and the repayment period of the same is from one month to a few years. If you are in instant need of money for immediate expenses and expect to be able to pay it back in a short period, then this loan might be a good option.
Interest Rate Gold loan Mand
In general, the gold loan is available at straightforward 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 interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum. Several banks, financial institutions or NBFC provide different interest rates to different customers.
Gold Loan Mand Eligibility Criteria
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 Mand
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 of last three months on the name of the applicant ( if tenant), Passport copy of a borrower.
Agriculture proof: Document for agriculture land proof.
In addition, two copies of photographs of the borrower.
Benefits of Gold Loan Mand
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.
Your loan can approve in a single working day.
Income proof is not required to get loan approval.
Safety of ornaments is available.
Factors upon which Gold Loan Mand depends
Quality of Gold: This factor plays a vital role in deciding the amount of the gold loan. The purity of gold is defined if it lies between 18 carats to 22 carats. The more is the purity of the gold, the more is the loan amount.
Quantity of Gold: This factors tell that in how much quantity gold is available and on should not be less than 10 gm. It is the minimum requirement of a quantity which is necessary to get a loan.
Gold Loan Mand Procedure
The applicant should bring their gold jewellery to the bank for a loan purpose.
You deposit your gold jewellery to the lender to generate loan amount.
After that, the quality and quantity of purity of the gold are checked.
According to the value of the gold, the applicant get cash equivalent to around 70%-75% of the value of gold.
After this, the lenders have the guardianship of gold until the full repayment of the loan amount.
Finally, the bank returns your gold in the same shape when you repay the whole amount of your loan.
Is Gold Loan secured?
Yes, it is essential to know that the gold loan comes under the category of secured loans. Because in a gold loan, the customers deposit their gold ornaments or jewellery into the bank’s locker as collateral.
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.
Mand is a village located in Jalandhar District in the Indian state of Punjab. Here, Punjabi is the local language. The village literacy rate stands at 71.2%.