When a customer deposits gold as collateral for taking a loan, it is called a gold loan. The moneylender uses the gold as security against possible payment default by the customer. The loan amount approved is a certain percentage of the value of the gold that has been deposited. Gold loans are short-duration loans, and the repayment period can range from one month to a few years.
Gold loan Ottapalam Interest Rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. Gold loan is a quickest and most accessible form to raise funds on short notice with the easy norm and low-interest rate. The interest rate of gold loan on an average is 10.75% per annum up to 25% per annum. Various banks or NBFCs provide different interest rates to different customers.
Gold Loan Ottapalam 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.
Lastly, on the bill of gold, which is to be pledged, should be in the name of the applicant or any family member.
Documentation for Gold Loan Ottapalam
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 (if tenant), Passport Copy of a borrower.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Ottapalam
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 Ottapalam Procedure
You can apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through an official website as well.
You have to visit the site, Bookmyloans
First, register yourself at the website of the lender’s portal. 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 you have to visit lender branch after applying for a gold loan online, to avail the facility of the online gold loan.
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, Bookmyloans offers an easy method of application of the gold loan.
After application, the customer gets a good comparison of the interest rates with other banks interest rate as well.
Furthermore, the company provides the document pickup facility from your doorstep.
Ottapalam is a town located in Palakkad district in the Indian state of Kerala, India. It had a total population of 53,790, according to the 2011 census report. The official language of this town is Malayalam.