Every secured loan requires some security against the loan. In this case, Gold is used as collateral against the loan. The lender’s bank or NBFCs will check the quantity and purity of gold and give you a valuation based on that. Gold loans are short-period loans, and the repayment period can range from one month to a few years.
Gold loan Parkal Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are very less in comparison to a home loan or personal loan. The interest rate of the gold loan is between 10.75% per annum and up to 25% per annum. Various banks or NBFCs offer different interest rates to different customers.
Eligibility Criteria Gold Loan Parkal
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.
Documents required for Gold Loan Parkal
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, Electricity Bill of last three months on the name of the applicant, Passport Copy of a borrower.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Parkal
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 Parkal Procedure
The applicant has to visit the site Bookmyloans
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.
Why bookmyloans.in?
First of all, Bookmyloans 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.
Easy documentation, instant approval, convenient 24X7 online repayment
Hassle-free, paper-less transaction from your mobile device
Free safe custody for your valuable gold
No hidden charges, fully transparent
Furthermore, the company provides the document pickup facility from your doorstep.
About Parkal
Parakala is a town in Warangal district in the Telangana state, India. The total population of this town was 29,794, according to the 2011 census report. Here, the official language of the town is Telugu.