When a customer pledge gold as collateral security for taking a loan, it is called a gold loan. The lender 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. This loan might be a good option if you are in urgent need of money for immediate expenses and able to pay it back in short tenure.
Gold loan Piduguralla Interest Rate
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. Various banks or NBFCs provide different interest rates to different customers.
Eligibility Criteria Gold Loan Piduguralla
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 Piduguralla
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: If the applicant applying for agriculture gold loan then proof of ownership of land is required.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Piduguralla
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 Piduguralla Procedure
Now, you can also apply for a gold loan through online with the help of the bank or NBFCs mobile application or through an official website.
The applicant has to visit the site Bookmyloans
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 applying for a gold loan online you have to visit the lender place to avail the 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.
Why bookmyloans.in?
First of all, Bookmyloans offers a easy 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.
About Piduguralla
Piduguralla is a town located in Guntur district in Andhra Pradesh state, India. The official language of this village is Telugu. It had a total population of 63,103, as per 2011 census report. This village covers a total area of 31.63 km2.