When a customer deposits gold as collateral for taking a loan, it is called a gold loan. Gold loans are short-duration loans, and the repayment period can range from one month to a few years. If you are in urgent 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.
Gold loan Porvorim Interest Rate
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. Various banks, financial institutions, or NBFCs provide different interest rates to different customers.
Gold Loan Porvorim 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.
Documents required for Gold Loan Porvorim
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), Utility Bills of last three months on the name of the applicant (if tenant), Passport Copy.
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 Porvorim
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 Porvorim Procedure
A gold loan can be applied online with the help of the bank’s or NBFC’s mobile application or through an official website.
You have to visit the site Bookmyloans
Then, 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.
Also, 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 important to know that gold loan is guaranteed as it comes under the category of secured loans. Secured loans are loans that are supported by an asset means some asset as collateral for the loan. When you agree to the loan, you also agree that the lender can repossess the collateral deposit if you don’t repay the loan amount in time.
First of all, Bookmyloans offers an easy method of application of the gold loan.
Enjoy anytime liquidity.
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.
Porvorim is also known as Purvari, is the legislative capital of the Indian state Goa. It is situated on the bank of Mandovi River. The official language of this city is Konkani. It had a total population of 59,066, as per 2011 census.