In a country like India, where gold has an emotional connection with the masses, it is relevant for them to use this gold to solve their money issues and breathe in a sigh of relief. Gold Loan is a secured loan which involves your gold ornaments to be mortgaged with the bank until you repay the loan amount to the bank within the loan tenure.
Gold loan Raikot 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.
Gold Loan Raikot 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 Raikot
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 Raikot
Firstly, it comes under a secured loan.
Banks do not check CIBIL scores for loan approval.
100% safety and security for your gold jewellery.
Enjoy liquidity anytime.
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 Raikot Procedure
You can also apply for a gold loan through online with the help of the banks or NBFCs mobile application or through an official website.
Visit the website Bookmyloans
Register yourself at the website of lender’s portal. Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After applying for a gold loan online loan, you have to visit your lender’s place once to enjoy the facility of 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 and comfortable 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.
Raikot is a city in Ludhiana district in the state of Punjab, India. It had a population of 28,734, as per 2011 census report. The average literacy rate of this city is 77%.