As the name suggests, a Gold loan is when a customer deposits gold as collateral security for taking a loan. The bank uses gold as security against possible payment by the customer. If you are in urgent need of money for immediate expenses and expected to repay the amount in a short period, then this loan might be a good option.
Gold loan Sadiq Interest Rate
Gold loan is available at very minimal rates of interest. The interest rates are less than in comparison to a personal loan or home loans. The interest rate of the gold loan is 10.75% per annum and up to 25% per annum. Many banks, financial institutions offer different interest rates to different customers.
Eligibility Criteria Gold Loan Sadiq
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 Sadiq
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.
In addition, two copies of Photographs of the borrower.
Benefits of Gold Loan Sadiq
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 Sadiq 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.
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.
Furthermore, the company provides the document pickup facility from your doorstep.
Sadiq is a village in Faridkot Tehsil in Faridkot District in the Indian state of Punjab. Its distance is 245 KM from the state capital Chandigarh. The local language is Punjabi. The village literacy rate is 56.9%.