A gold loan is an amount of money which is lent out to you against your gold or gold ornaments by a bank or NBFC, these are financial institutions which are authorized to give you money against the value of your gold.
Gold loans are one of the fastest and easiest ways to borrow money from the banks/financial institutions. It’s a type of secured loan and all secured loans require something to be kept as security to the lender. In most cases up to 80% of the value of the gold can be given as a loan and requires least of paperwork and hassle. That’s because the amount they’re providing is always less than the actual value of the gold.
Gold loan Sangareddy Interest Rate
In general gold, the loan is available at very easy 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 annual interest rate lies between 10.55% p.a. to 25.00% p.a. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Sangareddy 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.
Documentation for Gold Loan Sangareddy
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.
In addition, two copies of Photographs of the borrower.
Benefits of Gold Loan Sangareddy
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 Sangareddy 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.
Sangareddy is a town as well as a district itself in Telangana, India. It had a total population of 72,344, according to the 2011 census report. The official language of the town is Telugu, Urdu.