Gold is a precious metal. It is used for marriage or on a special occasion, but it can also be used for investment purpose. It does not have depreciating value, and its importance in coming years will increase definitely. With the help of a Gold Loan Solaiya, one can get money on easy terms by depositing gold as collateral security against the loan amount. It is a quick loan one can opt for and can get it with easy terms and conditions in comparison to a home loan, personal loan, car loan.
Gold Loan Solaiya Interest Rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. Gold loan is a quickest and most accessible form to raise funds on short notice with the easy norm and low-interest rate. 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.
Gold Loan Solaiya Process
If you want to enjoy the service of the gold loan you can get it quickly because it has concise process. Following is the simple and quick process of the services of a gold loan.
The applicant should bring their gold jewellery to the bank for a loan purpose.
You pawn your gold jewellery to the lender to generate loan amount.
After that, the quality and quantity of purity of the gold is checked.
According to the value of the gold, the applicant get cash equivalent to around 70%-75% of the value of gold.
After this, the lenders have the guardianship of gold until the full repayment of the loan amount.
Finally, the bank returns your gold in the same shape when you repay the whole amount of your loan.
Factors upon which Gold Loan Solaiya depends
Quality of Gold: This factor plays a vital role in deciding the amount of the gold loan. The purity of gold is defined if it lies between 18 carats to 22 carats. The more is the purity of the gold, the more is the loan amount.
Quantity of Gold: This factors tell that in how much quantity gold is available and on should not be less than 10 gm. It is the minimum requirement of a quantity which is necessary to get a loan.
Eligibility Criteria of Gold Loan Solaiya
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 Solaiya
Identity Proof: Aadhar Card, Driving License, Pan Card, Passport.
Address Proof: Passport, Bank Statement (Active), Aadhar Card, Voter ID Card, Ration Card, Utility bills on the name of applicant (if tenant).
Agriculture Proof: If the applicant applying for agriculture gold loan then proof of ownership of land is required.
Why Gold Loan instead of Personal Loan?
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.
Is Gold Loan secured?
Yes, Gold loans are secured against gold i.e., your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, Bookmyloans offers an easy method of application of the gold loan.
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.
Solaiya is a village in Gandhinagar district in the Indian state of Gujarat. The official language is Gujarati. Its average height above the sea level is 103 meters.