Gold loan is where gold articles are used as collateral security, and it falls under the category of secured loans. You pledge your gold jewelry with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through easy monthly installments. After the repayment, you get back your gold jewelry in the same shape. Usually, borrowers use Gold Loan Somatane to meet an immediate financial need, such as a marriage or a child’s education. Instead of selling gold, many people prefer to opt for a loan.
Gold loan Somatane Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are less than in comparison to a personal loan or home loans. The annual interest rate lies between 10.55% per annum to 24.00% per annum. Though the interest rates keep on changing mainly depends upon different banks.
Gold Loan Somatane 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 Somatane
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 or Telephone Bill of last three months on the name of the applicant (if tenant), Passport Copy of a borrower.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Somatane
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 Somatane 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.
Somatane is a village and gram panchayat located in Mawal taluka of Pune district in the Indian state of Maharashtra. It had a total population of 5,300, according to the 2011 census report. Here, the official language is Marathi.