Gold loan is a loan on gold. Anyone having gold in the form of jewellery can take a loan from banks or financial institutions. When you go to a bank for Gold Loan Srirangam, they first evaluate the value of gold based on the market price of gold, quantity, and its quality. After evaluation, a lender offers the loan amount to the customer, which cash equivalent usually 60% of the amount of gold.
Gold loan Srirangam Interest Rate
Gold loan is available at manageable interest rates, and it comes under the category of secured loans. The average interest rate of the gold loan is 10.75% per annum and up to 25% per annum. Different banks or NBFCs offer different interest rates to different customers.
Eligibility Criteria Gold Loan Srirangam
Firstly, the applicant should lies between the age group of 18 to 70 years.
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 Srirangam
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.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Srirangam
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 Srirangam Procedure
Now you can also apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through an official website.
First, register yourself at the website of the lender’s portal i.e., Bookmyloans
Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After that, you should mention your contact information.
But after applying for a gold loan online, you have to visit your lender.
Is Gold Loan secured?
Yes, it is essential to note that the gold loan comes in the category of secured loans. Gold loans are secured against gold because 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.
Access gold loan from anywhere, anytime.
Easy documentation, instant approval, convenient 24X7 online repayment.
Furthermore, the company provides a facility of documentation pickup from your doorstep.
Srirangam is an island and a city in Tiruchirappalli district in the Indian state of Tamil Nadu. The Kaveri River bounds Srirangam, Here, Tamil is the official language.