When a customer deposits gold as collateral security for taking a loan, it is called a gold loan. It is a very older form of credit as earlier in the 1990s. People can fulfill their immediate need for cash from Gold Loan Sultanpur. The loan amount approved is a certain percentage of the value of the gold that has been deposited.
Gold loan Sultanpur Interest Rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. The interest rate of gold loan on an average is 10.75% per annum and up to 25% per annum. Various banks, financial institutions, or NBFCs provide different interest rates to different customers.
Gold Loan Sultanpur 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 Sultanpur
Certain documents are needed to get a gold loan. These are as follows:
Identity Proof: Aadhar Card, Voters Card, Driving License, Passport, Pan Card.
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 to that two passports sized colored photographs of the borrower.
Benefits of Gold Loan Sultanpur
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 procedure
The procedure of getting a gold loan is very straightforward. Firstly, visit a bank branch or NBFCs to get a gold loan. To do so, visit a bank branch of your choice with the gold you want to pledge.
Fill the application with the required information and attach necessary documents with it.
After that, the lender conducts a process of gold purity checks and determines its weight based on which it evaluates its market value. Gold loans can be given or approved up to 80 percent of the calculated value of the deposited gold. Once the documents are verified, and value of the pledged gold is evaluated, then lender approves your loan.
Now you can also apply for a gold loan through online with the help of the banks or NBFCs mobile application or through an official website.
First, register yourself at the website Bookmyloans
Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.
After applying for a gold loan online, you have to visit your lender’s place once to avail the facility of loan.
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 very easy 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.
Sultanpur is a city and a municipal committee in Sultanpur District in Uttar Pradesh state, India. It is situated on the banks of the Gomti river. The common language of this city is Awadhi, a dialect of Hindi. It comes under the Faizabad Division.