A gold loan allows you to acquire loan against gold at a lower rate of interest. Here gold is observed as the collateral against the loan borrowed. Today, many banks or NBFCs are offering gold loan at very minimal interest rates. The Gold Loan Tawang amount, which is approved by banks depends on the quality and quantity of gold you are depositing as collateral.
Gold loan Tawang Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are less as the annual interest rate lies between 10.55% p.a to 24.00% p.a. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Eligibility Criteria Gold Loan Tawang
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 Tawang
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), Electricity 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 Tawang
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 Tawang 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.
Tawang is a town as well as a district in Arunachal Pradesh state, India. It had a total population of 11,202 as per the 2011 census report. Its average height above the sea level is 2,669 meters.