When a customer deposits gold articles as collateral for taking a loan, it is called a gold loan. The moneylender uses the gold as security against possible payment default by the customer. Gold Loan Thuckalay amount approved is a certain percentage of the value of the gold that has been deposited.
Gold loan Thuckalay Interest Rate
In general, the gold loan is accessible at minimal rates of interest because it is a secured loan. So the interest rates are less than that of a personal loan or home loans. 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 NBFC provide different interest rates to different customers.
Eligibility Criteria of Gold Loan Thuckalay
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 Thuckalay
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.
Agriculture Proof: If the applicant applying for agriculture gold loan then proof of ownership of land is required.
Also, two copies of Photographs of the borrower.
Benefits of Gold Loan Thuckalay
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 Thuckalay Procedure
The applicant has to visit the site Bookmyloans
After that, the applicant fills the information which is needed.
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.
Thuckalay is a town in Kanyakumari district in the Indian state of Tamil Nadu. Here, the official languages are Tamil and Malayalam.