What is Gold Loan Uggi ?
Gold always had a very significant value in the Indian tradition. Gold is gifted on many occasions like marriage, birthdays, anniversaries, etc. Previously people used to buy Gold only for their personal use, but now people buy Gold so that they can use it in the case of emergencies. People take the loan against the Gold by lending the Gold to the bank, and after the customer repays his entire loan amount, they can make it back from the bank. Here we will provide all the information that you require for Gold Loan Uggi. The procedure for taking the gold loan is very simple and requires very less time.
Eligibility for Gold Loan
First of all, the applicant should be Indian.
After that, he should be above 18 years of age
Furthermore, you should have a minimum of 10 grams of Gold.
Next, the Gold must belong either to the applicant or any of his family member.
Lastly, the Gold must be between 18 carats to 22 carats.
Documents Required for Gold Loan Uggi
Identity Proof: Aadhar Card/Voters Card/Driving License/ Passport
Residence Proof: PAN Card/Ration Card/ Electricity Bill of last three months / Telephone Bill of the previous three months.
Photographs: two passports sized colored photographs.
Proof of ownership: of Land is required if you are applying for an agriculture gold loan.
Rate of Interest on Gold Loan
A part of a loan that is charged as interest to the borrower, which is expressed as an annual percentage of the loan is said to be the interest rate. The gold loan is provided at the best interest rate as compared to other unsecured loans.
Generally, the gold loan is provided at the interest rate of 11.5% to 14.5%
Interest rate: 10.70%.
Processing fee: 0.85%.
Pre-closer charges: 0–2%.
Features of Gold Loan
Easy to apply: The Gold Loan is very easy to apply as no much documents are needed. The customer can get the loan just by lending his Gold to the bank.
Fast disbursement: The loan gets disbursed within a time period of half an hour.
Interest Rate: The interest rate charged on the gold loan is very less if compared to other forms of loans.
Documentation: The documents needed for the gold loan are very less and are easily available with the customer.
Credit History: The credit history of the customer is not checked when the applicant is taking the gold loan.
Value against Gold: The customer gets the loan according to the value of his Gold. Higher is the quality and quantity of the Gold, more will be the value of the loan.
Safety: The safety and security of the Gold is the responsibility of the bank.
Forms of Gold
Not every type of Gold is considered by the bank to provide the Gold Loan. There are some restrictions.
Firstly, the purity of the Gold should lie in between 18 Karats to 22 Karats.
Secondly, Gold in the form of jewelry is accepted.
In addition to the above, raw is Gold is not accepted.
Lastly, gold coins that weigh less than 50 Grams are readily accepted.
How to apply through bookmyloans?
First of all, you need to visit our site www.bookmyloans.com.
Then, fill the application form, available on the site.
Lastly, we will check your eligibility for taking the loan, and then you will get a call from our representatives.
Uggi is a village located in district Jalandhar of Punjab, India. The village is administered by a sarpanch elected by the village people.