Gold Loan Umaria

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What is Gold Loan Umaria?

Gold has a very significant value in Indian tradition. Consequently, Gold is gifted on many occasions in the country such as marriage, birthdays, anniversaries, etc. Previously, people purchased Gold only for personal use. Now, people also buy Gold for emergencies because they can take loan against Gold by lending it to the bank.  After the customer repays his entire loan amount, they can take their gold back from the bank. Here, we will provide all the information that you require for Gold Loan Umaria. Acquiring a gold loan is very simple and requires very less time.

Eligibility for Gold Loan

First of all, the applicant should be an Indian citizen.
He should be above 18 years of age.
Furthermore, he should possess a minimum of 10 grams of Gold.
Next, the Gold must belong either to the applicant or any of his family members.
Lastly, the Gold must be between 18 carats to 22 carats.

Documents Required for Gold Loan Umaria

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-size colored photographs.
Proof of ownership: of Land is required if you are applying for an agriculture gold loan.

Gold Loan Umaria Rate of Interest

Interest is charged to the borrower which is expressed as an annual percentage of the loan called interest rate. Gold loan is provided at the best interest rate as compared to other unsecured loans.
Generally, the gold loan is provided at an 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: Gold Loan is very easy to apply because it does not require a lot of documents .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. Therefore, it is the number one choice in case of emergencies.
Interest Rate: The interest rate charged is very less compared to other forms of loans. Hence, its affordable.
Documentation: Gold loan requires less documents that are easily available with the customer.
Credit History: The credit history is not very important for availing gold loan. As a result, it is accessible to more people.
Value against Gold: The customer gets the loan according to the value of his Gold. So, Higher the quality and quantity of the Gold, more the value of the loan.
Safety: The bank is responsible for the safety and security of Gold. Therefore, no need to worry about your precious asset.

Forms of Gold

Banks do not consider any form of gold to provide the loan. There are some restrictions.
Firstly, the purity of the Gold should lie in between 18 Karats to 22 Karats.
Secondly, Gold is accepted in the form of jewelry.
In addition to the above, raw 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 out the application form available on the site.
Lastly, we check your eligibility for taking the loan, and then you will get a call from our representatives.

About Umaria

Umaria is a district located in the North East of Madhya Pradesh. The population of this district is 644758 according to the Census 2011. This district has extensive forests. The famous Bandhavgarh National Park is located in this district.