About Gold Loan Barwaha
When a customer deposits gold (including jewellery, ornaments) as collateral for taking a loan, it is called as a gold loan. The moneylender uses the gold as security against possible payment default by the customer. The loan amount approved is a certain percentage of the value of the gold that has been deposited.
Gold loans are short-duration loans and the repayment period can range from one month to a few years. This loan might be agood option if you are in urgent need of money for immediate expenses and able to pay it back in short tenure.
Gold loan Barwaha Interest Rate
In general, the gold loan is available at straightforward rates of interest because it comes under the category of secured loans. 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 upto 25% per annum. Various banks, financial institutions or NBFC provide different interest rates to different customers.
Gold Loan Barwaha Eligibility Criteria
Firstly, the applicant should lie 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.
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 Barwaha
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.
RESIDENCE PROOF: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill of last three months on the name of the applicant/ Telephone Bill of previous three months on the name of the applicant, Passport Copy of a borrower.
AGRICULTURE PROOF: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Barwaha
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.
Interest rate of Gold Loan Barwaha
|Bank||Gold Loan Rate|
|SBI Gold Loan||11.50%|
|IIFL Gold Loan||11.75%|
|Allahabad Bank Gold Loan||11.75%|
|Muthoot Gold Loan||12.00%|
|Federal Bank Gold Loan||12.00%|
|Manappuram Gold Loan||12.25%|
|PNB Gold Loan||12.25%|
Gold Loan procedure
Nowadays, you can also apply for a gold loan through online with the help of the bank’s or NBFC’s mobile application or through official website.
The applicant has to visit the site www.bookmyloan.in
First, register yourself at the website of lender’s portal. Fill the details such as quantity of gold you have with yourself, how much loan you want to approved.
After that, you should mention your contact information.
But applying for a gold loan online does not mean that you will not have to visit your lender. To avail the facility of the online gold loan, you will have to visit your lender at least once to deposit your gold articles.
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, www.bookmyloan.in 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.
Barwaha is a city and municipality in Khargone district in the Madhya Pradesh, India. Barwaha is loacted on the bank of river Narmada and famous for it is also famous for its ghats. It is divided into 18 wards. Many small villages are sourrouneded near Barwaha, so it is the leading market area for those villages.