About Gold Loan Begowal
Gold loan is secured loans where gold jewellery or ornaments is used as collateral security. You pledge your gold jewelry with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you get back your gold jewelry in the same shape or condition. Usually, borrowers use this loan to meet an immediate financial need, such as a marriage or a child’s education. Instead of selling gold many people prefer to opt for a loan.
Gold loan Begowal Interest Rate
Gold loan is available at very easy rates of interest because it comes under the category of secured loans. So the interest rates are less than in comparison to personal loan or home loans. The annual interest rate lies between 10.75% to 25.00%. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Begowal Eligibility Criteria
Firstly, the applicant should lie between 18 to 70 years of age group.
Foremost, the applicant who have more than 10 gm gold to invest can apply for gold loan.
The borrower 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 Begowal
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 borrower, Telephone Bill of last three months on the name of the applicant, Passport Copy of a borrower.
Two copies of Photographs of the borrower.
Benefits of Gold Loan Begowal
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 Begowal
|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.
First, register yourself at the website of lender’s portal i.e., www.bookmyloans.in. 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 after applying for a gold loan online you have to visit your lender.
Is Gold Loan secured
Yes, it is essentialt to note that the gold loan comes in the category of secured loans. Gold loans are secured against gold because your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, www.bookmyloans.in offers a secure method of application of the gold loan.
Access gold loan from anywhere, anytime.
Easy documentation, instant approval, convenient 24X7 online repayment.
Furthermore, the company provides a facility of documentation pickup from your doorstep.
Begowal is a town in Kapurthala district in the state of Punjab, India. It has an average distance above the sea is 225 metres. Khanna, Ludhiana, Ahmedgarh, Malerkotla are nearby Cities to Begowal Begowal Local Language is Punjabi. The village literacy rate is 71.8%.