Gold Loan Bhikhi

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Gold Loan Bhikhi

When a customer deposits gold as collateral security for taking a loan, it is called a gold loan. It is a very older form of credit as earlier in the 1990s, people fulfill their immediate need of cash from 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 Loan Bhikhi eligibility criteria

Firstly, the age of the applicant should lie between 18 to 70 years.

Foremost, one can apply for a gold loan who have more than 10 gm gold to invest.

The applicant must be a resident of India.

The bill of gold should be in the name of the applicant or any family member.

Documents required for Gold Loan Bhikhi

Certain documents are needed to get a gold loan. These are as follows:

IDENTITY PROOF: Aadhar Card, Voters Card, Driving License, Passport, Pan Card.

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.

In Adition to that two passports sized colored photographs of the borrower.

Benefits of Gold Loan Bhikhi

  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 Bhikhi

Bank  Gold Loan Rate 
HDFC Bank 10.75%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
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%
IDBI Bank 12.25%
PNB Gold Loan 12.25%

Gold Loan procedure

Offline procedure

The procedure of getting a gold loan is very straightforward. Firstly, visit a bank branch or NBFCs to get a gold loan. To do so, visit a bank branch of your choice with the gold you want to pledge.

Fill the application with required information and attach necessary documents with it.

After that, the lender conducts a process of gold purity checks and determines its weight based on which it evaluates its market value. Gold loans can be given or approved up to 80 percent of the calculated value of the deposited gold. Once the documents are verified and value of the pledged gold is evaluated, then lender approve your loan.

Online 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 an official website.

First, register yourself at the website of the lender’s portal. Fill the details such as the 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.

Why bookmyloans.in

First of all, www.bookmyloans.in offers a very easy 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.

About Bhikhi

Bhikhi is a town and also a Nagar panchayat in Mansa district in the state of Punjab, India. Bhikhi had a population of 15,078, according to 2001 India census. This town has an average literacy rate of 53%.