Gold loan Bhimavaram

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Gold loan Bhimavaram

When a customer deposits gold as collateral for taking a loan, it is called as a gold loan. Gold loans are short-duration loans, and the repayment period can range from one month to a few years. If you are in crucial need of money for immediate expenses and you believe and able to pay it back in a short tenure, then this loan might be a good option.

Gold loan Bhimavaram 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 Bhimavaram 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 Bhimavaram

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 Bhimavaram

  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 Bhimavaram

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 up the necessary form and attach essential documents with it.

After that, the lender checks the purity of gold and determines its weight on the basis of 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.

Visit the website www.bookmyloans.in

Register yourself at the website of lender’s portal. Fill the details such as the quantity of gold you have with yourself, how much loan you want to approve.

After that, you should mention your contact information.

  But after applying for a gold loan online you will have to visit your lender place.

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 an easy method of application of the gold loan.

After application, the customer gets a good comparison of the interest rates with other banks interest rate as well.

Furthermore, the company provides the document pickup facility from your doorstep.

About Bhimavaram

Bhimavaram is a city located in the district West Godavari of the Andhra Pradesh state, India. It is the one of the populous city in the district with a population of 142,184, according to the 2011 census.