About Gold Loan Bhongir
Gold loan is one of the oldest forms of a loan which is now being offered by financial institutions or banks at a higher level. Anyone having gold can take a loan from banks or financial institutions against their gold product. When you approach a bank for gold loan, they first evaluate the value of gold on the basis of market price of gold and its purity. After evaluation, the lender offers the loan amount to the customer which is usually 60% of the amount of gold.
Gold loan Bhongir 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 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. Different banks, financial institutions or NBFC provide different interest rates to different customers.
Gold Loan Bhongir 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 Bhongir
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.
Two copies of Photographs of the borrower.
Benefits of Gold Loan Bhongir
Firstly, it comes under a secured loan.
Banks do not check CIBIL scores for loan approval.
Access gold loan from anywhere, anytime.
Free insurance cover for your gold.
Easy documentation, instant approval, convenient 24X7 online repayment.
Hassle-free, paper-less transaction from your mobile device.
Free safe custody for your valuable gold.
No hidden charges, fully transparent.
INTEREST RATE OF GOLD LOAN:
|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.
Visit the website www.bookmyloans.in
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.bookmyloans.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.
Bhongir is a town of the Indian state of Telangana. It is located on National Highway 163 and comes under Hyderabad Metropolitan Development Authority. Bhongir is also famous for its Fort located in Bhongir, Yadadri Bhuvanagiri District, Telangana, India. This fort was ruled and renovated by Musunuri Nayaks. It is located on a massive rock at a commanding height.