Gold Loan Gadmudshingi

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Gold Loan Gadmudshingi

When a customer deposits gold as collateral security for taking a loan, it is called 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 a good option if you are in urgent need of money for immediate expenses and able to pay it back in short tenure.

Gold loan Gadmudshingi Interest Rate

 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 up to 25% per annum. Various banks, financial institutions or NBFC provide different interest rates to different customers.

Gold Loan Gadmudshingi 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 Gadmudshingi   

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 Gadmudshingi   

 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 Gadmudshingi   

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

Now, 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.

The applicant has to visit the site www.bookmyloans.in

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 approve.

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 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.

About Gadmudshingi   

Gad Mudshingi is a town in Karveer City in Maharashtra State, India Marathi is the Local Language here.