Gold loan is where gold articles are used as collateral security, and it comes under the category of secured loans. You deposit your gold jewellery with the lender and get a loan. You can repay the loan through easy monthly installments. After the repayment, you get back your gold jewelry in the same shape or condition. Different banks and other financial institutions offer these loans at affordable interest rates. Usually, borrowers use this loan to meet an immediate financial need, such as a marriage or a child’s education, etc. Instead of selling gold, many people prefer to opt for a loan.
Gold loan Kavali Interest Rate
Gold loan is available at a very easy and minimal rate of interest. The interest rates are less than in comparison to a personal loan or home loan. The annual interest rate lies between 10.55% to 24.00%. Though the interest rates keep on changing mainly depends upon different banks.
Gold Loan Kavali 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 Kavali
Identity proof: Aadhar Card, Voters Card, Driving License, Passport, Pan Card of a borrower.
Address 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 Kavali
Firstly, it falls under the category of 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.
Gold Loan procedure Kavali
The applicant has to visit the site www.bookmyloans.in
After that, the applicant fills the application with the required information.
But the applicant should fill the contact number.
After that, the applicant gets a call from our side if he/she is eligible.
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.
Kavali is a town in Nellore district in the state of Andhra Pradesh, India. It is the second largest town in the district. As of 2011 Census of India, the city had a population of 150,333. The average literacy rate stands at 81.09%. Here, the official language is Telugu.