Gold Loan, as the name, suggests it is a loan against Gold. Every secured loan requires the applicant to keep some security against the loan. It is the basic requirement of secured loan. In this case, Gold as used as security against the loan. The lender bank of NBFC will check the grams and purity of gold and give you a valuation based on that. These types of loans are very much secured, so it does not take much time to get the amount in hand. There is not much paper wor related to the loan. It is hassle free and fast.
Gold loan Kohara 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 up to 25% per annum. Several banks, financial institutions or NBFC provide different interest rates to different customers.
Gold Loan Kohara Eligibility Criteria
Firstly, the applicant should lie between 18 to 70 years.
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 Kohara
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.
Agriculture Proof: Document for agriculture land proof.
Also two copies of Photographs of the borrower.
Benefits of Gold Loan Kohara
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.
Factors Upon Which Gold Loan Depends:
There are two factors upon which the amount of the gold loan depends, i.e., Quality of gold and Quantity of gold.
Quality of Gold: This factor plays a vital role in deciding the amount of the gold loan. The purity of gold is defined if it lies between 18 carats to 22 carats. The more is the purity of the gold, the more is the loan amount.
Quantity of Gold: This factors tells that in how much quantity gold is available and on should not be less than 10 gm. It is the minimum requirement of a quantity which is necessary to get a loan.
Gold Loan procedure
If you want to enjoy the service of the gold loan you can get it quickly because it has a very short process. Following is the simple and quick process of the services of a gold loan.
The applicant should bring their gold jewellery to the bank for a loan purpose.
You pawn your gold jewellery to the lender to generate loan amount.
After that, the quality and quantity of purity of the gold is checked.
According to the value of the gold, the applicant get cash equivalent to around 70%-75% of the value of gold.
After this, the lenders have the guardianship of gold until the full repayment of the loan amount.
Finally, the bank returns your gold in the same shape when you repay the whole amount of your loan.
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.
Kohara is a village in Ludhiana District in the Indian State Punjab. This place is situated between the border of the Ludhiana District and S.a.s Nagar District. Here the local language is Punjabi.