Gold Loan is a secured type of loan that is lent to the borrower against his gold jewellery, which is to be mortgaged with the bank till the bank is recovering the whole loan amount. In case if the borrower is unable to pay the loan amount within the given time period, then the bank is authorized to sell the gold of the borrower and claim their money.
Gold loan Koraput Interest Rate
In general gold, the 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 up to 25% per annum. Different banks, financial institutions, or NBFC provide different interest rates to different customers.
Gold Loan Koraput 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.
Factors upon which Gold Loan Koraput 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 tell 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.
Documents required for Gold Loan Koraput
Certain documents are needed to get a gold loan. These are as follows:
Identity Proof: Aadhar Card, Driving License, Voters Card, Passport, Pan Card of a borrower.
Address Proof: Bank Statement (ACTIVE), Aadhar Card, Ration Card, 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 Koraput
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.
Gold Loan procedure
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.
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 Koraput
Koraput is a district of the state Odisha, India. It is mainly famous for its rich and diverse types of mineral deposits. According to the 2011 census Koraput district has a population of 1,376,934, according to the 2011 census. The average literacy rate stands at 49.21%. Here, Odia and English is the official language.