Gold loan is secured loans where gold jewellery or ornaments is used as collateral security. You pledge your gold jewelry with the lender and get a loan. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you get back your gold jewelry in the same shape or condition. Private banks, Nationalized 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. Instead of selling gold, many people prefer to opt for a loan.
Gold loan Lawngtlai Interest Rate
In general gold, the loan is obtainable at very minimal rates of interest because it comes under the category of secured loans. The annual interest rate lies between 10.75% to 24.00%. Though the interest rates keep on changing mainly depends upon different banks and time to time and person to person.
Gold Loan Lawngtlai Eligibility Criteria
Firstly, the applicant should lie between 18 to 70 years of age group.
Foremost, the applicant who have more than 10 gm gold to invest can apply for gold loan.
The borrower 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 Lawngtlai
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.
Address Proof: Aadhar Card, Ration Card, Bank Statement (ACTIVE), Electricity Bill of last three months should be 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 Lawngtlai
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 must fill the application with the required information.
But the applicant should mention the contact number.
After that, the applicant gets a call on the number which is mentioned, from our side if he/she is eligible.
Is Gold Loan secured?
Yes. Unlike most loans, gold loan approval does not depend on your credit score. In other loans, the loan amount is given on the basis of the repayment capacity and credit history of the borrower, but in the gold loan, the loan amount is decided on the market value of gold.
First of all, www.bookmyloans.in offers a natural process of application of the gold loan.
After that, the customer gets a good comparison of the interest rates of other banks as well.
Also, the company provides a facility of document pickup facility from your doorstep.
Lawngtlai is a district in the Indian state of Mizoram. It had a population of 20,830, according to the 2011 Census report India. Here, the official language is Lai Mizo& Chakma.