When a customer pledge gold as collateral security for taking a loan, it is called a gold loan. The lender 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 Manendragarh 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 or NBFCs provide different interest rates to different customers.
Gold Loan Manendragarh Eligibility Criteria
Firstly, the applicant should lies 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 Manendragarh
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 Manendragarh
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 Manendragarh Procedure
Now, you can also apply for a gold loan through online with the help of the bank or NBFCs 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 you have to visit the lender place to avail the gold 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 easy 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.
Manendragarh is a town in the Koriya district in the India state of Chhattisgarh. This town is famous for its coal mines. It had a population of 30,748 out of which males constitute 53% of the population and females 47%, as of the 2011 India census. The official language is Hindi and Chhattisgarhi.