In a country like India, where people have emotional connection with gold, it is relevant for them to use this gold to solve their money issues and breathe in a sigh of relief. Gold Loan is a secured loan which involves your gold articles to be mortgaged with the bank until you repay the loan amount to the bank within the loan tenure.
Gold Loan Mehdoodan Interest Rate
Interest rate is the amount which is charged for the use of assets as a percentage on the principal amount. The interest rate of this loan is between 10.75% per annum and up to 25% per annum. Various banks, financial institutions, or NBFC offer different interest rates to different customers.
Gold Loan Mehdoodan 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 are 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.
Factors upon which Gold Loan Mehdoodan depends
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.
Who can apply for Gold Loan Mehdoodan?
Firstly, the age of the applicant should lies between 18 to 70 years.
Foremost, one can apply for a gold loan who have more than 10 gm gold to invest.
The borrower must be a resident of India.
The bill of gold should be in the name of the applicant or any family member.
Documentation required for Gold Loan Mehdoodan
Identity proof: Aadhar Card, Driving License, Pan Card, Passport
Residence proof: Passport, Bank Statement ( Active), Aadhar Card, Voter ID Card, Ration Card, Utility bills on the name of applicant (if tenant).
Agriculture proof: Agriculture Land Proof
Why Gold Loan Mehdoodan?
Firstly, it comes under a secured loan.
Banks do not check CIBIL scores for loan approval.
Free safe custody for your precious gold.
It has a low-interest rate in comparison to a personal loan or any other loan.
No hidden charges, fully transparent.
Income proof is not required to get loan approval.
Safety of ornaments is available.
Is Gold Loan secured?
Yes, Gold loans are secured against gold i.e., your gold will be released on payment of the loan amount taken by the borrower with interest.
First of all, www.bookmyloans.in offers an easy method of application of the gold loan.
After application, the customer gets a good comparison of the interest rates with other banks interest rate as well.
Furthermore, the company provides the document pickup facility from your doorstep.
Mehdoodan is a village in Fatehgarh Sahib District in the Indian state of Punjab. It is located 33 KM from the state capital Chandigarh. Here, the local language is Punjabi.