Best lenders to Avail Gold Loan

There is a need to visit the branch just once and that too to deposit the gold with the bank.

The procedure of the Gold loan has also been made less complex and hassle-free to provide maximum convenience to the customer.

This is a highly competitive world where there are so many lenders offering a Gold loan. This creates confusion in the minds of customers as to which Gold loan is the best. Each bank and financial institution tries to provide the best service to the customers. The customer before applying for a gold loan has to have proper knowledge of Gold loan, banks offering such loan, eligibility criteria, documentation requires, etc.

To apply for a Gold loan an individual has to be-

• A resident of India

• Older than 18 years

• Must have gold in ownership and possession at the time of applying for the gold loan

• Must have a self residence registered in their name

Banks have tried to make the documentation simpler and less complex. However, there are some basic documentation that is needed at the time of application for a Gold loan-

• Identity proof such as Voter ID/ Passport/ Aadhaar Card/ Pan Card

• Residence proof such as Utility Bills on the name of the applicant/ Rental Agreement of the applicant/ Aadhaar card/ Pan card/ Voter ID.

The gold loan process is as simple as lending gold by the borrower to the lender and taking money. The borrower takes his gold to the lender, the lender gets its quality inspected and generally, an amount equivalent to 80% of the Gold is assigned as a loan to the borrower. The loan amount gets disbursed into the bank account of the borrower within a period of maximum to a maximum of 15 days.

Gold loan is such a significant product of a company that it can be found in the portfolio of almost every major bank. Various banks offering Gold loans along with their respective major trait is given below-

1. HDFC Bank Gold loan (9.99%) A reputed name in the industry and known for providing the best after-sales service in the market. HDFC Gold Loan is the most easy loan to get with little documentation and hassle.
   

2. Axis Bank Gold loan (10.90%) Known for fast processing of loans to make disbursement faster in the account of the customers.
   

3. SBI Gold loan ( 7.50%) The biggest bank in the nation. Provides one of the best services and has a diversified portfolio of service provisions.
   

4. Dena Bank Gold loan ( 7.1%) Accepts both non-hallmarked and hallmarked jewelry. Dena Bank gold loan is offered at one of the lowest Interest rates in the market.

Several other banks provide Gold loans. The common trait that each bank will have nowadays is the willingness to be the best by serving maximum customers.

However Gold loans are always offered by the banks after carefully inspecting the quality of Gold. We can say that the quality of Gold is the most significant thing which is checked before deciding how much money one can get from a Gold loan.

A gold loan is the most secured form of a loan. So banks don’t even bother to check the CIBIL score of a person applying for the Gold loan. The benefit is with the people having low CIBIL score, even they can avail for a Gold loan, no questions asked.

Conclusion: There is heavy competition in the market due to which clutter is created. This generally confuses customers as to where to get the best Gold loan from. Various factors should simultaneously be kept in mind while applying for a Gold loan- Interest rate, service, reputation, etc. The gold loan can be availed very easily and has been made quite simple but a customer should always carefully analyze from where one should take a Gold loan.

Some of the uses of Gold Loan

Why is gold most sought?

In Indian culture, gold has specific importance and is the only common heirloom passed through several generations. The gold possessor is termed to be a reputed person as it symbolizes richness in some sense. On the other hand, socially, gold is a better investment than any other. Gold has its marketplace and a good market value which increases its demand. India was once upon a time called golden bird due to its vast heritage of gold which was later invaded by Britishers during their regime. It is said that gold possession makes a person wealthy as it can come in handy in times of need and make one look good upon wearing and increasing one's grandeur when keeping gold statues or idols at home or offices etc.

Gold loan process

It is the most convenient and less time-consuming process. The gold loan can be applied by anyone irrespective of their background, occupation, or income. A gold loan is the only loan that can be acquired by anybody in possession of gold more than 18 carats. Allahabad Bank gold loan process is a very simple process where one can apply online as well as offline for gold loan. After filling up the application form, the bank representative will fix an appointment for your document verification and purity test of gold. If you are eligible for the loan then your loan is sanctioned and you get a sanction letter from the bank.

A sanction letter contains the details of the bank as well as about the borrower and lender along with the amount of loan sanctioned, gold loan interest rate, gold loan per gram, amount, processing fees, prepayment charges, tenure period, repayment options, foreclosure charges, etc. Once you deposit gold in the bank it is safely kept in lockers and the amount is credited to your bank account.

Eligibility

You can check your eligibility for a gold loan using the gold loan eligibility calculator. You can get to know about the loan amount sanctioned, foreclosure charges, interest rates, and processing fees, tenure, etc. After checking your eligibility you can even calculate your EMI through an EMI calculator which makes it easier for you to repay the loan at your convenience. The rate of gold is measured using the current market value of gold, and it is dependent on the purity and carat of gold.

Repayment

Debt is something which nobody likes and cash or money is something which everybody regards. At Allahabad Bank, we nurture your money as our assets. So we make it easier for you to repay your debts in time. The tenure period is of 6-60 months between which you have to complete your repayment towards the gold loan. Allahabad bank gold loans have several repayment options from which you can choose as per your convenience. The options for repayment are the bullet repayment option, overdraft repayment, and EMI option.

• Bullet repayment- in this repayment option, you have to monthly pay the amount you indicate where the principal has to be paid at the end of the tenure period.

• Overdraft repayment - in this repayment option, the interest is only charged on the amount disbursed by you from the total loan amount.

• EMI- in this repayment one has to pay a specific amount of money indicated every month.

Benefits

• It has a lower interest rate of 11.75%.

• It has faster processing of a loan. So in times of emergency, it is reliable.

• No processing fee is charged.

• No foreclosure charges are there.

• Income Proof is not needed as compared to other loans such as personal loans etc where income proof is mandatory.

• A credit score is not required.

• Anybody can apply for this loan irrespective of income or occupation.

• The age should be between 18 to 70 years.

How to get a Car Loan low rate

With this type of best financing, you can also take the best steps ahead of time to make sure you are also getting the best deal possible. Many consumers already know this is true whenever they are trying to shop around for a mortgage. But they can not take the same time to set them up for the best car loan. But some of the minimal changes can also save you serious cash on the car loan. Before starting any shopping for a car loan, always take much time to check the CIBIL score. You can also do this easily. If you can maintain the high CIBIL score, then the rate is easily low.

The credit score is also primarily based on the debt to credit ratio. This is how much debt you always have to carry versus how the credit you also have available. Paying the down revolving debt can improve the ratio of a car loan. Very late payments in the credit history can also impact. This is also right. If you are paying your loan in time, your CIBIL score and credit score will be good. The vast amount of the down payment always makes a massive difference in the car loan rate. If you can not merely put very much down now, do the best to sock away some of the savings very fastly.

Shopping around for the best car loan interest rate is easier than ever. The Car Loan Interest Rate would be 7.70% to 10.50% in almost every bank. If you have a very high salary, you would have a significantly lower interest rate. This is most important to consider the debt to income ratio whenever applying for the best car loan. This means, according to any of the lenders, you would not face any adversities during the repayment of this car loan. The car loan amounts that you also choose would always determine the rate you are eligible for the vast quantities or not.

The credit score history always plays an integral role in determining this best loan approval. It would help if you had a credit score of more than 750 to be eligible for this loan or a different loan. And of the very best benefits of the car loan is that this always gives you very immediate access to the vehicle. That can always be extremely valuable if you wish or need the car for office work or other types of work.

The car loan interest rate always adds up the total cost of your loan repaid. The meagre interest rate would be a better option for this best car loan applicant as this would always be very helpful for the applicant to save huge money. This has to thoroughly compare the vast range of the option simply available at the exact moment. With the best of technology, we can utilize the best use of the internet and also check all the things about the car loan or other types of loan.

Conclusion

Axis Bank Car Loan interest rate 7.35% the speed is deficient if you see different banks they charge interest rate up to 10%, but this bank always charges interest rate significantly less. And Axis Bank car loan tenure period is one years to 7 years. This is the thing most people want to choose this bank; if you're going to avail the car loan, you have to check your CIBIL score and the whole of the documents work. Because some people do not have all the documents, that is the reason their loan is always rejected; you always have to maintain all the necessary records. If you can keep it, then you are always welcome in this bank.