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.
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