Gold loan Significance-
Both Buyers and sellers profit from gold investments. Banks and non-bank financial institutions (NBFCs) will provide gold loans. Since there is less paperwork and no income requirement, the gold loan application method is straightforward and can be completed from anywhere. Due to the pandemic, transferring money digitally has become ubiquitous. E-wallets are becoming more common as e-commerce platforms. India is a land of gold, and it was once known as the "land of a golden eagle." India has many gold deposits.
The idols of gods in some Indian temples are made of gold. The famous golden temple in Amritsar, Punjab, is entirely made of gold, and its gleaming luster is a sight to behold. The ambiance of the establishment is distinct from that of others. Every Indian state has gold in some form.
Gold Loan Scheme-
There are two schemes for acquiring Bank of India Gold Loan. There are two ways to obtain a Gold Loan.
Agricultural purpose Gold Loan: Agricultural laborers or farmers may obtain a gold loan for agricultural purposes. It is essential to have proof of agricultural property. Only agricultural purposes are allowed to use this loan.
Non-agriculture purpose Gold loan: This loan can be used for weddings, vacations, expansions of business, constructing a property, and higher education—no barrier to its use. No specificity of occupation is required for obtaining this loan. This loan can be acquired by salaried, self-employed, businessmen, students, homemakers, etc.
Gold Loan Process-
The Gold loan application procedure can be completed in online and offline modes. It is generally advised to the borrowers to check Gold Loan Eligibility before proceeding with the application. After the application process, a bank representative contacts you to schedule your appointment for document verification where only KYC documents are required and a Purity test of gold where mortgage gold is assessed. In document verification, Identity proof and Address proof, along with two passport-sized photographs, have to be submitted.
In the Purity test of gold, the gold is evaluated for its weight, composition, and impurities. Bank authorities assess this test. Once you complete all three processes, your application is reviewed. An approval letter is granted to you after your loan is approved. An approval letter contains details of the lending bank, gold loan scheme, rate per gram gold, interest rates, processing fee, tenure period, foreclosure charges, repayment options, etc., along with the bank's terms and conditions. After depositing the gold in the bank, it is safely kept in the bank lockers, and the loan amount is credited to your Bank account.
Safety of Gold-
The gold is stored in bank vaults for safe custody. The gold is packaged in a bag with your specific application number on it. The bank vault has several lockers, each with its own set of keys. These keys are in the control of the bank authorities. Surveillance of bank lockers is in effect. Bank lockers are made of solid metals that are highly resistant to the conditions. Your valuables are stored in the safest possible place. The Bank of India takes full responsibility for your gold.
Repayment-
Three repayment options are provided for conveniently paying your Debt. There's no reason to be worried because you have a long repayment period and a choice of repayment options.
Standing instruction: In this, an indicated amount will get deducted on a month-to-month basis. If you don't have a Bank of India bank account, you are given two EMI options to repay the loan.
Electronic clearing: When you don't have an account with the Bank of India, but you want to pay on a month-to-month basis, then a digital transfer from your existing bank account at Bank of India has to be done by the end of the month.
Post-dated checks: you can submit your post-dated checks to the nearest branch of the Bank of India of indicated amount every month until the end of the tenure period.
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