The loan is available to anyone who owns gold jewelry. Minors are not eligible. To obtain the loan, you must bring your gold jewelry (with a karat value of 18 to 24 k) to the branch. The loan amount will be determined by the gold valuation, which includes verification of purity. For valuation purposes, the weight of stones and other ornamental elements will be deducted.
With the transparency, security, and breadth of its gold loan products, HDFC Finance differentiates itself from competitors primarily by the ease with which gold loans can be obtained from our branches. HDFC Gold Loan Per Gram is one of the deals that will support you throughout.
Borrowers must only present themselves at our branches with the gold jewelry, as well as a valid ID and address proof. Because of our streamlined systems and procedures, a gold loan can be obtained in a matter of minutes. Besides, we provide the highest LTV to those who want to borrow the most money against their jewelry.
Below are the documents required for a gold loan:
Duly filled application form.
2 passport-sized photographs.
Applicant’s KYC documents for Identity and Address proof
Income Proof.
Witness Letter in case of illiterate borrowers.
How to apply for a gold loan?
Just like other loans, a gold loan can be applied either online or offline-
Online method:
If you are interested in applying online, then you can visit the website of the bank, then apply through it, after that giving necessary documents as required. I.e., you can apply for a gold online loan, which is a gold loan as required, by following the steps described below.
Process offline:
the nearest branch can be visited. You can apply for a gold loan from a bank with the help of the staff.
After completing registration by visiting the website, we contact you and help you meet your financial needs. You get a customized service that allows you to compare and handle your requirements as effectively as possible without extra costs.
There are different types of gold loans. this categorization is based on the following-
Fixed-rate of interest: The interest rate of credit amount remains consistent for the entire tenure of loans.
Floating interest rate: The interest rate on gold loans is not fixed and is still fluctuating. In this situation, the loan costs concern the external benchmarks the bank has decided on. Gold Rate In Bhopal today is Rs4483.
Lending reason: The interest rate of gold loans is generally based on the motivation of the loan. In general, banks provide a lower rate of income for every type of vegetable gold credit.
Non-gold loan for farming: Non-agricultural gold credit is known as gilding credit for any borrowers other than farmers. All loans, including paid and self-employed experts, financial professionals, women, homemakers, students, etc., are open for all people. The loans are open to everyone.
Benefits that gold loans provide:
Faster Processing: Gold loans are beneficial, and the entire process is speedy. It does not necessitate a great deal of documentation. The gold loan's quick disbursement makes it an excellent option in the event of a problem. A gold loan is a multipurpose loan that you can use for any purpose, such as a wedding or to pay for a vacation.
Interest rate is low: The bank's interest rate on a gold loan is extremely low and affordable for anyone in need of cash.
Low processing and foreclosure fees: Most banks do not charge any handling or prepayment fees on gold loans, though some do, making it a viable option.
Income proof and credit score are not required: Banks and non-banking financial institutions do not require a person's CIBIL score to approve a loan. Everyone can get a gold loan because they are so easy to get. Anyone can obtain a gold loan over the age of 18.
High Amount Eligibility: As the old costs rise and the gold price rises, borrowers benefit from a higher gold advance rate per gram.
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