Gold loan is a loan provided to those persons who have gold ornaments to provide as collateral to banks to get a loan amount instantly. Whenever someone faces a tough financial situation then the only gold loan will be there to help you as there is no formalities ad verification procedure to avail the gold loan amount. You just have to submit the Gold ornament in a particular bank from where you want to access the gold loan. The Bank sanctions gold loan about 70% of ornament value.
Another unique feature of gold loan that there is no need for monthly installments, you just have to pay the interest for the period you have gold loan.
Gold loan interest rate is available at affordable interest rates with additional benefits. As compared to other loans such as personal loans the rate of interest on the gold loan is less.
Documents required for Gold loan
Following Documents required for Gold loan:
Identity Proof
PAN Card
Aadhar Card
Valid Driving License,
Valid Passport
Voter’s ID Card
Job Card issued by any govt. Recognized organization
Address Proof
Driving license
Aadhar Card
Valid Passport
Voter’s ID Card
Job Card issued by NREGA or any govt. Organization
Also, read more about Gold Loan Per Gram
Advantages of Gold loan:
Some of the advantages of Gold Loan can be discussed as:
Faster Processing- Gold loans are secured in nature need less documentation which saves time and provides instant approval by just checking the valuation of gold ornament. The loan is sanctioned instantly.
No Processing fees- There is no need to pay any processing fees as there is no long procedure for paperwork that needs such fees.Even if
Low-interest rates- The gold loan are provided at less interest rates as compared to other loans. As compared to other loans such as personal loans there is no collateral involve which are provided at higher interest rates
No foreclosure charges-There is no need to pay any foreclosure charges. Even some Banks may levy only a 1% prepayment penalty.
Cibil score not required-There is no need to provide any credit history or CIBIL score for Gold loan approval. As there is a need for only gold ornament to provide as a guarantee.
Income proof not required-There is no need of salary receipts and income proof is not necessarily needed to get gold loan
So one must be aware of the importance of a gold loan before choosing any other option for applying for a loan. The gold loan is the best choice which has some gold ornament to get gold loan approval.
Apply online in Indian Gold Loan Bank
You just have to visit once only for the gold ornament deposit and verification process if you are eligible your Gold Loan will be instantly approved within minutes after the KYC process.
Please make sure you are eligible to have valid documents for the KYC process to avail instant gold loans from leading banks at the best rate of interest.
Apply online in leading Gold loan banks such as HDFC Bank, ICICI Bank
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