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What Are The Documents Required For Gold Loan?

By Author: Suryansh
Total Articles: 3

In times of economic stress, people sometimes forget to see a good asset lying dormant as they forget to see their Gold in a different way. Loans on gold are proven to help people in times when every other thing fails as they have the quickest disbursals and minimal documentation and hence it is very easy to obtain and less time-consuming. Furthermore, it is a secured loan and hence has a very less interest rate. When gold is used as collateral, you have the option of recovering it very conveniently. That's why people prefer having gold for acquiring finance. Once you applied for the loan, you would get its approval on the same day.

Why one should choose Gold Loan Allahabad?

1. First of all, there are no hidden charges.

2. The procedures are very convenient and straightforward.

3. Quick Loan approvals and fastest disbursals as it is a secured loan.

4. Easily available as there is no need to have a salary proof till a limit that’s why house-makers or even students can also apply.

5. There are some benchmarks that your Gold needs to meet, like the purity of gold needs to be more than 18 Karats. Less than that is not considered for a Loan. Apart from that, the minimum quantity cannot be less than 10grams.

Gold Loan Allahabad Interest Rate

Generally in Gold loan, the credit is available at a low-interest rate.The reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of a personal loan or any other kind of loan. Though the gold loan rate keeps on changing time to time as well as person to person.

1. The gold loan is available at a 1% PM interest rate.

2. Gold Loan Interest rate - 10.70 %.

3. Moreover, it offers a low processing fee that is 0.85%.

4. Further, pre-closer charges range from 0 – 2 %.

Gold Loan Allahabad Documentation

1- Proof of your Identity is required you can provide any among them- Passport Copy/ Voters ID card/ Driving License

2- For the proof of residence any of them can be given Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.

3- Besides, a signature Proof is also required which can be Passport Copy/Driving License/Banker's verification/cheque.

4- Two latest passport sized photographs also needed.

In addition to all these documents sometimes in special cases mentioned things also needed.

1. Land Proof: In the case of Agriculture Loan of more than Rs. 1 lac. The proof is not required for allied agriculture purposes.

2. A Demand Promissory Note.

3. Certificate by the Jewel Appraiser (Bank will arrange).

4. Income Proof: Salary Certificate and Form No.16.

Features of Gold Loan Allahabad

1. You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose

2. You get 100% Safety & Security of your Gold Jewelry

3. No EMI, Service only Interest and enjoy the Loan facility

4. Lower Interest Rates

5. Simple documentation and fast processing.

6. The overdraft limit varies depending on the market rate of gold.

7. The interest rate is payable the only amount of the overdraft that you use.

About Allahabad

Allahabad, officially known as Prayagraj is an Indian city located in the state of Uttar Pradesh. The city is situated on the confluence of 3 rivers i.e Ganga, Yamuna and Saraswati. The city has an important place in the heart of Hindu devotees because of Kumbh Mela. The city was founded by Mughal Emperor Akbar in the 16th century.

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