The type of loan in which the customer submits gold ornaments to a bank for a certain period of time in return of cash is known as a gold loan. Nowadays, gold loans can be approved within minutes. There are not many conditions imposed on the customers to be eligible to apply for a gold loan. This makes the entire process of getting a gold loan more convenient and hassle-free.
South indian bank gold loan promises gold loans to its customers who meet the basic eligibility criteria set by them. Their gold loan offers have made a considerable percentage of customers to avail it. Customers are drawn to their feasibility owing to the various advantages that the South Indian Bank Gold Loan carries.
This simple process involves the need of certain documents from the applicants for the purpose of a gold loan. Some of the mandatory document requirements are listed below:
Identity Proof:
For the purpose of identity and citizenship verification, it is essential to submit any one of the identity proofs that the applicant owns. It could be an Aadhar card, passport, pan card, or voter ID issued by the government.
Address Proof:
For the purpose of residence and citizenship verification, the bank has made it compulsory to present an address proof to the bank. Any of the following documents can be submitted to get their address proof verified: Aadhar card, Ration card, Pan card Electricity bills paid in the name of the applicant.
Photograph:
In addition to the documents, it is mandatory to carry two copies of passport sized photographs of the applicant to the bank. This is utilized for the purpose of attaching it to the South Indian Bank Gold Loan application documents.
Loan Application:
This process has got much easier during the course of time. To enjoy the benefits of low South Indian Bank Gold Loan Interest rates, one should apply for the loan beforehand. This application process is now made online now, for the convenience of the customers.
The rest of the documentation process and verification steps will be carried out at once when the customer is informed to come in person to the nearest branch of South Indian Bank.
Agricultural Land Documents:
If the applicant is applying for a gold loan to meet his finances for the purpose of agriculture, then he/she needs to submit the land documents of agricultural land they own. This process also has major benefits like getting reduced interest rates.
To know the loan value of gold per gram, use South Indian Bank gold loan per gram
Bank Statements:
Both employed and self-employed customers can apply for the loan. But, it is essential to submit their income statement to the bank for availing the gold loan. Also, please note that Bad Credit Score does not affect your approval of South Indian Bank Gold Loan
Thus, these are the documents that are required for getting a gold loan from Canara Bank. Also, it is always recommended to calculate the gold loan by oneself using Canara Bank Gold Loan Calculator.
Therefore, now that you understand the documentation required for gold loan, the fact that the gold loan is much easier to avail should be understood. Take a bold step to go ahead and apply for the gold loan to live your dreams without any hesitation about the financial problems in your life.
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