The cash crunch is all things certain at any given point in life. Unsuccessful business outcomes, month-end blues to medical emergencies you don't know when there might be an immediate need of a substantial amount of money. Most people are now looking for loans to manage the temporary cash crisis. Comparatively low-interest rates, easy application, and faster sanction of gold loans make it a better alternative than personal loans.
Many banks have recently updated their bank schemes and money lending policy. Mostly the banks/lender offer 75% of the gold's value after checking the weight and purity of gold. The banks and NBFCs lend the loan amount according to their Gold loan interest rates and gold loan per gram policy. For instance, ICICI gold loan policy provides Rs.2,914 to Rs.3,562 depending on the purity of gold under their gold loan per gram scheme.
The borrower should be well versed with the policies and rules regulations of the lending organization. But, it is equally important to know the eligibility criteria for availing gold loan.
In order to apply for a gold loan,
You should be an Indian citizen of above 18 years, you can apply for a gold loan.
Have a steady source of income, to repay the loan. Some banks might not ask for the income certificate.
Should necessarily have the KYC documents ready.
You should have valid ID proof, address proof along with 3 latest Passport size color photos as the basic gold loan documentation.
Should have a substantial amount of gold articles to be submitted as security in order to avail the loan.
On the fulfillment of these basic eligibility criteria, the consumer can either apply for the gold loan online or visit the bank/NBFC to avail of the loan amount against the gold articles submitted to the bank. The bank sanctions the loan amount and it gets processed in less than 45 minutes. Thus, a gold loan is relatively economic and easier to apply for.
Must Read-Maximum amount and tenure of a gold loan
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