A gold loan is one of the simplest and quickest ways to get a loan during the hard times of financial problems. There are various other loans that create a lot of confusion and involve extensive paperwork, verification of documents, and hectic verification processes. Even after all this, there’s a long process of waiting for the approval and after getting it approved waiting for the transaction of money for your loan. On the other hand, a gold loan doesn’t involve any of such hectic processes and you can get your loan in less than an hour.
You can get your gold loan with minimal documentation of papers and as soon as you get the purity and quality of your gold checked and approved by the lender. This kind of loan is best suitable for people who belong to the lower class or middle class and cannot afford the expenses like processing fees. You can solve all your financial problems like school fees, marriage, urgent medical treatments with the help of a gold loan. The gold loan has several other benefits such as a lower gold loan interest rate, no income proof, no processing fees, etc. You can get your gold ornaments back in the same condition after you are done with the process of repayment of the loan to the lender.
In India, anyone who is 18 years old or above and has gold ornaments is eligible to avail of a gold loan. One thing that you should remember while taking a gold loan is the purity of your gold ornaments. The gold ornaments that you pledge with the bank or any other institution should be of 18-22 Karats and bank-minted coins should be of 24 Karats. Higher purity can get you a better gold loan per gram rate.
It is very important for you to note that the gold should be owned by you. The vital documents that are required if you are already an account holder with the bank are maybe just the latest address proof and if you are not a bank account holder then you will be required to submit documents like your passport, license, voters ID card, Adhaar card, address proof, electricity or phone bill, a copy of your signature and 3 passport size photos.
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