Dialabank: Process of avail Gold Loan

People are more attracted to gold

For Indians, a gold loan is not a bizarre approach. From the outset of finance, it has been the primary source of lending and raising funds. Its origins can be traced back many centuries when it was the primary means of barter and trade. And India was, and continues to be, the world's largest consumer of gold ornaments, with Kerala and Tamil Nadu, ranked the highest of Indian states. Since the borrowers almost all worked for the lenders, they accepted gold as leverage. It was a more convenient way for individuals to obtain loans in a brief amount of time and with incredible ease.

Eligibility of Gold Loan

One can verify their eligibility for a gold loan by looking at the eligibility requirements before applying. The borrower's age, which must be between 18 and 70 years old, is one of the eligibility requirements. The nationality of the person should be Indian. To qualify for a gold loan, you must be self-employed or employed on a salary. When applying for gold, you must have at least 18 carats of gold. A CIBIL score of 500 is expected but not mandatory.

Gold loan process

The Hdfc gold loan process is available in Online and offline mode.

The application can be submitted by visiting the official webpage or app. After a short span of time, a bank person will call you and schedule an appointment for a bank visit for document verification and the gold's purity test.

In offline mode, one has to visit the nearest branch of the Bank. You can submit the form at the specified counter.

For verification of documents, KYC Documents with two passport-sized photographs are only required. Identity and address proof are the documents that demanded verification.

Aadhar card, voter ID, passport, or PAN card are all acceptable forms for identity proof.

Address proof includes (only one has to be submitted)

an Aadhar card,
a driver's license,
a ration card,
utility bills, and
a lease agreement for renters.

The Gold is evaluated for its purity based on its composition, weight, and impurities present in it. This is called the Purity test of gold. A Bank representative/ bank person evaluates gold.

After completion of all the processes, the application is overlooked for loan approval.

Loan Approval

The loan is approved based on verification and the Purity test of gold. When a loan is approved, it is notified to the borrower. A sanction letter is issued to the borrower, which contains details about the lending bank, loan amount sanctioned, interest rates, Gold loan per gram, tenure period, repayment charges, foreclosure charges, etc. After depositing the gold, the loan amount is credited to your specified bank account.

Safety of gold

The gold that has been deposited in the bank is kept safe in bank lockers. To prevent robbery, the bank maintains a high level of security and surveillance over the lockers. External conditions do not affect the lockers. As a result, the valuables are secure inside them. The lockers are secured with exclusive keys. These keys are only in the possession of a bank official. No one is permitted entry.

Benefits

Faster processing
Option to pay interest and principal amount has to be paid at the end of tenure.
Lower interest rates starting from 7%
No processing fees
Charges for foreclosure are minimal or non-existent
No proof of income is required
Bad credit history isn't a problem.
No occupation barrier
CIBIL score or Credit score not required.
A wide range of repayment options available.