Feature Image

GOLD LOANS – HOW TO PROCEED WITH ONLINE APPLICATION

Posted on Wednesday March 4th, 2020

Gold is one of the best investments in today’s world. It is a vital resource that has an increasing value. One can fulfill their immediate financial needs with gold loans. It is the quickest way to get money for personal or business requirements. With minimum documentation and secure storage, gold loans are a simple funding option to meet your needs. You can get funds instantly against your gold and repay at your convenience. It has become more comfortable now, as you can Apply For Gold Loan Online.

Eligibility
Any person owning gold ornaments can apply for gold loans, only minors (person below 18 years of age) are not eligible. The process of obtaining the loan starts by submitting your gold jewelry within a karat range between 22k to 24k. The loan amount will be sanctioned based on the gold valuation, involving the verification of its purity. The weight of the stones on the jewelry is deducted for an estimate.

Documents Required
You will only need one certificate of identification, such as the ration card, aadhar card, driving license, pan card, voter ID card, or passport. The second essential requirement is an address proof. There are no end-use restrictions on a gold loan. Unlike other investments, there is no need for a Guarantor or an Introducer. Even a bank account is not necessary to get the credit, only if the transaction is less than one lakh. Once these documents have been submitted, the approval is given in minutes, provided all the materials are in order, and are verified. All loan approvals are at the discretion of the branch head of any bank.

Rate of Interest
The base rate of interest is 14 percent, even though it depends on bank to bank. However, an additional interest ranging from 3-12 percent might be charged over the base rate, depending on the loan to value. There are no prepayment penalties. The monthly compounding interest is charged, which is to be paid by the borrower at the specified periodicity or during the closure of the loan. The rate of interest is fixed and is calculated based on a reducing balance.

The loan has to be repaid at the end of the loan tenure. There are no hassles of paying EMIs every month. Only the interest has to be serviced periodically as per the terms and conditions of the sanction. Repayments can be made by cash, cheque, or DD. There are also options for an online refund for online gold loan applicants.

Conclusion
If you are going through a money crunch and have a medical emergency, you can always Apply For Gold Loan. If you have planned a big fat Indian wedding for your child, gold loans are the solution to your monetary problem even then. Gold loans are the most accessible form of financial aid that is available. It is hassle-free and low maintenance. Apply for gold loans online that will make your work easier and quicker.