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WHY YOU NEED TO GO FOR GOLD LOAN & KNOW THE ELIGIBILITY CRITERIA?

Posted on Friday July 19th, 2019

With all rates are increasing and reaching the sky, there are many people who all can’t buy some essential things in their life. But to make it easy for you all, now banks are started to give you loans by taking your gold ornaments.

Why go for a Gold loan?
Gold is one of the most precious metal, and when it comes to the value, it has got the highest value concerning other metals. Apart from that, buying of gold is too easy, and many people think to invest money in gold is better than going for other investment options. But when you want to take a loan for something, then you can take a loan by providing gold ornaments. Banks make gold ornaments and provide you with the loan amount as per the value of gold in the market.

Eligibility criteria for taking Gold Loan
If you want to Apply for Gold Loan Online then you need to make sure that you must follow the eligibility criteria for the same. To make it easy to know more about the eligibility criteria, here is the list of things to fulfill.

1. The person who is taking a loan must be above 21 years of age.

2. The application form for Gold Loans must be filled by the applicant only not any other person.

3. You need to provide two copies of photographs of the borrower.

4. To ensure the proof of identity to the bank, you need to provide the photocopies of PAN card or Aadhar Card.

5. You too need to provide the address proof of the borrower.

The borrower must provide all these things to the bank at the time of taking the loan. Failing any one of the items, you may not get the gold loan for yourself from the bank.

Why take the Gold Loan?
The next big question that comes to the mind of the customer is why to take the gold loan and how it is suitable for the borrower. If you want to know more about the gold loan, then you need to go through the below points.

1. When you are availing the gold loan, you can see that there no hidden charges or interest involves in it.

2. When taking the gold investments, you will get the low-interest rates, and you can you to check about it by using the Gold loan EMI calculator.

3. There is very much flexibility when you try to repay the loan amount.

4. You can too get the part release facility in this loan.

5. If you want to pay the amount partly, then also there is no charge for the same, and you will not see any foreclosure changes.

6. You need not have to pay any extra amount for gold security.

These are the features that you can get when you are going to get the gold loan from a bank. If you want to get the best investment from gold ornaments, then take the Gold Loan with ShubhBank. It provides a very low-interest rate for gold loan, and you will get some excellent features too.