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Allahabad bank was founded by a group of Europeans in the city of Allahabad. Allahabad Bank has come up with its product Allahabad Bank Gold Loan to help consumers like farmers, Agriculturists and existing clients in their bad time. It is an attractive loan deal whose eligibility norms are easy to achieve. One can put his gold as collateral to the bank and can earn about 70 % of the loan amount with ease.
Why Allahabad Bank Gold Loan?
- Minimum of Rs 50,000 and Maximum of Rs 5 lakhs loan amount can be borrowed.
- Flexible repayment options: Hassle free repayment option with EMI’s.
- Instant cash availability: Grab necessary amount of cash whenever needed.
- A person can also apply for Gold Finance on Agricultural Land on his name and get a discount of 1% on the interest rate charged.
- Full Safety of his Gold asset.
|Gold Value||Rate Available|
|22 Carat Gold||Rs 1100|
|20 to 21 Carat Gold||Rs 850|
|18 to 19 Carat Gold||Rs 750|
Features of Gold Loan :
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery
- Get your Loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower Interest Rates
- Simple documentation and fast processing.
- Overdraft limit varies depending on the market rate of gold.
- Interest rate is payable only amount of the overdraft that you use.
Advantages of Taking a Gold Loan
- No income and salary criteria- Gold loans do not require any documentation or validation of income or salary of the person. So even if you are unemployed and unsalaried you can still avail a gold loan. This is because you are pledging a valuable asset i.e. gold in return of the money. Can be provided in cases of bad credit history as well as low-income level
- Relatively Lower interest rates- Another advantage of taking a gold loan is that they are available at low-interest rates, say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
- You need to repay only the interest- You have the option to pay only the interest during the tenure of the entire gold loan and at the end of tenure, you can pay the entire borrowed amount in a single shot.
- Total Convenience- The most convenient of all the loans is gold loan. This is because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done. You can get a loan up to 80% or more of its market value immediately.
- Less processing time- No tedious and lengthy documentation is required in case of gold loans, hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.
Documents Required for Gold Loan
- Residence Proof: Ration Card/ Electricity Bill / Telephone Bill / Passport Copy.
- Identity Proof: Voters Card, Driving License/ Passport photocopy.
- 2 passport size photographs.
- Proof of ownership of Land.
Allahabad Bank Gold Loan Procedure:
- First of all a person will need to apply online.
- Next, person will have to visit the bank to evaluate his gold asset to collect the cash.
- Bank will measure the value of gold asset in the form of purity and weight.
- Finally, the loan gets sanctioned to the borrower after evaluating the genuineness of the Gold.
* For any assistance regarding Gold Loan, call us on 60011600, our trained Relationship Managers will solve all your queries.