Vijaya Bank Gold Loan

Vijaya Bank is a public sector bank with its corporate office in city Bangalore as well as in Karnataka, India. Secondly, the bank offers a wide range of financial products and services to customers through its various delivery channels. Moreover, the bank has a network of 2031 branches in India as well as over 4000 customer touch points including 2001 ATMs.

Besides, that government of India announced the merger of Bank of Baroda, Vijaya Bank, and Dena Bank on September 17, 2018, to create the country's third-largest lender. 

About Vijaya Bank Gold Loan

Vijaya Bank Gold Loan has certain benefits, such as quick processing time, low-interest rates, medium-term tenure, etc. The Vijaya Bank Gold Loan can help you meet an urgent need for cash. Different gold assets are eligible to get the Vijaya Bank Gold loan, but mostly the preferred gold type is jewelry and coins and not biscuits or bars. Vijaya Bank Gold Loan offers loan against gold at contentious interest rates. The pledged gold ornament is locked safely in the Vijaya bank locker, and the borrower does not have to worry about their Gold safety.
 

 Vijaya Bank Gold Loan Interest Rates

In general Loan on Gold, the credit is available at a low-interest rate. Moreover, the reason behind that the gold loan comes in the category of secured loans. So the Gold interest rates are less than that of personal loan or any other kind of loans. Though the gold loan rate keeps on changing with the passage of time as well as person to person. The Vijaya Bank  Gold Loan is available at 1% per month interest rate.
1. Gold Loan Interest rate - 10.70 %
2. Also, offer low processing fee -  0.85%
3. Further, pre-closer charges range from 0 – 2 %.
4. Besides Tenure minimum six months; maximum five year
5. Lastly Amount - Thousand to a crore         
 

Features of Vijaya Bank Gold Loan

1. Vijaya Bank Gold Loan is very easy to apply. One can apply for the gold loan online within a few minutes.
2. If a borrower is eligible, the loan can be approved within 30 minutes
3. After the approval of the loan, if the borrower has its complete documents, it can be disbursed quickly.
4. The rates of interest provided by the Vijaya Bank  are quite affordable.
5. Vijaya Bank Gold Loan comes with competitive interest rates on Term Loan, Overdraft and EMI based loan. Repay your gold loan in easy lower EMIs, over a tenor of your choice.
6. The documentation process is easy and simple
7. Vijaya Bank will not ask the reason behind the gold loan; one can use this loan amount according to their requirement.
8. Different forms of Gold ornaments accepted
9. Gold Bangles, Gold rings, Gold anklets and Gold necklace many more, Gold bars, Gold Bricks, Gold biscuits, and Gold coins are acceptable. The purity of Gold that is acceptable here is 18karat-22karat.
 

Vijaya Bank Gold Loan Purpose

You can use the Gold Loan to fulfill your personal needs. You can start a new business by using the given amount of loan. Farmers can use the gold loan for agricultural purposes. You can also use this amount of loan to get over the financial crises. This loan can also apply for educational purposes.

Who can get a gold loan?

The person with 10 gram of Gold can avail Gold Loan.
 

Why Apply for Vijaya Bank Gold Loan?

1. Vijaya Bank follows a very simple and hassles free process 
2. Faster loan disbursal.
3. Minimum documentation.
4. Improves customer service in a much shorter response turn around time.
5. 100% safety as well as protection of gold ornaments.

Eligibility Vijaya Bank Gold Loan

1. Firstly, The age of the customer should not be less than 18 years.
2. Secondly, The applicant should be a citizen of India.
3. The applicant should have gold in an appropriate form.
4. The quality of the gold should be 18 karats to 22 karats.

Vijaya Bank Gold Loan Documentation

1. Firstly, an Identity Proof is required. It can be an Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport.
2. Secondly,  One proof of residence is also required while applying for a gold loan; it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
3. Two colored photographs.

Additional Documentation for Loan on Gold

The bank needs a Proof of ownership of Land if you are applying for an agriculture gold loan.
1. Land Proof - In the case of Agriculture Loan on gold of more than Rs. 1 lakh the proof is not required for allied agriculture purposes.
2. Needed a Demand Promissory Note - Certificate by the Jewel Appraiser (Bank will arrange).
3. Besides Income Proof of Salary Certificate as well as Form No.16
 

Gold Loan Process

1. The bank checks the purity of the gold.
2. The bank checks the market rate for gold and the price of the previous day is take into consideration
3. The LTV (Loan to Value) set by the RBI is 75%.
4. If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges are deducted from your Gold loan amount.
5. After signing the agreement, the loan amount is disbursed to your account.
 

Why Should You Choose Vijaya Bank Gold Loan?

So many banks and non- financial organizations provide a Gold Loan. Then why should you choose Vijaya Bank for a Gold Loan? Here are some reasons

1. Firstly, the bank is very dedicated to its customers.

2. Secondly High Loan amount from a minimum in thousands to a crore.

3. Thirdly, Quick processing.

4. Bad credit history/ CIBIL score, not an issue.

7. Instant Processing and Disbursal.

8. Also, the lowest interest rate.

9. Minimum documentation required.

10. Furthermore, Flexible repayment option.

Why Dialabank for online Gold Loan?

1. Firstly www.dialabank.com offers a very easy process of application for Online Gold Loan
2. After that, the applicant gets a good comparison of the gold interest rates of other banks as well.
3. Furthermore, the company provides the document pickup facility from your doorstep.
4. Lastly, you will get the best as well as the lowest interest rate. Moreover, for more information call 9592046860 or 60011600 with your city code.
 

Gold Loan VS. Personal Loan

1. Firstly you get at least 75% of their actual gold value as a Gold Loan amount.

2. Secondly, Gold loan application takes only  1-day processing time and an hour to disburse.

3. Thirdly, on Gold Loan customer can repay the loan before time with no foreclosure charge

4. Also, you get lower or in some cases no processing fees

5. Likewise, a borrower with low credit score/CIBIL can even get Gold Loan

6. Similarly, bank give loan amount by your Gold purity

7. Therefore a borrower with low credit score/CIBIL can also get Gold Loan

FAQ

Q. How does Vijaya Bank Gold Loan Work?

 Loan on gold is very simple to understand. The Banks /NBFC provides you with funds against your gold ornament. The amount depends upon the gold weight.
 

Q. Vijaya Bank Gold Loan is secured?

Yes, it is essential to note that the loan on gold comes in the category of secured loans. Because in a gold loan the applicant put their gold ornaments into the bank’s locker as security or as collateral.
 

Q. What happens when you don’t repay a Gold Loan?

 If the borrower is unable to return the gold loan on time, then the bank is liable to sell his gold ornaments.
 

 Q. To get a gold loan do I need a co-applicant?

 No, to avail Gold loan you don’t need any co-applicant 
 

Q.  Gold loan better than a Personal loan?

Yes, Gold loan is better than personal Loan because in Gold Loan banks/NBFC's takes Gold ornament as well as a gold coin as collateral and in case of Personal loan it is un-secured and hence carries higher interest than a gold loan.
 

Q. What is the best online platform to avail gold loan?

Dialabank is the best platform to get a loan. Dialabank provides you hassle-free process as well as the lowest interest rate in the market as compared to others.
 

Q. Is there any fee payable for the Gold Loan?

Yes, you have to pay the loan processing fee (non-refundable) as well as Valuation fee.