Gold loan is the loan where the borrower has to give their gold as collateral to the bank, and then the bank provides you with the loan amount according to the quality and quantity of the loan. Gold Loan is the secured types of credit because the pledged loan will be kept in the bank lockers and banks will be responsible for the security of their loan. And when the borrower repays their loan amount with the interest rate, then they get their loan back. It is also known as a loan against gold.There are many banks and non-banking financial institutions who are providing the Gold Loan to the customers with many offers.
Why should one apply for Gold Loan Ranjangaon?
- Easily available
- No credit checks
- Simple Procedures
- No EMI, service only interest
- Minimal Documentation
- Fast Loan Approval
- A person should have a minimum of 20 Gram gold to avail the Loan.
- No penalties are involved.
- In-house gold evaluation
- Available within 30-60 Mins
- You can enjoy a maximum tenure period of 6 months to 4 years.
Gold Loan Ranjangaon Eligibility
- Minimum age of applicant: 18 years
- Maximum age of applicant: 65 years
- The applicant should be a citizen of India that is the nationality of the applicant should be Indian.
- The gold should weigh at least 10 grams, and the purity of gold should lie between 18 karat -24 karat.
- No CIBIL score is required.
- It has a flexible repayment option.
Gold Loan Ranjangaon Documents
- Identity Proof: Aadhaar Card/ Passport Copy/ Voters ID card/ Driving License/Aadhaar card/ PAN card.
- Address Proof: Aadhar Card/ Ration card/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate and if the applicant is living in a rented apartment, then they have to submit their rental agreement, electricity and water bill in their name and owner’s address.
- Signature Proof: Passport Copy/Driving License/Banker's verification/cheque.
- Two passport size photographs
Additional Documents Required:
- Land Proof: In case of Agriculture Loan of more than Rs. 1 lakh Proof is not required for allied agriculture purposes.
- A Demand Promissory Note
- Certificate by the Jewel Appraiser (Bank will arrange).
- Income Proof: Salary Certificate and Form No.16.
Gold Loan Ranjangaon Interest Rate
The rate of interest varies according to the banks, but the minimum rate of interest provided by the banks to their customers is 10.75% which can go up to 15%.
Gold Loan Ranjangaon Tenure
The tenure of the gold loan is from 6 months to 4 years.
Gold Loan Ranjangaon Features
- 100% safety & security of the gold
- Loan processes in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Low-interest rates
- Simple documentation and fast processing
- Overdraft limit varies depending on the market rate of gold.
- The interest rate is payable the only amount of the overdraft that you use.
Gold Loan Ranjangaon Advantages
- No income and salary criteria - Gold loans do not require any documentation or validation for 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 the 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 a 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.
Gold Loan Procedure
Step 1. A borrower needs to submit a short application form to the Lender with Gold assets.
Step 2. The lender analyzes the assets offered by the applicant (including the purity and weight of gold).
Step 3. The Loan is sanctioned after checking the authenticity of the gold.
*The whole process takes 10-15 minutes or an hour.
Ranjangaon is a village situated at a distance of about 50 km from Pune. The village there is the Maharashtra Industrial Development Corporation (MIDC) Industrial area and a shrine to Mahaganapati. The MIDC in Ranjangoan is a five-star industrial area, which has serval manufacturing companies including Carraro, Fiat, Bombay Dyeing, LG, Whirlpool, Maccaferri, Bekaert, etc
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