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Catholic Syrian Bank came into being in November, 1920 in Thrissur. They are one of the many banks that were started in this city. The city has the highest number of banks in the south. The bank is a provider of many financial services, such as loans, insurance and money transfer, and much more. One of the recent products launched by them is the gold loan.

What is Catholic Syrian Gold Finance?

A gold loan is a product that most people of India can avail. In fact, anybody who is a citizen of India can apply for this loan. A person who wishes to take a Personal Loan, but, is not eligible for it can apply for this Gold Loan. HDFC provides instant Loan Against Gold on your jewellery and ornaments. There is less documentation required for it. HDFC also does not demand any credit history while giving this loan. An individual who is an existing customer of HDFC can avail the special offers on Interest Rates HDFC provides loan that suits the different requirements of the person, whether the person is a salaried individual, professional or a businessman.The Catholic Syrian Bank provides a finance of up to Rs. 2100 per gram in their Kanakashree Gold Loan Scheme at an interest rate 15% per annum. However, if a person applies for the loan on their agricultural land they provide a discount on the interest rate. That is the rate becomes 13%.

Documents Required for Gold Loan Best Rate on Gold Loan

Features of Gold Loan

Following are the Features of Gold Loan:

  1. You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
  2. You get 100% Safety & Security of your Gold Jewellery
  3. Get your Loan processed in less than 30 minutes
  4. Enjoy Anytime Liquidity.
  5. No EMI, Service only Interest and enjoy the Loan facility
  6. Lower Interest Rates
  7. Simple documentation and fast processing.
  8. Overdraft limit varies depending on the market rate of gold.
  9. Interest rate is payable only amount of the overdraft that you use.

Advantages of Taking a Gold Loan

Following are the Advantages of a Gold Loan:

  1. 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.
  2. Can be provided in cases of bad credit history as well as low-income level.
  3. 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.
  4. 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.
  5. 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.
  6. 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 Schemes That Are Provided By Catholic Syrian Bank

Name of the Scheme Provided Amount provided (per gram) Amount Provided for Hallmarked Gold Interest rate (per annum) Duration of the loan
Kanakashree Gold Loan Rs. 2100 Rs. 2100 15.00% 1 year
Ezee Gold Cash Rs. 2100 Rs. 2200 14.00% 6 months
Gold Power Up to 85% of the market value, i.e., Rs. 2200 presently. Up to 85% of the market value, i.e., Rs. 2200 presently. 14.00% 1 month

The advantages or one can say unique features that attract a person interested in taking a loan against gold, is that the loan can be taken in a few minutes. The loan is easy to get and has interest rates lower than those on Business Loans or personal loans. Another factor that makes them attractive is that they are available for those people as well, who have a poor credit (CIBIL) score or a low monthly income.

Leading Gold Loan Providers (Click to Apply)
Manappuram Muthoot Reliance Other Banks


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