Life is full of uncertainties. Thus you may need money to cope up with financial obstacles in your life. In this case, you can get a Gold Loan to fight with the financial crisis. Gold loan is a secured loan. Therefore the people with low CIBIL score can also easily avail this service. Central Bank of India Gold Loan is one of the best gold loans in India. Central Bank of India was set up in 1911. Gold Loan in Central Bank of India comes with a lot of benefits and special features. Thus, make use of your gold in your bad time, and overcome the financial problems. Though, There are a lot of financial banking and non-banking companies that provide you with a gold loan, but Central Bank of India Gold Loan is considered the best. This Bank is one of the most reliable and known for its brilliant financial services.
What is Gold Loan ?
Gold loan is also known as a loan against gold. In this loan, you pledge your gold to the bank as security and bank provide you loan amount according to the quantity and the quality of your gold. Furthermore, The pledged gold will be kept in the bank lockers, and the bank is liable for the security of your gold. Finally, The moment you return your loan amount with interest rate you will get back your gold as it is.
Central Bank of India Gold Loan Eligibility
The loan seeker can avail a Gold Loan only if the eligibility criteria are fulfilled:
- Firstly, The applicant should lie in the age group 18-70 years. Hence, Any applicant who is either above 70 years or less than 18 years will not be considered for loan approval.
- Most importantly, you should be a citizen of India. That is, the nationality of a person should be Indian.
- Next, employment status is not considered. Therefore, both salaried and self-employed can apply. The bank is not bothered about your employment status.
- Furthermore, The weight and quality of gold are equally important. As a result, the gold should weight at least 10 grams, and purity should lie between 18 carats to 22 carats.
- Finally, Maximum funding that can be availed is up to 1Crore.
Know More - Gold Loan: Factors to Remember
Features of Central Bank of India Gold Loan
There are some Features of the gold loan. Let us discuss them.
- Fast Process: First of all, Central Bank of India Gold Loan is approved and disbursed very quickly and easily. The loan gets passed in an hour.
- Fewer Documents: Next, the documentation process is very easy and less, very basic documents are required for gold loan.
- Transparent System: Furthermore, the bank provides full transparency to the customer, that is, there are no hidden charges.
- Amount of Loan: Moreover, The minimum amount of loan that the bank provides to the customer is Rs. 50000. Also, It can be less than Rs — 50000 in rural areas.
- Safety of Jewelry: One important thing to note is that the bank is liable completely for the security of your gold. Thus, the gold is kept in fireproof security.
- Loan Tenure: Also, The tenure of the loan can be from 1 year to 4 years. Hence, You can choose according to your comforts.
- Benefits for Farmers: Central Bank of India provides some special offers for agricultural purposes. That is, the bank offers a slight low Gold loan interest rate for a Gold loan for agricultural use.
- No Debt Burden: Importantly, There can be situations in which an applicant is not able to repay the loan amount in such a case the applicant will not be under debts as the bank will only confiscate the ornaments.
- No Income bounds: There are no restrictions on the salary or income of the applicant hence, anyone with any income rage can avail a gold loan.
How to Apply for Central Bank of India Gold Loan?
FAQs About Gold Loan
How does 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.
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.
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.
To get a gold loan do I need a co-applicant?
No, to avail Gold loan you don’t need any co-applicant
Is Gold loan better than a Personal loan?
Yes, a 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.
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.
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.
Gold Loan Interest Rate of Different Banks - Updated on 2019
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