Gold Loan is the best and quickest way through which you can service your financial needs. You will have to provide your gold ornaments and jewellery. Unlike other loans, you will not have to provide any salary proofs moreover you will have to provide less paperwork in less processing time. Once you applied for the Gold Loan, you would get its approval on the same day within half hour. 

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 time to time as well as person to person. 
1. The gold loan is available at 1% PM interest rate.
2. Gold Loan Interest rate - 10.70 %.
3. Moreover, offer low processing fee that is  0.85%.
4. Further, pre-closer charges range from  0 – 2 %.

Know More - Gold Loan Interest Rate


Why one should choose Gold Loan in Faridabad?

  1. No credit checks.
  2. Pre-closure facility.
  3. Less paperwork.
  4. A person can avail a minimum Loan amount from Rs 30,000 and onwards.
  5. A person should have a minimum of 20 Gram gold to avail the loan.
  6. In-house gold evaluation.
  7. Available within a time period of 30-60 Mins.

Know More - Gold Loan: Factors to Remember

Documents Required for Gold Loan

  1. Proof of Identity: Passport Copy/ Voters ID card/ Driving License.
  2. Address Proof: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate. 
  3. Signature Proof: Passport Copy/Driving License/Banker's verification/cheque.
  4. 2 passport size photographs.

Additional Documents Required

  1. Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. Proof is not required for allied agriculture purposes.
  2. A Demand Promissory Note.
  3. Certificate by the Jewel Appraiser (Bank will arrange).
  4. Income Proof: Salary Certificate and Form No.16.

Know More - Gold Loan Per Gram

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.

About Faridabad

Faridabad is the main industrial hub and the 2nd largest city of Haryana state in India. The city is famous for the production of Henna in the agricultural sector. Its primary industrial products constitute tractors, motorcycles, refrigerators, and shoes. Around 50% income tax of the Haryana state comes from the city.

 

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FAQs About Gold Loan 

  1. 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.
  2.  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.
  3. 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.
  4. To get a gold loan do I need a co-applicant?
     No, to avail Gold loan you don’t need any co-applicant 
  5. 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.
  6. 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.
  7. 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

 
Bank  Gold Loan Rate 
HDFC Bank 10.75%
Yes Bank  10.85%
Axis Bank 10.90%
SBI Gold Loan 11.50%
ICICI Bank 11.75%
IIFL Gold Loan 11.75%
Allahabad Bank Gold Loan 11.75%
Muthoot Gold Loan 12.00%
Federal Bank Gold Loan 12.00%
Manappuram Gold Loan  12.25%
IDBI Bank 12.25%
PNB Gold Loan 12.25%