Taking a loan is a standard process today. People prefer a credit that provides fast and easy cash. A Gold Loan is the only financial product that offers finance to the people as soon as possible. The loan requires an asset to pledge as collateral with the lender. In case you don’t have any gold to guarantee you are not eligible to take this loan. You can use any of your gold ornaments such as a gold pendant, gold earrings. One thing you need to keep in mind is no bank and NBFC provide loan on gold bricks, gold coins, and gold necklace.
About Gold Loan Jalgaon
We all face cash crunch situations in our life, and a Gold Loan is a scheme that offers finance to people without any hassle of documentation. It is a loan that requires gold assets to place as security with the lender. The applicant is provided with the amount required in just a few minutes.
Gold Loan Jalgaon Interest Rates
- 10.70% is the minimum annual interest rate you can expect on these loans.
- Therefore, the monthly interest rate would end up being lower than 1%.
- Also, you can foreclose your mortgage by paying the pre-closure charges.
- By using this feature, you can get your collateral gold back before the tenure ends. The pre-closure costs range from 0-3% of the total loan amount.
- The loan tenure period starts from 6 months and can last up to 5 years.
Know More - Gold Loan Per Gram
Eligibility for avaling Gold Loan
- The minimum loan amount for taking a gold loan is Rs. 25,000. The maximum loan amount will depend upon the weight of the gold, profile of the customer, etc.
- Minimum age of applicant: 21 years
- Maximum age of applicant at loan maturity: 65 years
- Gold jewelry should be owned by the applicant or any of the family members.
Why one should apply for Gold Loan in Jalgaon?
- There are no prepayment charges.
- It requires minimal documentation as compared to other loans.
- Easily available
- No credit checks
- Simple Procedures
- No EMI, service only interest
- Minimal Documentation
- It does not require any cosigner.
- It involves simple procedures and fast Loan approvals.
- The applicant has options to pay only interest during the tenure of the loan.
- 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 a time period of 30-60 Mins
- You can enjoy a maximum tenure period of 6 to 12 Months.
Know More - Gold Loan: Factors to Remember
Documents Required for Gold Loan
- Proof of Identity: Passport Copy/ Voters ID card/ Driving License/Adhaar card/PAN card.
- Address Proof: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.
- Signature Proof: Passport Copy/Driving License/Banker's verification/cheque.
- 2 passport size photographs
Additional Documents Required:
- The banks generally demand the above-given documents. However few banks demand some additional documents, which are mentioned below:
- 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.
Features of Gold Loan
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewelry
- Get your loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower 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.
Know More - Gold Loan Features and Benefits
Advantages of Taking a Gold Loan in Jalgaon
- 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:
- A borrower needs to submit a short application form to the Lender with Gold assets.
- The lender analyzes the assets offered by the applicant (including the purity and weight of gold).
- The Loan is sanctioned after checking the authenticity of the gold.
How to Apply for Gold Loan Jalgaon Online?
We assure you the quick, easy and fast process. Apply for the Gold Loan and grab the best deal today. Unmatchable offers, features, and benefits are available. Apply now and grab the best deal.
Know More - Best Gold Loan Services
Jalgaon is a city in the Jalgaon District in Maharashtra state in India. It is situated near the famous Ajanta Caves and is one of the key attraction places for tourists.
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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.