The loan that offers money to people by involving gold as collateral is known as a Gold Loan. It is an offer that offers the money according to the market rate of gold. Gold Loan is a multipurpose scheme that can be used for any purpose according to the requirement.

Gold Loan Interest Rates:

In the case of Gold Loan, the credit is available at a low interest rate. This is because the loan on gold comes in the category of secured loans. Moreover, the interest rate of gold is less than that of other loans. Though the Gold Loan rate keeps on changing with the passage of time as well as person to person. Gold Loan in Ludhiana is available at 1% per month interest rate.
1. Gold Loan Interest rate - 10.70 %
2. Also, offer low processing fee -  0.85%
3. Moreover, Pre-closer charges range from 0 – 2 %.
4. Besides Tenure minimum of six months; maximum five year
5. Lastly Amount - Thousand to a crore

 

Know more- Gold Loan Interest Rate

 

Why one should choose Gold Loan in Ludhiana?

  1. It is a quick and fast way to make money.
  2. The applicant has options to pay only interest during the tenure of the Gold Loan.
  3. It involves simple procedures and fast Loan approvals.
  4. It requires minimal documentation as compared to other loans.
  5. It does not require any cosigner.

 

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. The interest rate is payable only amount of the overdraft that you use.

 

About Ludhiana

Ludhiana is a town and a municipal corporation in Ludhiana section in the Native Indian condition of Punjab. It is the biggest town in the Punjab state. It is a significant business heart of southern region Native Indian.

 

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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%