Gold Loan is a secured kind of  loan that provides financial help to the customer to fulfill their financial needs. In a gold loan basically, the customers put their gold ornaments in bank’s locker and get back when loan completes. Moreover the customer is free to use this loan amount anywhere in his personal life.

About Gold Loan Barnala 

Due to the worldwide acceptability of gold, it is a wise decision to acquire a Gold Loan. The gold is valued everywhere, irrespective of the particular location. The specific loan amount can be obtained through this loan that can be consumed for meeting the personal desires and luxuries of life. Minor details are required in the documentation process.

Read More - About Gold Loan

Gold Loan Barnala Interest Rates 

10.70% is the minumum annual interest rate you can expect on gold loan. Thus, your monthly interest settles down be less than 1% making gold loan lowest interest rate scheme possible. Also, these loans comes with foreclosure facilty meaning you can close the loan befrore time and save a couple of bucks. The forelosure charges ranges from 1-3% of the total loan amount.

Eligibility for Availing Gold Loan Barnala

  1. First of all the applicant should be a citizen of India. The minimum loan amount for taking a gold loan is Rs. 18,000. The maximum loan amount will depend upon the weight of the gold, profile of the customer, etc.
  2. First of all the minimum age of applicant: 18 years
  3. After that the maximum age of applicant at loan maturity: 70 years
  4. Gold jewelry should be owned by the applicant or any of the family members.

Know More - Gold Loan: Factors to Remember

Documentation required for taking Gold Loan Barnala

  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. The banks generally demand the above-given documents. However few banks demand some additional documents, which are mentioned below:
  2. Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. The proof is not required for allied agriculture purposes.
  3. A Demand Promissory Note.
  4. Certificate by the Jewel Appraiser (Bank will arrange).
  5. Income Proof: Salary Certificate and Form No.16. 

Why one should choose Gold Loan in Barnala?

  • No credit checks.
  • Minimal Documentation.
  • Easy repayment schemes.
  • No hidden charges.
  • Simple Procedures.
  • Fast Loan Approvals

Know More -  Gold Loan Features and Benefits

Does CIBIL score matter while applying Gold Loan?

No, CIBIL Score does not matter in a Gold Loan . This being a secured service, the banks hardly check your CIBIL score while providing you the loan. Gold Loan helps to increase the CIBIL score of a person.

 

Know More - What is CIBIL Score?

About Barnala

The City of Barnala is one of the districts in Punjab State, India. It was part of Sangrur district, but now Barnala is a separate district.

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%