Gold is a precious and valuable commodity, and at every occasion, every family buys it with great interest. Apart from signifying status, it can help you during you during financial crunches. It is the smartest option to avail Gold Loan that relies only on the value of your gold rather than your repayment capacity.
Why one should choose Gold Loan in Mukerian?
- Less interest rate on a female customer.
- Minimal Documentation.
- Easy repayment schemes.
- No hidden charges.
- Fast Loan approvals.
Gold Loan Mukerian Interest Rate
10.70% is the minimum interest rate you can get on an annual basis. Which indeed make up to less than 1% per month. Thus, this loan is said to have the lowest interest rate among other loaning schemes. Also, you can close your loan before the tenure period by providing the pending loan amount along with foreclosure charges. The foreclosure charges range from 0-3% of the total loan amount. Tenure of Gold Loan ranges from 6 months to 5 years.
Know More - Gold Loan Interest Rate
Eligibility for Availing Gold Loan Mukerian
- Applicant’s Age must be above 18 years and below 65 years
- Applicant must be an Indian citizen
- Minimum gold must be 10 gm to avail gold loan
- Gold must be between 18 carats to 22 carat
- A gold loan can be availed only on jewelry
Know More - Gold Loan: Factors to Remember
Documents Required for Gold Loan
- Identity Proof (Aadhar Card/Passport Copy/ Voters ID card/ Driving License).
- Proof of Address (Ration card/ Tel, Electricity. Bill/ Rental Agr. / Passport copy/ Trade license /Shop & Est. License/Sales Tax certificate).
- Two passport size colored photographs. Two passport size colored pictures.
- Signature Verification Proof (Banker's verification/Passport Copy/Driving Licensecheque)
Additional Documents Required
- Land Proof: In case of Agriculture Loan of more than Rs. 1 lac. The 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.
The City of Mukerian is a municipal council in Hoshiarpur district in Punjab State, India.
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