Are you thinking about taking a loan from the bank but don’t have an excellent banking history? Are you looking for a way to get funds for the new machine for the business? Is your family asking you to buy a new 4k TV but you don’t want to spend your savings? Then we have a solution for you. With a gold loan, you can quickly get the required funds from a bank in no time at affordable interest rates. As you need to provide collateral, this loaning scheme is said to be a secure way of taking a loan amount from the bank. You can use your gold pendants, your gold earrings as collateral against the principal amount of loan.

About Gold Loan Madambakkam

Why are you looking hectic scheme? When you have the jewelry, Loan Against Gold is the best deal that sorts out your financial problems by offering you a fast cash payment. Taking Gold Loan is the best option to overcome all of the financial issues.

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Gold Loan Madambakkam 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 with the passage of time as well as person to person. The Gold Loan Interest Rate is available at 1% per month interest rate.
 
1. Gold loan Interest rate - 10.70 %
2. Also, offer low processing fee -  0.85%
3. Further, pre-closer charges range from 0 – 2 %.
4. Besides Tenure minimum six months; maximum five year
5. Lastly Amount - Thousand to a crore    
 
 

Gold Loan in Madambakkam Eligibility

There are some eligibility criteria defined by the Lender. The Borrower can get a gold loan only if he/she is eligible. Let us discuss them
1. Firstly, the age of the applicant should not be less than 18 years.
2. He/she should be a citizen of India.
3. After that, the applicant should have a minimum of 10 grams of gold.

Why should one choose Gold Loan in Madambakkam?

1. Less processing charges.
2. No hidden charges.
3. Fast Loan disbursal.
4. No credit checks.
5. No co-signer needed.
6. Prepayment facility.
7. Flexible preclosure way.
8. Premiums calculated on daily reducing balance

Gold Loan Documentation Process

1. Firstly, an Proof of Identity is required it can be a PAN Card/Aadhar Card/ Voter ID card/ Driving License/ Passport.
2. Secondly,  One proof of residence is also required while applying for a gold loan it can also be an Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant.
3. Two colored photographs.
 
Additional Documents for Taking Gold Loan
 
The bank/ NBFC's needs a Proof of ownership of Land if you are applying for an Agriculture Gold Loan.
1. Land Proof - In the case of Agriculture Loan on gold of more than Rs. 1 lakh the proof is not required for associated with agriculture purposes.
2. Needed a Demand Promissory Note: (Bank will arrange) Certificate by the Jewel Appraiser.
3. Income Proof of Salary Certificate & Form No.16
 
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About  Madambakkam:

The City of Madambakkam is a panchayat city in Kancheepuram district in Tamil Nadu State, India. It borders Selaiyur, Sithalapakkam, and Vengaivasal.To know more about Gold Loan Madambakkam call us on  call 9592046860 or 60011600 with your city code.
Know More - Gold Loan Near Me
 

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%