Gold Loan is the best way to kill your financial worries. It doesn’t even require great CIBIL score to get the amount sanctioned. Gold is one’s own property so security checks are also minimal. The amount can be used for all the personal needs that you have been wanting from long.
Gold is considered a symbol of pride, especially in India, buying and selling gold is an old tradition of Indian culture. However, the availability of gold loan provides a different scenario of how people use this precious metal. Nowadays, people buy gold, not for their status symbol but to secure their future.
What is Gold Loan?
Gold loan or loan against gold is a secured loan in which a customer provides his/her ornaments as collateral security to gold loan companies. It is the fastest growing financial service in the industry. Every secured loan requires the client to keep some protection against the loan, and in this case, gold is treated as the security against the loan. Many people have gold ornaments stored in their homes or in their bank lockers. Thus, gold loan provides an opportunity to unleash the value of their precious metal.
Gold loan Interest rate Ranipet
The part of a loan that is charged as interest to the borrower, which is considered as an annual percentage of the loan is said to be the interest rate. The gold loan is provided at the best interest rate as compared to unsecured loans.
- The gold loan is available at 1% per month interest rate.
- Gold loan interest rate - 10.70 %.
- offer a low processing fee that is 0.85%.
- Pre-closer charges range from 0 – 2 %.
Eligibility criteria to apply for Gold Loan in Ranipet
A rule has been provided by the lenders concerning the ability of the customer to qualify for the scheme of Gold loan.
- The age should lie in between 18 years to 70 years(at the time of loan maturity).
- Minimum 10-gram gold is required.
- Any salaried or self-employed individual can apply for gold loan.
- the gold should be in the name of the applicant or family member.
- Proof of Identity: Passport Copy/ Voters ID card/ Driving License.
- 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.
Key Benefits of Gold Loan.
- Faster processing:- Lending against gold is safe for banks as they have the option to sell the gold in case of bad debts or any default. Therefore, the banks disburse the loan in few hours.
- Option to pay interest only:- Under gold loan, the borrower have the opportunity to pay just the interest amount, and the principal amount can be paid at the time of closing the loan.
- Lower interest rate:- Being a secured loan, the bank charges a more economical interest rate as compared to unsecured loans. The interest rates are generally under the range of 13 to 14 percent.
- No processing fees:- Many banks or other lending companies don’t charge any processing fees as these loans are provided instantly against gold, which is held as collateral to the lender.
- Bad credit history is not an issue:- As gold is provided as collateral security, the lenders are not worried about the principal elements. Thu, there is no need to check or verify credit history.
- Safety of gold:- the security of loan lies with the lender. It will remain safe in his protection. The gold will be returned after the repayment of the loan in the same shape.
How to apply for Gold Loan in Ranipet
- Just fill a simple form displayed on our website related to your details so that our customer care department can check your financial status and your eligibility for the loan that you have applied.
- Our Relationship Managers will contact you and will guide you to the right bank.
- The bank executives will arrive at your doorsteps to collect required documents from you.
- The Customer has to visit bank only at the time of submission your gold.
Ranipet also known as Ranipettai (lit. Queen's colony) is a suburb town and industrial hub of Vellore city in the state of Tamil Nadu in southern India. It is a medium-sized community located about 20 kilometers from the Vellore city center (from Vellore Fort) and also Ranipet is a part of vellore metropolitan area and 100 kilometers from Chennai, the fourth largest urban area in India. It is a major industrial town located on NH 4 Chennai-Bangalore highway.