Are you thinking about taking a loan from the bank but don’t have enough CIBIL score? Is your business suffering from financial loss and you are looking for some extra help? Then we are here to help. With Gold Loan Amravati you can get the required funds at a lower interest rate. In every Indian household, you will find gold in one form or the other. Thus, people can easily take this loan without having to worry about their CIBIL score or banking history. It is mandatory that an applicant must have gold to avail this loan.
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What is Gold Loan Amravati?
Money requirement is not an endless issue. A person needs funds for many reasons. Many times a situation comes in your life when your spending just exceed your monthly income. In this situation, you can take help of Gold Loans to avail fast cash and by providing no other security or documentation.
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Gold Loan Amravati Interest Rates
10.70% is the minimum annual interest rate you can expect on these loans. As a result, the monthly rate of interest becomes less than 1%. It also comes with foreclosure facility meaning you can close the loan amount before the tenure ends allowing you to skip the remaining Emi’s and their respective interest rates. The foreclosure charges range from 0-3% of the total loan amount.
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Benefits of Taking Gold Loan Amravati
- See first of all, with a brand name such as Manappuram you don’t need to worry about any kind alteration or damage to your gold ornament. Manappuram keeps it keeps your collateral locked in their vault.
- Furthermore, the documentation process is faster than other loaning schemes; this is because an applicant is pledging gold ornament banks don’t rely on documents for the applicant’s evaluation.
- As a result, gold loan request gets approval in less than 30 minutes.
- The loan amount solely depends on the applicant’s collateral.
- As a result, you can expect the loan amount to be 70% of your collateral’s in market value.
- In addition to this, a gold loan is said to be one of the fastest ways can take the loan amount.
- Therefore, the disbursal of the loan takes place in less than 24 hours.
- Both salaried and self-employed are eligible to take this loan.
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Eligibiltiy for taking Gold Loan Amravati
Gold Loan is very easy to access; every person who has gold ornament weighing more than 10 grams is eligible to get a gold loan. But there are some more conditions that a customer needs to fulfill these are:
- First of all the age of the applicant should be more than 18 years. After that, the maximum period of the customer can be 70 years.
- The applicant is required to be a citizen of India.
- One more important thing is that customer should have gold weigh more than 10 grams.
- The purity of the gold should lie in between 18 karats to 22 karats.
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Required Documentation for Gold Loan Amravati
- Proof of Identity: Aadhar Card/Passport Copy/ Voters ID card/ Driving License.
- Residential Proof: Ration card/ Tel, Electricity Bill/ Rental bill/ Passport copy/Trade license /Shop & Est. License/Sales Tax certificate.
- Two passport size photographs.
- Proof of Signature: Passport Copy/Driving License/Banker's verification/cheque.
Advantages of Taking Gold Loan Amravati
- Convenient loan scheme.
- No credit checks.
- A person should have a minimum of 20 Gram gold to avail the Loan.
- Pre-closure facility.
- Less paperwork.
How to Apply for Gold Loan Amravati?
|Gold Loan Scheme||Loan Tenure / Period||Rate of Interest (p.a.)|
|TrueValue Loan||12 months||12.5 % to 15.5 %|
Amravati is a city in the state Maharashtra, India. It is the seventh most populated metropolitan area in Maharashtra. It is also the administrative headquarters of the Amravati district.
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.