Gold Loan is the best option available for the loan seekers at very best interest rates. Several financing authorities are available in market dealing with these Loans. The borrower should go for the best deal with the best offer available. Gold Loan is the only loan in the market which could be available within 5 to 10 minutes with an ease. In India, several lending institutions, private banks, and credit unions are available that provide Loan against Gold at low-interest rate.
About Gold Loan
Gold Loan is the best financial tool that helps an individual to cater the required amount of money without any hassle. A person who is not eligible for any other loan can apply for Gold Finance. Taking Loan against Gold is the best option to overcome all of the financial issues.
Mapusa is also known as Mapuca, Mhapsa or Mapsa. Mapusa is a town in North Goa. It is situated 13 km north of the capital Panaji. The town of Mapusa is the headquarters of Bardez Taluka. Mapusa is located on the main highway NH-17, linking Mumbai to Kochi. It had a population of 40,123. It is close to one of the main centers of Goa's tourism industry.
Why one should Apply for Gold Loan in Mapusa?
- Easily available
- No credit checks
- Simple Procedures
- No EMI, service only interest
- Minimal Documentation
- Fast Loan Approval
- A person should have a minimum of 20 Gram gold to avail the Loan.
- No penalties are involved.
- In-house gold evaluation
- Available within a time period of 30-60 Mins
- You can enjoy a maximum tenure period of 6 to 12 Months.
12.5 % to 15.5 %
Gold Loan Scheme
True Value Loan
Loan Tenure / Period
Minimum Tenure: 6 months
Maximum Tenure: 24 months
- You can avail Loan up to Rs.1 Crore or more & up to 70% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery
- Get your loan processed in less than 30 minutes
- Enjoy Anytime Liquidity.
- No EMI, Service only Interest and enjoy the Loan facility
- Lower Interest Rates
- Simple documentation and fast processing
- Overdraft limit varies depending on the market rate of gold.
- The interest rate is payable the only amount of the overdraft that you use.
Advantages of Taking a Gold Loan
- No income and salary criteria - Gold loans do not require any documentation or validation for income or salary of the person, so even if you are unemployed and unsalaried you can still avail a gold loan. This is because you are pledging a valuable asset i.e. gold in return of the money.
- Can be provided in cases of bad credit history as well as the low-income level
- Relatively lower interest rates - Another advantage of taking a gold loan is that they are available at low-interest rates, say 12-16% annually in comparison to the personal loans interest rates of 15-26% per annum.
- You need to repay only the interest - You have the option to pay only the interest during the tenure of the entire gold loan and at the end of tenure, you can pay the entire borrowed amount in a single shot.
- Total Convenience -The most convenient of all the loans is a gold loan. This is because in this all you have to do is pledge your gold with a bank or a private finance institute and the work is done. You can get a loan up to 80% or more of its market value immediately.
- Less processing time -No tedious and lengthy documentation is required in case of gold loans, hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.
Documents Required for Gold Loan
- Proof of Identity - Photocopy of any one of a Driving License/ Passport/ Voters ID / Aadhaar Card/ PAN Card/Passport copy/ Photo Id card issued by State / Central Govt. / Schedule commercial bank
- Bank statement - For the last 3 months
- Income Proof - Salary slip of the previous month with the regular salary credits seen in Bank statement provided Income tax returns of the immediately preceding financial year along with Computation of income for the assessment year.
- 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
Additional Documents Required:
The banks generally demand the above-given documents. However few banks demand some additional documents, which are mentioned below:
- Land Proof: In case of Agriculture Loan of more than Rs. 1 lakh 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.
Best Rate on Gold Loan
Gold loan offers you the best interest rate among any other Loan. You can avail for the best interest Gold loan. The feature that differentiates Loan against gold from any other loan is that it is sanctioned within a few minutes. The documents required for this financing is quite simple. Many banks even provide easy repayment techniques.
Collateral required – Gold jewelry / Gold bars
Max. Funding – up to 90% Gold value
Pre closer charges – 0% to 2% of the outstanding loan amount
Gold Loan Procedure:
Step 1. A borrower needs to submit a short application form to the Lender with Gold assets.
Step 2. The lender analyzes the assets offered by the applicant (including the purity and weight of gold).
Step 3. The Loan is sanctioned after checking the authenticity of the gold.
*The whole process takes 10-15 minutes or an hour.
How to Apply?
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