We all face financial roadblocks in our life whether it is due to a significant loss in business or some uncertain personal circumstances. To get rid of financial problems as soon as possible and to help people banks and NBFCs have come up with the idea of a gold loan or in other words loan against gold.
In this loaning scheme, the applicant gives the possession of their gold ornament to the lender in return of the loan amount. The borrower can take his/her gold decoration after paying the full loan amount back to the lender. This loaning scheme helped many. As a result, this loan is said to be one of the most availed loaning schemes of all time.
About Gold Loan Deoghar
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. Borrower should go for the best deal with best offer available.
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Gold Loan Deoghar Interest Rates
10.70% is the minimum annual interest rate you can get on these loans. Therefore, the monthly interest rate is less than even 1%. Also, the loan amount is 75% off in the market value of your collateral. In addition to this, these loans come with foreclosure charges. As a result, you can pay the loan amount before the tenure and get your gold back from the bank. The foreclosure charges stay in between 0-3% of the total loan amount.
Find the most suitable offer for Gold Loan Deoghar
- Personalized Service: Our trained Relationship Managers will understand your requirements and your profile and help you find the most suitable Gold Loan offer.
- Rate Comparison: We help you understand the details of all costs involved in taking a Gold Loan and help you find the Cheapest Offer.
- Research: Benefit from our detailed research on all the products from the leading Gold Loan players in the market and make the right choice.
- Zero Charges: Dialabank offers personalized service to its customers at zero fees. Use our services to find the right Gold Loan deal at no extra cost.
- Unbiased and Transparent Search: Our objective is to simplify your Gold Loan search and we provide information in an unbiased and transparent manner.
Features of Gold Loan Deoghar
- You can avail Loan up to Rs.1 Crore & up to 90% of value for any purpose
- You get 100% Safety & Security of your Gold Jewellery / Bars
- Get your loan processed in 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.
- Interest rate is payable only amount of the overdraft that you use.
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Eligibility for taking Gold Loan Deoghar
- 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
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Advantages of Taking a Gold Loan Deoghar
- No income and salary criteria- Gold loans do not require any qualifications for income or salary of the person. So even if you are unemployed and unsalaried you can still avail of a gold loan. This is because you are pledging a valuable asset, gold in return of the money.
- Available also in case of bad credit history or low income level.
- Relatively Lower interest rates- The another advantage of taking a gold loan is that they are available on 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 gold loan 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 90% 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.
Required Documents for Gold Loan Deoghar
- Identity Proof (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).
- Signature Verification Proof (Passport Copy/Driving License/Banker's verification/cheque)
- 2 passport size photographs.
The city of Deoghar is the headquarters of Deoghar District in the Santhal Parganas division of the state of Jharkhand. Deoghar had a population of 203,116. It is also known as Baidyanath Dham is an important Hindu pilgrimage.
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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