Gold is one of the most precious and costly metals in India. Its value in our lives cannot be ignored because every person is attached to it emotionally. However, what is the point of keeping your gold in a closed drawer when it could help you in times of emergency? Taking a loan against your gold can help you to overcome any drastic situation.
The gold loan is one of the most secure types of loan where you have to submit your gold as a security with the bank. It is the best way of getting cash in a very short time. It provides financial aid to those who are in urgent need of the money; they may need money for any medical emergencies, for the renovation of the house or could be any reason; the gold loan is the most secure one if we compared it with any other form of the credit. It has become popular among many people as many banks and other financial institutions are offering gold loan at a very low-interest rate.
Gold Loan Ballabgarh Eligibility Criteria
- Minimum age of applicant: 18 years
- Maximum age of applicant: 65 years
- The applicant gold should weigh a minimum of 10 grams and has to be 18 karat -24 karat pure.
- Attractive interest rates
- Safety and security of your gold jewelry
- Flexible repayment options
- No hidden charges
Gold Loan Ballabgarh Documents
- Proof of Identity - (Passport / Voter's ID / Driving License/ Aadhar Card)
- Signature Proof (Passport /Driving License/Banker's verification)
- Address Proof- (Ration card /Driving License/ Voter's ID / Utility Bill) and if the person is living in the rented apartment then they have to submit rental agreement, electricity & water bills, and the owner’s address.
- 2 Passport size photographs
- PAN card
Gold Loan Ballabgarh Interest Rate
The interest rate varies according to the banks but the minimum interest rate provided by the bank is 10.50% which can go up to 15%.
Gold Loan Ballabgarh Tenure
The tenure of the gold loan is six months to four years.
Gold Loan Ballabgarh Features
- As compared with some other forms of credit, Gold Loan requires less amount of documentation. It just requires two photographs, any ID proof, and residence proof.
- In the Gold Loan, no CIBIL score is required means any person can apply for this loan whether that person has a good CIBIL score or not.
- The Rate of Interest in this credit is less as compared to other credit.
- A person will get 75% of the gold value as the loan amount which is more as compared to personal loan.
- Gold Loan has flexible repayment formats. A person can repay them in three different formats:
- The borrower can pay the interest in the beginning, and can pay the principal amount at the end of the loan tenure.
- The borrower can repay the amount throughout the tenure on a monthly basis and can pay the whole principal amount at the end of the loan tenure.
- The borrower can pay both, the interest as well as the principal amount at the end of the tenure.
Ballabgarh is formaly known as Balramgarh. It is a town and tehsil Faridabad district of Haryana, India and is a part of the National Capital Region. This town was found by Raja Balram Singh in 1739.