Syndicate bank offers loan against gold at very low interest rates. They are one of the major Gold Loan providers that understand the needs of the customers and disburse the loan amount in one hour. Also, The pledged gold is locked safely in the vault and the borrower does not have to worry about its safety. The gold rates and all other charges are announced to borrower upfront in a transparent manner before sanctioning the loan amount. Hence, the borrower does not have to worry about the hidden charges and fees on their gold loan.
About Syndicate Bank Gold Loan
Gold loan is a loan in which a borrower can get a loan against gold. Gold loan is a type of secured loan. In gold loan, the bank will take borrower’s gold in order to give a loan to the borrower. Bank will deposit borrower’s gold as a security. Finally, the safety of gold is the responsibility of the banks.
Features of Syndicate Bank Gold Loan
First of all, Syndicate Bank India gold loan is very easy to apply. One can apply for the gold loan online within a few minutes.
Secondly, If a borrower is eligible, a loan can be approved within 5 minutes.
Thirdly, After the approval of gold loan, if a borrower posses complete documents it can be disbursed quickly. One can say it can be disbursed within a period of a few hours.
Also, The responsibility of the gold is all at the bank’s end. Borrower’s gold assets will be kept under very tight and fireproof security.
In addition, The Gold Loan Interest Rates provided by the bank are quite affordable.
Furthermore, The documentation process is very easy and simple.
Finally, Bank will not ask the reason behind the gold loan, one can use this loan amount according to their needs.
Uses of Gold Loan
The borrower can use the amount of loan wherever he/she wants. Following are some basic reasons given for which one can get the gold loan.
- To begin, Most people use a gold loan for wedding purposes.
- Secondly, Sometimes one can prefer to get a gold loan in case of a medical emergency.
- Moreover, Education can also be a reason for the gold loan usage.
- Furthermore, One can also boost their business by using the gold loan.
- Finally, A customer can get a gold loan to pay the bills related to credit cards.
Who can get a Syndicate Bank Gold Loan?
- Any salaried individual.
- A self-employed person.
- Students (age should more than 18 years)
- A farmer.
Forms of Gold
- Any jewelry carries with a quality of 18 karats to 22 karats is acceptable.
- Gold coins weigh less than 50 grams can get a gold loan.
- Bank does not accept minted/forged gold coins.
- Bars and bricks are not acceptable.
- Raw gold is not acceptable.
Documentation Required for Syndicate Bank Gold Loan
Applicant’s Identity Proof: Verification documents required should be specifically among the following: Voter ID /Ration card /Aadhar card / Driving License/ Valid Passport
Signature Proof: The documents required as signature proof includes: Passport Copy/Driving License/Banker's verification/cheque
Residence Proof: The documents required as proof of residence are: Telephone Bill/ Electricity Bill/ Rental bill /Trade license /Shop & Est. License/Sales Tax certificate.
Syndicate bank Gold Loan for Farmers
In addition to above mentioned proof sometimes Land Proof and Income proof may also be needed.
Other: Two passports sized colored photographs.
Note: Syndicate Bank can ask for additional documents as per the needs and requirements.
Syndicate Bank Gold Loan Interest Rate 2019
The rate of interest starts at 11.5% and can go up to 15.5% per annum. Prepayment charges are 1% and the tenure of the loan is from 3 to 12 months.
Note: Interest rate mentioned here are updated as of May 2016, with rates expected to change
How to Apply?
To begin, the applicant has the option to apply for a gold loan in two ways:
To initiate, The applicant can apply for a Gold Loan through the nearby branch of Syndicate Bank. In order to find a branch nearby, search Gold Loan near me on google. Next, google enlists all the nearby branches where one can avail a gold loan. You can go to the nearby or suitable branch and get the loan. But, this procedure is quite tiring.
The applicant can apply for a Gold Loan at the comfort of their home.
- Firstly, Search for www.dialabank.com on google.
- Next, A form will open up.
- Furthermore, Fill the form with the required information.
- Finally, You will get assisted by us further.
1. 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.
2. Is Gold Loan 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.
3.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/her gold ornaments.
4.Do I need a co-applicant to get a Gold Loan?
No, to avail Gold loan you don’t need any co-applicant
5.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.
6.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.
7.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.
8.Is Gold Loan a good option?
A gold loan is an excellent choice because:
Disbursal in 30 minutes
Flexible Loan Tenure
Wide-ranging Repayment Options
Negligible Processing Fees
9.How can I avail a Gold Loan?
You can avail the service of a gold loan in a few clicks.
Fill in your expected details in the web-form on Dialabank.
Now all you have to do is, wait; our relationship managers will get back to you within 30 minutes.
We will suggest you the loan which meets your requirements, in your specific region.
Submit the required documents with our representative, who will be in touch with you.
Accept the loan amount in just 30 minutes.
10.Is Gold Loan better than a Personal Loan?
Yes, a gold loan is far better than a personal loan. Reasons being:
A gold loan does not require a CIBIL score or any proof of your income.
Gold loans are less time-consuming and hustle free in comparison with Personal Loans.
A gold loan is a secured loan and therefore, is the most opted loan nation-wide.
11.What are the benefit of Syndicate bank Gold Loan?
Gold loans have various benefits, which are why it is the most opted loan in the country. Some of the benefits are listed below:
Proof of your income is not needed for this loan
Disbursal in just 30 minutes
CIBIL score is not required
It is a Secure Loan
* For any assistance regarding Gold Loan, call us on 95920-46860 or 60011600, our trained Relationship Managers will provide you best information.