Procedure for Gold loan

Procedure for Gold loanThe time is gone when you have to wait long hours and face the botheration of long documentation procedures. If you’re one of those who’re looking for an easy and quick approval then nothing is better than a Gold Loan.

Now, what is a Gold Loan? The definition of this specific loan isn’t that complicated, the procedure for gold loan is simple, if you own gold ornaments or jewelry then keep them as collateral in the hands of banks or money lenders, and in return, you will get cash. The loan sanctioned to you entirely depends on the current market value of your gold. Let’s see the procedure for gold Loan to instantly get the loan amount and the best offers for gold loan.

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Following is the Procedure for Gold Loan

Approval and Disbursal

Loan approval in 5 minutes: While availing a gold loan, you just need basic documents such as your identity proof and residence proof and get instant approval.

Loan disbursal in 30 minutes: As the professionals have completed the valuation process then the loan is sanctioned to you. The loan sum you get totally depends on the current value of your gold.

Eligibility for Gold Loan

Criteria are simple; if you own the gold then you’re eligible for this loan. You can take the help of an EMI calculator to figure out your monthly EMIs. Minors are not eligible to avail of the Gold loan.

How to calculate the market value of gold and what’s the maximum loan amount you can get?

On the day of the loan application, professionals calculate your gold according to the per gram rate of gold. While calculating if your gold ornaments or jewelry contain any stone or gem that will be excluded from the calculation. The current market value of your pledged gold decides your loan sum. Being a borrower you’re able to avail a maximum loan of more than 75 percent of the market value of your gold. Rest the quality of your gold helps in deciding the exact loan amount

Documentation

While availing the gold loans, the banks require minimal paperwork and less botheration of lengthy procedures. Simply you need to visit your nearby branch along with your identity proof and residence proof. After verification of your gold, the bank gives you approval within 5 minutes. If you have Aadhar Card then most of the branches do your KYC (Know Your Customer) via tablets. The banks verify your Aadhar card with UIDAI via OTP (One Time Password) or your fingerprint. After completion of your Aadhar card authentication, you just need to submit other KYC documents.

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KYC (Know Your Customer) documents

When it comes to your identity proof, then the following are the documents:

  • Aadhar card
  • PAN (Permanent Account Number) card
  • Driving license (valid)
  • Voter/Election card
  • Passport (valid)

When it comes to your residence or address proof then following are the documents:

  • Aadhar cards
  • Driving license (valid)
  • Voter/Election card
  • Passport (valid)

Gold Loan Repayment

Online payment: When you have an online facility then why would you like to rush here and there? Make a payment online, no matter where you are, and what at what time you’re paying. Online Payment system lets your relish the comfort of paying your loan outstanding. You can rely on this procedure, totally easy, safe, and quick.

Payment via apps: Your app lets you manage your payment easily. Via different apps (depends on which bank you avail a loan), you can check your account summary, proper statement, and submit the query, etc.

Before applying for a loan one must read Procedure for a Gold loan to easily avail the benefits of a gold loan

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