Dena Bank for Gold Loan Intent
The aim of the Gold Loan is to provide borrowers with loans to meet their immediate financial needs with lower interest rates and quicker disbursement against the promise of their gold | gold ornaments | gold coins.
Eligibility for Dena Bank Gold Loan
- An individual should be at least 18 years of age.
- Anyone who owns gold | gold ornaments | gold coins that the bank needs to be mortgaged.
- An individual is supposed to have a daily income (optional).
- Individuals who have a deposit or current account with a bank (optional).
Dena Bank Gold Loan Documents needed
- Duly completed and signed the application form for a gold loan
- 2 photographs in passport scale
- Identity Proof- Id, Voter ID Card, Driving License, PAN Card, PAN Card, Adhar Card.
- Evidence of Address-Bank Account Statement, Latest Energy Bill, Latest Mobile/Telephone Bill, Latest Credit Card Statement, New House Lease Arrangement
- Proof of Revenue-Last income slip showing all deductions or Form 16 or Income Tax Returns for 2 previous financial years (optional)
Gold | gold ornaments And gold coins, etc., and since these can be readily liquidated in the event of a default, banks sell these loans easily and at a cheaper cost.
Dena Bank Gold Loan Tenure
That is a loan for the short term. As per RBI guidelines, in the case of non-agricultural, the tenor is limited to 1 year. Any of the banks bid up to 36 months’ term as well. Once you repay the loan fully, you will take the gold back from the bank.
Dena Bank Gold Loan Repayment
The arrangement of the repayment depends on the bank. Mostly at the conclusion of the loan period, banks authorize repayment by EMIs or a bullet repayment. Borrowers ought to pay interest on time in the event of a bullet payout at the outset. In a bullet payout at the top, the principal balance will be paid.
Charges Associated with Gold Loan
- Payment fee: Certain banks charge a processing fee which can be forgiven if agreed. Valuation Fee: Some banks charge a nominal sum for the gold valuation. This shall be paid to the valuer of a third party.
- Pre-payment Penalty: Certain banks can impose a pre-payment penalty for loan payments.
- Late payment penalty: it is paid if you miss the payment of interest.
Contact Dialabank (9878981144) to get more information about Dena Bank Gold Loan.