Allahabad UP Gramin Bank Gold Loan Approval Process


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    Allahabad UP Gramin Bank Gold Loan Approval Process

    Allahabad UP Gramin Bank Gold Loan Features

    Allahabad UP Gramin Bank Gold Loan Approval Process

    The gold loan is the perfect solution to raise capital and use the fund when you require money to meet your financial needs and requirements. The Allahabad UP Gramin Bank gold loan is granted depending on the gold, gold coins or gold ornaments so as to fulfil their imperative monetary wants with as low a rate of interest as potential and quicker disbursements.

    The bank’s lockers provide much safer security than one’s home’s security. A gold loan is a great way to meet your sudden money demands and requirements.

    You can visit Dialabank for more information about gold loans.

    Allahabad UP Gramin Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 60 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    Allahabad UP Gramin Bank Gold Loan Documents Required

    At the time of application the following documents are required:

    • Proof of the citizenship of India
    • Duly filled application form
    • 2 passport-sized photographs
    • Applicant’s KYC documents to establish Identity and Address
    • Salary/ Income Proof
    • Witness Letter in case of illiterate borrowers
    • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
    • Certificate by the Jewel Appraiser (Bank will arrange)

    At the time of disbursement the following documents are required:

    • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
    • Gold Ornaments Take Delivery Letter
    • Arrangement Letter

    Allahabad UP Gramin Bank Gold Loan Approval Process

    Allahabad UP Gramin Bank Gold Loan Approval Process is carried out completely offline. You can visit any branch of the bank and fill out the application form to avail of a gold loan. The bank will approve your loan after confirming your eligibility and valuating your gold ornaments.

    FAQs on Allahabad UP Gramin Bank Gold Loan Approval Process

    ✅ What is Allahabad UP Gramin Bank Gold Loan?

    The Allahabad UP Gramin Bank Gold Loan have secured loans that come with quick payment to meet your urgent financial needs. Gold loans from the bank can be availed at attractive interest rates and with great offers.

    ✅ What is the maximum gold loan amount I can avail of from Allahabad UP Gramin Bank?

    You can avail yourself a maximum of 90% of the gold jewellery’s value from the Allahabad UP Gramin Bank.

    ✅ What happens to the gold that is placed as collateral?

    Once you place gold as collateral for a gold loan, the gold ornaments or coins are held by the bank or NBFC in its secure vault till the loan amount with interest is repaid in full. If the borrower fails to repay the loan amount on time, the institution gains the authority to auction the ornaments.