Assam Gramin Vikash Bank Gold Loan Features
Knoe details about Assam Gramin Vikash Bank Gold Loan Approval Process. Assam Gramin Vikash Bank is a regional rural bank headquartered in Guwahati. It comes under the ownership of the Government of India and the Ministry of Finance. Assam Gramin Vikash Bank Gold loan helps people in their times of need as their savior. The documentation process of a gold loan is also simple, One even doesn’t need to have their income documents for a gold loan. One doesn’t need to worry about the security of their gold as they are put in vaults with a special security system.
It has a flexible loan tenure from 3 to 24 months with low interest. Also, you can repay a gold loan easily either by EMI or by paying interest monthly and principal value at the end of tenure.
Assam Gramin Vikash Bank Gold Loan Eligibility
|Minimum and Maximum Age||
21 Yrs – 60 Yrs
Note: However, many banks require a minimum age of 23 years
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
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
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.
Assam Gramin Vikash 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
Assam Gramin Vikash Bank Gold Loan Approval Process
Assam Gramin Vikash Bank Gold Loan Approval Process is instant and hassle free:
- The first step for the approval of the loan is filling out the application form. You can either fill the form through the website or in person and submit documents needed for the loan like address proof, identity proof, and passport size photographs.
- The second step is for approval is verification of gold and documents.
- The last step of gold loan approval is loan disbursement. Also, you can not cancel a loan after its disbursement
FAQs on Assam Gramin Vikash Bank Gold Loan Approval Process
✅ How long does it take for approval of a gold loan?
It takes about 1-2 hours for a gold loan.
✅ Can I get a gold loan if my credit score is bad?
Yes, you can get a gold loan even if you have a bad credit score.
✅ What happens when the gold loan is not paid?
The gold used as collateral is auctioned off when the gold loan is not paid on time.