Features of Bangiya Gramin Vikash Bank Gold Loan
Bangiya Gramin Vikash Bank was established in 2017. This bank was formed by the merger of two banks, Haryana Gramin Bank and Gurgaon Gramin Bank. Rohtak is now the bank’s headquarters. In addition, the bank has branches in each of Haryana’s 22 districts. In addition, the bank operates a 650-branch network in Haryana.
The Bangiya Gramin Vikash Bank Gold Loan has the following distinctive features:-
Taking a loan against gold has a number of advantages. The following are the top ten advantages:
- Fast loan disbursal: Taking out a gold loan is one of the quickest and most convenient ways to get instant cash or a money transfer for the loan amount. Because these are highly secured loans, they can be disbursed in as little as a few hours. This is very handy for folks who are in a pinch and require funds urgently.
- Lower interest rates: The interest rates on gold loans are substantially lower than the interest rates on other sorts of loans, such as personal loans, student loans, and so on, because gold loans are exceptionally safe.
- High value: Because gold is a highly valued commodity in the market, you will be offered a high LTV (loan-to-value) rate on your gold.
- Easy repayment: To provide convenience, lenders provide flexible repayment plans with various interest schemes. The procedure is similarly simple, and borrowers have the option of selecting a scheme ahead of time.
- Easy application procedure: Because the gold is used as security, only a few documents are required to obtain a gold loan. As a result, the application process is simplified.
- Income proof/Credit history not required: You do not need to provide the lender with proof of income or credit history because you own the asset that serves as collateral for the loan. Other sorts of loans, on the other hand, require these facts in order to confirm and verify that the borrower will be able to return the loan amount.
- Zero processing fee: Lenders typically waive processing fees for gold loans due to the tangibility of the collateral and the speed of the transaction.
- Gold security: Most lenders have agreements with reputable banks to store the gold in their lockers and vaults for the duration of the loan. Because of how significant the collateral is in terms of market value and sentiment, lenders often issue a 100 per cent insurance cover on it.
- Credit enhancer: When you pay your bills on time, your credit score and credit history increase, making you more credible to banks and other lenders.
- Convenient: The majority of Indian homes acquire gold ornaments or have gold jewellery sets that have been passed down through the generations. This implies that the collateral is frequently readily available. Another advantage is that the gold loan proceeds can be utilised for whichever purpose the borrower desires.
Bangiya Gramin Vikash Bank Gold Loan Comparision with banks
|Bank / NBFC||Rate Per Gram||Interest Rate||Gold Loan Tenure||Min – Max Loan Amount|
|₹ 3,506 to ₹ 4,621||0.099||3 to 24 months||₹ 10 thousand to 5 crore|
|Private Gold Loan||₹ 3,506 to ₹ 4,621||0.1||6 to 12 months||₹ 10 thousand to 5 crore|
|₹ 3,506 to ₹ 4,621||0.12||7 days to 36 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1225||12 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1025||36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1||3 to 36 months||₹ 10 thousand to 5 crore|
|SBI Gold Loan||₹ 3,506 to ₹ 4,621||0.0975||12 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.075||3 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 10 thousand to 5 crore|
|IIFL Gold Loan||₹ 3,506 to ₹ 4,621||0.12||11 months||₹ 3 thousand to 50 lakh|
Bangiya Gramin Vikash Bank Gold Loan EMI calculator
Bangiya Gramin Vikash Bank Gold Loan Documents Required
To avail of a Gold Loan, you have 3 options:
- Visit a Bank Branch to Get Your Gold Evaluated (Not recommended due to COVID-19 outbreak): You can bring your jewellery, as well as gold bars or coins that you want to pledge, to the local gold loan branch, along with basic KYC credentials to prove your identity and residence location. The bank will then assess the value of your jewellery and offer you a gold loan at a rate that normally ranges from 7.50 per cent to up to 12 per cent.
- Request for Door-step Evaluation of Your Gold: Banks may provide you with door-to-door gold loan services. When you choose this option, the banking institution sends a representative to your home to assess your gold jewellery on the spot and determine and agree on a credit amount, which is then deposited into your account.
- Apply for a Gold Loan Digitally: You can apply for a gold loan online, and the bank will assist you in selecting loan offers from their website or app-based digital service. You can compare interest rates and select the best solution for you. The financial institution will then authenticate your identity using the information on your Aadhar card and a video-based KYC process.
Bangiya Gramin Vikash Bank Gold Loan Documents Required – FAQs
✅What is Bangiya Gramin Vikash Bank Gold Loan?
The Bangiya Gramin Vikash Bank gold loan offers competitive interest rates that vary according to the amount borrowed. A Gold Loan can be used to cover any type of expense, whether it’s for fun (travel, weddings, etc.) or for business (business use). In addition, the bank provides straightforward repayment options.
✅How much Gold Loan can I get per gram in Bangiya Gramin Vikash Bank?
Bangiya Gramin Vikash Bank’s per gram gold loan rate fluctuates with the market gold price. The bank gives you money at a modest rate of interest, allowing you to borrow up to 70% of the market value of the gold. The grade of the gold promised by the borrower determines the total amount.
✅What is the Gold Loan interest rate in Bangiya Gramin Vikash Bank?
The interest rate on a Bangiya Gramin Vikash Bank gold loan is typically 7% per year, but it can reach as high as 13%.
✅How to pay Bangiya Gramin Vikash Bank Gold Loan online?
The Bangiya Gramin Vikash Bank offers a variety of handy and quick online gold loan repayment options. For further information, go to the branch.