Barclays Bank Gold Loan Approval Process

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    Barclays Bank Gold Loan Approval Process

    Barclays Bank Gold Loan Features

    Barclays Bank Gold Loan Approval Process

    Barclays Bank Gold Loan is provided at an attractive interest rate and for various purposes. People consider gold as one of the best kinds of investment options with good returns but they don’t know the other side which is gold can also be used when you have any financial crisis. The Barclays Bank Gold Loan eligibility depends on the criteria of where the customers pledge their gold, gold coins or gold ornaments in order to meet their urgent financial needs with a low a rate of interest as possible and faster disbursements.

    You can visit Dialabank for more information about gold loans.

    Barclays 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.

    Barclays 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

    Barclays Bank Gold Loan Approval Process

    You can follow this process to apply for a gold loan at Barclays Bank and get it approved:

    • Go to the Barclays Bank mobile application or website.
    • Log in to your internet banking account.
    • Go to the section to apply for a gold loan.
    • Check your eligibility and apply for the gold loan.
    • The loan will be approved in a short time and the representatives will be in touch with you.

    Alternatively, you can also choose to visit any branch of Barclays Bank and directly apply for a gold loan. It is advisable to book an appointment before visiting a branch if you prefer the offline application process.

    FAQs on Barclays Bank Gold Loan Approval Process

    ✅ What is the maximum loan tenure of a Barclays Bank gold loan?

    The maximum loan tenure of a Barclays Bank gold loan is set as 36 months.

    ✅ What are the Eligibility criteria for a gold loan?

    The eligibility criteria for a gold loan is anyone within the age group 18 to 65 can apply for a gold loan if they possess gold ornaments.

    ✅ What is the processing fee charged by Barclays Bank for a gold loan?

    Barclays Bank Gold Loan charges a processing fee of up to 1% of the Loan Amount on their Gold Loan.