Barclays Bank Gold Loan Documents Required

GOLD LOAN @ 0.57%*
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⍟  Highest Rate Per Gram
⍟  Lowest Interest Rate of 0.57% p.m.

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    Barclays Bank Gold Loan Documents Required

    Features of Barclays Bank Gold Loan

    Barclays Bank Gold Loan Documents RequiredGold investment is considered one of the best types of investment in India. 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. When you have any financial crisis you can use your gold to fulfil your financial needs. This process of giving gold articles to the lender to get a loan is termed a Gold loan. Barclays Bank gold loan can help you in getting a gold loan in an easy way.

    Before looking at the processing of getting a Gold loan. Let’s first discuss some features of a gold loan.

    1. Income proof is not needed – Barclays Bank Gold Loan Documents Required are basic KYC documents they can be identity proof and address proof. Lenders don’t ask for income proof in a gold loan as it is secured with gold.
    2. Faster Processing – The processing of gold loans is quite fast as a Gold loan is a type of secured loan with gold as collateral. For some cases, gold loan processing can be done within a day. People with an online gold loan process can get it in few minutes.
    3. Less Interest rate – When you need any financial help you can either apply for a personal loan or a gold loan. A personal loan is a type of unsecured loan, banks charge a very high-interest rate. When it comes to gold loan interest rate is comparatively because the gold loan is a secured loan with gold as collateral. Further, you can lower this loan Interest rate by attaching another asset.
    4.  No Processing fees – Usually Banks don’t charge any processing fees for gold loans. If in case bank charges any processing fees it is usually near or below 1%.
    5. No worries about maintaining credit score – When you apply for any loan banks usually check your credit history and approve your loan if your credit score is good (a credit score more than 700 is considered a good score). This is not the case with the gold loan for a gold loan you don’t have to maintain any credit score to get approval. You can get a gold loan even if your credit history is not good, Bank will approve your loan as it is a secured type of loan.
    6. High LTV ratio – For gold loans, the LTV ratio is very high. You can get a loan to value ratio up to 75% to 80% of the weight of gold.

    Barclays Bank Gold Loan Comparision with banks

    Here is the table for Comparison between Barclays Bank Gold loan with other 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
    ICICI 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

    Barclays Bank Gold Loan EMI calculator

    Gold loan EMI calculator is a type of EMI calculator used to find out an equated monthly instalment to be paid by the borrower to the lender against the gold kept as collateral. This Gold is kept as security with the bank until the loan is fully paid.

    Dialabank bank has brought an easy-to-use EMI calculator. This EMI calculator will help to find out the approximate amount of EMI to be paid every month by an individual. In this EMI calculator, you can vary interest rate and loan tenure according to your convenience.

    Barclays Bank Gold Loan Documents Required

    For claiming the Barclays Bank gold loan Documents required are mentioned below.

    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 Documents Required – FAQs

    ✅ What are the Eligibility criteria for a gold loan?

    The eligibility criteria for a gold loan is basically anyone within the age group 18 to 65 can apply for a gold loan.

    ✅ What happens if an individual fails to pay back the loan?

    In case if you fail to pay back the loan lender will have the right to auction the gold over which loan was availed to cover up the losses due to non-payment of the gold loan.

    ✅ Can I prepay the Gold loan?

    You can prepay the gold loan at any point in time. But some banks might ask for prepayment penalties.