Baroda Gujarat Gramin Bank Gold Loan Approval Process

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    Baroda Gujarat Gramin Bank Gold Loan Approval Process

    Baroda Gujarat Gramin Bank Gold Loan Features

    Baroda Gujarat Gramin Bank Gold Loan Approval Process

    Gold is one of the most popular loans nowadays since it is easier to obtain than a personal loan. The reason for this is that when a gold loan is a secured loan in which you must pledge your gold as collateral, many financial institutions are willing to grant it. The Baroda Gujarat Gramin Bank Gold Loan Approval Process is simple and quick. They give you low-interest loans secured by your gold.

    You can visit Dialabank to know more information about gold loans.

    Features of Gold Loan are:

    • It is a secured loan, it has a quick processing period of 1 to 3 hours.
    • At this time, no salary evidence is required.
    • Minimum paperwork required: Identification cards issued by the government, such as a driver’s license or a PAN card.

    Baroda Gujarat 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.

    Baroda Gujarat 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

    Baroda Gujarat Gramin Bank Gold Loan Approval Process

    The following are some basic procedures in the Baroda Gujarat Gramin Bank Gold Loan Approval Process:

    • Visit the Baroda Gujarat Gramin Bank branch closest to you.
    • Fill out the bank’s application and submit it along with all of the relevant documents to get your loan approved.
    • Bring your gold to the bank for the appraisal; the bank will determine the loan amount following the appraisal.
    • Examine the loan’s common terms, such as tenure and interest rate, with the bank’s representative.
    • All of the terms will be finalized by the bank, and your application will be reviewed for a period of time.
    • Following approval, the bank will assist you with the rest of the process and disbursement of the loan funds.

    FAQs on Baroda Gujarat Gramin Bank Gold Loan Approval Process

    What are my options for repaying my gold loan?

    The gold loan can be repaid using an online fund transfer. Your gold is released as soon as your loan amount is realized, allowing you to avoid paying interest if you repay your loan before the term finishes.

    Is it possible to receive a gold loan secured by gold coins?

    No

    Is it safe to take out a gold loan?

    Gold loans are regarded as a secure investment. Physical gold may not be worth much or at all, but borrowers can utilize gold loans to cover a variety of expenses.