Baroda UP Gramin Bank Gold Loan Approval Process


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    Baroda UP Gramin Bank Gold Loan Approval Process

    Baroda UP Gramin Bank Gold Loan Features

    Baroda UP Gramin Bank Gold Loan is available to individuals at the most competitive interest rates on suitable terms. Baroda UP Gramin Bank has its head office located in Gorakhpur and offers various facilities to the consumers. The Bank aims to fulfil your dreams and offers loans based on your eligibility to enable you to enrich your life and provide for a better lifestyle.

    Gold Loan is a secured form of loan which is offered after pledging your gold ornaments and jewellery with the bank as collateral or security. After evaluation of your gold, the loan amount is ascertained by the bank.

    The various features of Baroda UP Gramin Bank Gold Loan are:

    1. Tailor-made loans.
    2. Rate Per Gram is ₹ 3,506 to ₹ 4,621.
    3. Prepayment charges at 2%+GST (Within 3 Months), 0 (After 3 months).
    4. Repayment tenure up to 36 months.
    5. A transparent system of applying for loans with minimal documentation.

    Baroda UP Gramin Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 65 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 proof 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 UP Gramin Bank Gold Loan Documents Required

    List of Documents
    Passport (Not expired)
    Driving license (Not expired)
    Voters’ ID Card
    Aadhaar Card issued by UIDAI
    PAN (Permanent Account Number) Card (along with any of the above-mentioned documents) or Form 60
    One Passport Size Photograph
    Agri Allied Occupation Documentation( in case of bullet repayment for agriculture customers)

    Baroda UP Gramin Bank Gold Loan Approval Process

    1. Visit the nearest branch of your bank.
    2. Fill out the application and provide all the details to apply for Gold Loan.
    3. Provide all required documents to the bank.
    4. Take your gold for its evaluation to the bank.
    5. Discuss and negotiate loan terms like loan amount, tenure, payment options, fees if any, etc. with the bank’s representative
    6. After due evaluation of your application, the loan will be granted to you.

    You can also apply with Dialabank for a hassle-free process or simply call us at 9878981166.

    FAQs on Baroda UP Gramin Bank Gold Loan Approval Process

    ✅ What is Gold Loan renewal?

    Under Gold Loan renewal, you can approach your bank or financial institution to increase the gold loan repayment time on your existing Gold Loan.
    For eg, You have taken a Gold Loan for 12 months but are unable to repay at maturity then you can approach your bank or financial institution to extend your repayment period by a few more months.

    ✅ Can I repay my Gold Loan online?

    Yes, many banks nowadays allow their customer’s online payment facility. You can easily repay your loan online, either in part or full by visiting your bank’s website and logging in via your account details.

    ✅ Can I transfer my Gold Loan to another bank?

    Yes, if you are not happy with customer service or are getting a lower interest rate from another bank, you can transfer your gold loan from one lender to another, This process is called a Gold Loan balance transfer. however, you must check with your bank if they allow you to do so.