Baroda UP Gramin 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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    Baroda UP Gramin Bank Gold Loan Documents Required

    Features of Baroda UP Gramin Bank Gold Loan

    Baroda UP Gramin Bank Gold Loan Documents Required and key features are discussed here:

    • Baroda Up Gramin Bank RDHigh loan amount: With a gold loan, you can borrow as much as you want against your pledged jewellery. Lenders use the Loan-to-Value Ratio to determine the loan amount (LTV). This ratio can range from 65 % to 90 % in the case of a gold loan.
    • Repayment Flexibility: Another advantage of applying for a Gold Loan is the possibility to select the most convenient repayment option for you. Any lending facility demands repayment, and you have some gold loan repayment choices to choose from.
    • EMI Method: This is a monthly paid tenure. The principal and interest are to be paid every month.
    • No income proof: Because the loan is secured against the borrower’s gold commitment, most gold loan applications do not require income evidence.
    • Faster Processing: Banks and other lending institutions can easily make gold loans since physical gold is used as collateral. Lending against gold is a safer choice for banks because the gold can be easily sold if the borrower defaults. As a result, banks are more likely to disburse these loans within a few hours. As a result, borrowers will benefit from faster processing times and greater ease.
      However, disbursing the funds does not take long.
    • Zero Processing Fees: Because gold loans are granted promptly with gold as collateral stored by the bank, many banks and NBFCs do not charge any processing fees.
    • Lower Interest Rates: Everyone wants a lower interest rate on the lending facility. A Gold Loan could be the ideal option for you because it is a secured loan. Lenders charge lower loan rates as a result of this. Additionally, the gold will be utilised as loan collateral. Gold Loan interest rates range from 9% to 20% per year, with an average of 10% to 16% per year.
    • Interests paid regularly: Amount to be paid on regular intervals – monthly, quarterly, semi-annually, or annually and the principal at the end of the term.
    • Payments made in Advance: Payment will be a complete interest payment in the starting and principal amount at the end of the term.
    • There is no requirement for credit history: A gold loan may be a good choice because the lenders do not consider the credit history while approving the loan. This is due to the security supplied in the shape of gold ornaments or bank-minted money. A gold loan is ideal for those who are looking for a loan with lenient eligibility requirements.
    • Security of Physical Gold: It is the lender’s responsibility to keep the physical gold safe. Borrowers do not have to worry about it because it is generally kept safe in the bank’s locker. The bank returns the gold once they have paid back the loan.

    Baroda UP Gramin 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
    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

    Baroda UP Gramin Bank Gold Loan EMI calculator

    Baroda UP Gramin Bank Gold Loan Documents Required

    The list of Baroda UP Gramin Bank Gold Loan Documents Required is as follows:

    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 UP Gramin Bank Gold Loan Documents Required – FAQs

    What are Baroda UP Gramin Bank Gold Loan Documents Required?

    You can get a gold loan even if you don’t have any proof of income. You must submit documents proving your identity and address to obtain a gold loan. You can offer a copy of your PAN card, Aadhaar card, voter’s ID card, or passport copy as proof of identity.

    ✅ What is the repayment period for the gold loan?

    The loan is normally for 3 to 12 months. However, the payback time cannot be longer than two and a half years, and the loan must be paid back within 30 months (or 36 months, depending on the lender).

    What is the rate of interest for a gold loan?

    The interest rate on your gold loan differs depending on the lender. For additional information, visit the Dialabank website and look at the gold loan offers from various banks and private organisations.