Chaitanya Godavari Grameena Bank Gold Loan Approval Process


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Chaitanya Godavari Grameena Bank Gold Loan Approval Process

Chaitanya Godavari Grameena Bank Gold Loan Features

Chaitanya Godavari Grameena Bank Gold Loan Approval Process

Every time you end up in a situation of financial need, we often get scared about arranging funds. But if you are a person who has gold at home, worry not! A gold loan might be the perfect option for you. Chaitanya Godavari Grameena Bank Gold Loan is a convenient way to get monetary support against your gold. Dialabank can help you know more about the perfect gold loan that you want to avail yourself of. Some features of Gold Loans are:

  • Low-interest rates: Gold loans starting at 7.00% p.a.
  • Minimal processing fee.
  • Comfortable return options and tenures: You can choose from various EMI options.
  • Quick processing: Gold loans are handed out even within hours, making it easier to avail.
  • Easy documentation: Documents are processed quickly.
  • Safe and secure: Your gold remains safely with the bank till you pay back the borrowed amount with interest.

Chaitanya Godavari Grameena 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
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.

Chaitanya Godavari Grameena 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

Chaitanya Godavari Grameena Bank Gold Loan Approval Process

Chaitanya Godavari Grameena Bank Gold Loan Approval process is quite seamless and easy to follow. Steps to be followed are:

  • You can submit your loan request offline with relevant documents.
  • You will have to carry the gold, as it would have to be valued and handed over in the bank if the loan is approved.
  • Once your application is submitted and documents are verified, the loan amount is processed and handed over.
  • This process can even be completed within an hour if the documentation is perfect.

FAQs on Chaitanya Godavari Grameena Bank Gold Loan Approval Process

✅ Our gold loans based on high-interest rates?

Gold loan interest rates are usually nominal and lie somewhere around 9 to 12% usually, but this may depend on various factors.

✅ What are the types of gold loans?

Gold loans are of 2 types, Personal and Realty.

✅ What happens if the gold loan is not repaid?

If gold loans are not paid back within the given time period, warnings are issued, and if, even after that, the amount is not returned, the gold is auctioned off by the bank.