About Gold Loan Lucknow
Are you looking for financial assistance, Gold loan might be the right choice for you. It has a low rate of interest as compared to other loan options in the market. It is a simple and a hassle-free process, with minimal documentation. It comes under the secured loan as you have to mortgage your Gold for the finances. It is readily available in the market and can be availed at any time.
Why Should You Apply for Gold Loan Lucknow?
- No hidden charges- There are no hidden charges.
- Low Rate of Interest- In contrast to services like personal loans, the gold loan has the least interest rate as banks keep security against the loan.
- Quick approval- If you are eligible and have all the documents, then the gold loan gets quickly approved.
- No credit checks- The applicant’s credit history does not matter as he is mortgaging his gold.
- No co-signer needed- There is no need of a third person.
- Multi-purpose loan – The personal loan is also known as a multipurpose loan. You can use this loan for any purpose. It can be a wedding, vacations, business, medical, or any other personal need.
Know More – Gold Loan: Factors to Remember
Gold Loan Lucknow Eligibility
- The age of the customer should be at least 18 or above.
- The applicant should be an Indian citizen.
- The applicant should have gold in an appropriate form.
- The quality of the gold should be 18 karats to 22 karats. 24 Karat gold is not acceptable.
Gold Loan Lucknow Documentation
- Identity Proof (Aadhar Card/ Voter ID card/ PAN Card/Driving License/ passport).
- proof of residence (Aadhar Card/ Card/ Voter ID card/ PAN Card/Driving License/ passport/Ration Card/Electricity/water bills of last three months with the name of the applicant).
- Two passport sized colored photographs.
What is Gold Loan Lucknow Interest Rate?
Gold Loan Lucknow is a service that provides its customers with cash at the best rate of interest. In contrast to other services like Personal Loan and Home Loan, Gold Loan Interest Rate is quite less and reasonable. On average it starts at 10.75% per annum and can go up to 24% per annum. Different Banks and NBFC’s provides different interest rate to the customers.
Know More – Gold Loan Interest Rate
Gold Loan Lucknow Features
- You get 100% Safety & Security of your Gold Jewelry
- Get your Loan processed in less than 30 minutes
- Lower Interest Rates on Gold Loan Lucknow
- Gold Loan Lucknow has Simple documentation and fast processing.
Know More – Gold Loan Features and Benefits
On What Factors Loan Amount Depends?
The amount of Loan given depends on mainly two factors:
- The Quantity of Gold: The weight of gold is one of the main factors that decide the amount of loan disbursed to the customer. The weight is measured after subtracting the weight of the stones(if any) in the jewelry. Higher the quantity of gold more is the amount that can be given to the customer.
Minimum 10 grams of gold is required for loan approval.
- Quality of Gold: The purity should lie between 18 Carat to 22 Carat. Therefore, the better the purity of gold, the more is the amount of loan that can be approved.
24 Carat Gold is not accepted for Gold Loan.
What are Gold Loan Lucknow Repayment Schemes?
- Bullet Repayment: In this service, the applicant just has to pay the interest rate during the tenure of the loan. Therefore the principal amount has to be paid at the end of the loan tenure. But, this option is provided to the customers availing short term loans. The interest rate is paid on a monthly basis through EMI’s.
- Overdraft Facility: It is availed mostly by self-employed people. As people owning a business have fluctuating money requirements. Through this service, one can withdraw money according to their needs. That is, the applicant can choose the amount from the total loan amount disbursed for which they want to pay interest. Thus, the interest is applied to the amount that is withdrawn by the customer.
- EMI Facility: In this option, a fixed amount is calculated that the applicant has to pay monthly. This value includes a part of the principal amount and the interest rate. This scheme is becoming popular among people.
How to Apply for Gold Loan Lucknow?
- A person can easily apply online on Dialabank.
- The process is very easy and hassle-free.
- For any assistance, call us on 95920-46860
Lucknow is a capital city of the state of Uttar Pradesh. It is named after Laxman, a character in the hindu mythological epic Ramayana. It has a population of 2,817,105.
Ques1: What is Gold Loan Interest Rate Formula?
The Gold Loan Interest Rate varies from bank to bank. Mainly, it depends upon the amount of loan and LTV ratio of the gold.
Ques2: How Does Gold Loan Work?
Gold Loan is very simple to understand as well as easy to avail. The Bank provides you with funds against your gold Jewelry. The amount depends upon the gold weight.
Ques3: Gold Loan is Secured or Not?
Yes, Gold Loan comes under the category of secured loan because the applicant has to mortgage his gold to the bank as security or as collateral.
Ques4: What happens When You Don’t Repay a Gold Loan Amount?
If the applicant is unable to return the gold loan amount at fixed tenure, the bank is liable to sell his gold Jewelry.
Gold Loan Interest Rate of Major Banks
10.00% – 14.50%
10.00% – 16.10%
12.00% – 24.00%
14.50% – 17.00%
19.00% – 26.00%
10.00% – 15.99%
19.00% – 26.00%
12.00% – 12.00%
12. 90% – 14.65%
12.65% – 12.65%
11.70% – 10.45%
11.15% – 15.75%
10.75% – 11.75%
14% – 26%
11.5% – 14.5%
14% – 16%
10.00% – 15.99%
19.00% – 26.00%
11.75% – 13.50%
12.00% – 12.00%
Table of Contents
- 1 About Gold Loan Lucknow
- 1.1 Why Should You Apply for Gold Loan Lucknow?
- 1.2 Know More – Gold Loan: Factors to Remember
- 1.3 Gold Loan Lucknow Eligibility
- 1.4 Gold Loan Lucknow Documentation
- 1.5 What is Gold Loan Lucknow Interest Rate?
- 1.6 Gold Loan Lucknow Features
- 1.7 Know More – Gold Loan Features and Benefits
- 1.8 On What Factors Loan Amount Depends?
- 1.9 What are Gold Loan Lucknow Repayment Schemes?
- 1.10 Know More – Top Reasons why Gold Loan is the best borrowing option
- 1.11 How to Apply for Gold Loan Lucknow?
- 1.12 About Lucknow
- 1.13 FAQs
- 1.14 Ques1: What is Gold Loan Interest Rate Formula?
- 1.15 Ques2: How Does Gold Loan Work?
- 1.16 Ques3: Gold Loan is Secured or Not?
- 1.17 Ques4: What happens When You Don’t Repay a Gold Loan Amount?
- 1.18 Gold Loan Interest Rate of Major Banks