Gold Loan Mahad

Gold Rate: ₹ 5,121 Per Gram

⍟ Interest Rate 7.0% p.a. ⍟

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Gold Loan Mahad

Dialabank is one of India’s largest fintech firms that has been providing the services of a gold loan. You just have to deposit your gold as a mortgage against the cash you need. You can take Gold Loan Mahad to cover for various reasons like new investments, new ventures, or anything related to this. This entire Gold Loan Mahad can be processed within a period of 30 minutes.

What is a Gold Loan?gold Loan Mahad

Gold Loan Mahad, is the Loan that is issued to the applicant against the mortgage of gold. Any person can have access to gold loans after depositing the gold he/ she wants to deposit as a mortgage and following specific procedural steps. Gold loans have become easier and quicker.

Gold Loan Mahad Interest Rate

  1. ROI on Gold Loan Mahad is 9.90% and can go to 24%.
  2. The processing fee charged is usually, and thus it is charged @ 0.85%
  3. The Gold Loan Mahad can be procured for a minimum period of 6 months, which can be taken up to a maximum period of 5 years.
Bank
Interest Rate
HDFC Bank Gold Loan
10.25% to 14%
Axis Bank Gold Loan
10.50% to 16%
ICICI Bank Gold Loan
10.75% to 16%
SBI Gold Loan
9.5 % to 13%
Kotak Gold Loan
11% to 14%
IIFL Gold Loan
9.24% to 24%
Muthoot Gold Loan
12% to 24%
Manappauram Gold Loan
12% to 26%
PNB Gold Loan
10.05% to 16%
Canara Bank Gold Loan
9.75 % to 13%
Andhra Bank Gold Loan
10.70% to 16%

Eligibility Criteria and Documentation required for Gold Loan Mahad

  1. Identification proof such as Passport, Voter card, or driving license.
  2. Address proof which includes electricity bill, ration card, etc.
  3. Passport, DL or any other proof with signature needs to be submitted for signature proof.
  4. Two passport size photographs are also required.
  5. The applicant should be atleast18 years old.
  6. The gold ornament submitted should be at least 18 carats or above.
  7. The Gold Loan Mahad can be availed by an applicant who has at least 10 grams of gold.

Charges associated with Gold Loan Mahad

  1. Some of the service providers may waiver Loan, but some banks do charge a processing fee.
  2. Valuation Charge is the charges to be paid to the evaluator. Such fees are specific to the service provider. Those having in-house evaluators do not charge any extra amount for valuation.
  3. Most of the service providers charge for late payment; this usually varies from one institution to the other.
  4. The applicant should consult with the loan provider before taking the Loan. These charges could change the amount that you may finally receive and should also check for the methods of repayment of the gold loan.
Bank
Processing Fee
Prepayment Charges
HDFC Bank Gold Loan
0.25% to 1.50%
2%, Nil foreclosure charges after 3 months
Axis Bank Gold Loan
0.50% to 1.50%
Nil
ICICI Bank Gold Loan
0.25% to 1.50%
2%, Nil foreclosure charges after 9 months
SBI Gold Loan
500/- to 0.50%
Nil
Kotak Gold Loan
1% to 2%
2.25% of fore closure amount if closed 1 month ahead of the tenure.
IIFL Gold Loan
Nil
Nil
Muthoot Gold Loan
Nil
Nil
Manappauram Gold Loan
Nil
Nil
PNB Gold Loan
0.70% to 1%
Nil
Canara Bank Gold Loan
1%
Nil
Andhra Bank Gold Loan
Nil
Nil

Advantages of Gold Loan Mahad

  1. The documentation required is very minimal, and so it doesn’t demand any certificate to show your salary or income. Credit card history is also not required.
  2. The gold loan requires only a few documents, such as ID proof and address proof. After providing such materials, the applicant can avail the Loan.
  3. Interest rates are an attractive deal for gold loans. Usually, the interest rate varies between 12-16% per annum and is also quite as low compared to personal loans.
  4. In agricultural areas, the gold loan is available at an interest rate of only 7-8%.
  5. It is the most convenient and straightforward form of Loan because all you need to do is pledge your gold here with a bank  and you can avail up to 75% of the market value of the gold as Loan.
  6. The borrower here has the option to pay only the interest during the term of the Loan and can pay the principal amount once the term is over.
  7. The gold is 100% secure, and Gold Loan Mahad can be procured under 30 minutes.
gold loan at 7%

How to Apply for Gold Loan Mahad?

  1. You can avail of a gold loan with a single click while sitting at home. Our customer relationship manager will be providing you the service of helping you choose the right type of loan for you.
  2. Just fill a simple form so that our customer care department can look up for your finances can check your financial status and your eligibility for the loan that you have applied.
  3. You will be led to the right banker for more details on your Loan. The bank executives will arrive at your doorsteps to collect the required documents from you.
  4. Only at the time of submission of gold you have to pay a visit to the Bank, the rest will be taken care of by the Bank’s executives.

How to Calculate Gold Loan Interest Rate?

  1. Rate of Interest: It is the amount that is charged on the amount of Loan. The Gold Loan Interest Rate depends on the factors stated below:
  2. Internal/External Customer: The loan seekers who have an account in the Bank from where they want to avail the Loan, then such customers are known as internal customers. Internal customers are given a rebate on the rate of interest charged by the applicant.
  3. Amount of Loan: The loan amount is the primary factor that decides the rate of interest that will be charged from the applicant. The Gold Loan Interest Rate is higher for loans with lesser amounts. Thus, the more the amount of credit, the lower is the Rate of Interest.
  4. LTV Ratios: Furthermore, lending institutions charge a higher rate of interest on the gold loan with a high LTV ratio. Thus, the more the LTV of the gold jewelry, the higher is the Rate of Interest charged by the applicant.

About Mahad

Mahad is a city located in the north of Maharashtra. It comes under the district of Raigad. It is located from 108.5 km from Alibag which is the district’s headquarter. As per 2017, its population is  89,724.

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