All about Gold Loan Satara
The gold loan is one of the most secure types of loan where you have to submit your gold as a security with the bank. It is the best way of getting cash in a very short time. It provides financial aid to those who are in urgent need of the money; they may need money for any medical emergencies, for the renovation of the house or could be any reason; the Gold Loan is the most secure one if we compared it with any other form of the credit. It has become popular among many people as many banks, and other financial institutions are offering gold loan at a very low-interest rate.
Why should one apply for Gold Loan Satara?
- Easily available
- No credit checks for Gold Loan Satara
- Simple Procedures
- Minimal Documentation process in Gold Loan Satara
- Fast Loan Approval
- Easy repayment schemes
- In-house gold evaluation
Gold Loan Satara Eligibility
- The minimum age of the applicant should be 18 years and maximum up to 65 years.
- The applicant should be a citizen of India that is the nationality of the applicant should be Indian.
- The gold should weigh at least 10 grams, and the purity of gold should lie between 18-24 karat.
- No CIBIL score is required.
- It has a flexible repayment option.
Gold Loan Satara Documents
- Identity Proof: (Passport Copy/ Voters ID card/ Driving License/Aadhaar card).
- Address Proof: (Ration card/ Passport copy/ Trade license /Aadhar card/ Voter card/ Shop & Est. License/Sales Tax certificate), and if the applicant is living in the rented apartment, then they have to submit their rental agreement, electricity & water bill and owner’s address.
- Signature Verification Proof: (Passport Copy/Driving License/Banker’s verification/cheque)
- 2 passport size photographs.
Gold Loan Satara Interest Rates
The rate of interest varies according to the banks, but the minimum Rate of Interest provided by the banks to their customers is 10.75% which can go up to 15%.
Gold Loan Satara Tenure
The tenure of the gold loan is from 6 months to 4 years.
Gold Loan Satara Advantages
- No income and salary criteria- Gold loans do not require any documentation for income or salary of the person. So even if you are unemployed and unsalaried, you can still avail of a gold loan. This is because the applicant is pledging its valuable asset, gold in return of the money.
- Available also in case of bad credit history or low-income level.
- Relatively Lower interest rates- The another advantage of taking a gold loan is that they are available on low-interest rates. The interest rate may go from 10.50% to 15%.
- You need to repay only the interest- You have the option to pay only the interest during the tenure of the entire gold loan, and at the end of tenure, you can pay the entire borrowed amount in a single shot.
- Total Convenience- The most convenient of all the loans is the gold loan because in this all you have to do is pledge your gold with a bank or a private finance institute, and the work is done. You can get a loan up to 90% of its market value immediately.
- Less processing time- No tedious and lengthy documentation is required in case of Gold Loans; hence it can be resorted to in times of urgent needs. Banks take a few hours in the processing of the gold loan whereas some NBFC’s state that they only take a few minutes for the same task.
Gold Loan Satara Features
- 100% safety & security of the gold
- Loan processes in 30 minutes
- Enjoy Anytime Liquidity
- No EMI, Service only Interest and enjoy the Loan facility
- Low Rate of Interest
- Simple documentation and fast processing.
- Overdraft limit varies depending on the market rate of gold.
The city of Satara is located in the Satara District of Maharashtra state of India. The city was established in the 16 century. Satara is the headquarter of Satara tehsil, as well as the Satara district. This city get its name from the seven forts which are near the city.
Gold Loan Interest Rate of Different Banks – Updated on 2019
|Bank||Gold Loan Rate|
|SBI Gold Loan||11.50%|
|IIFL Gold Loan||11.75%|
|Allahabad Bank Gold Loan||11.75%|
|Muthoot Gold Loan||12.00%|
|Federal Bank Gold Loan||12.00%|
|Manappuram Gold Loan||12.25%|
|PNB Gold Loan||12.25%|
Table of Contents
- 1 All about Gold Loan Satara
- 2 Why should one apply for Gold Loan Satara?