Himachal Pradesh Gramin Bank Gold Loan Approval Process

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    Himachal Pradesh Gramin Bank Gold Loan Approval Process

    Himachal Pradesh Gramin Bank Gold Loan Features

    Himachal Pradesh Gramin Bank Gold Loan Approval Process

    Gold is one of the most popular loans nowadays since it is easier to obtain than a personal loan. The Himachal Pradesh Gramin Bank Gold Loan Approval Process is simple and quick. The reason for this is that when a gold loan is a secured loan in which you must pledge your gold as collateral, many financial institutions are willing to grant it. They give you low-interest loans secured by your gold.

    Himachal Pradesh Gramin Bank Gold Loan Approval Process can be compared with other loan providers by the applicants beforehand by visiting the Dialabank website.

    Features:

    • A gold loan can be used to fund a variety of needs, including educational expenses, medical situations, vacations, and so on.
    • The gold that has been pledged with the bank or financial institution serves as security or collateral for the loan amount.
    • Tenure options might range from three months to 36 months.
    • Other costs and charges that may apply to a gold loan include processing fees, late payment charges/penalties for not paying interest, appraisal fees, and so on.
    • If the borrower repays the interest on a loan against gold on a regular basis, several lenders will grant a discount on the current interest rate. This rebate can be anywhere between 1% and 2% of the original interest rate.

    Himachal Pradesh Gramin 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
    CIBIL Score
    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.

    Himachal Pradesh Gramin 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

    Himachal Pradesh Gramin Bank Gold Loan Approval Process

    The following are some basic procedures in the Himachal Pradesh Gramin Bank Gold Loan Approval Process:

    • Visit the Himachal Pradesh Gramin Bank branch closest to you.
    • Fill out the bank’s application and submit it along with all of the relevant documents to get your loan approved.
    • Bring your gold to the bank for the appraisal; the bank will determine the loan amount following the appraisal.
    • Examine the loan’s common terms, such as tenure and interest rate, with the bank’s representative.
    • All of the terms will be finalized by the bank, and your application will be reviewed for a period of time.
    • Following approval, the bank will assist you with the rest of the process and disbursement of the loan funds.

    FAQs on Himachal Pradesh Gramin Bank Gold Loan Approval Process

    How can you pay off a gold loan online?

    On their lender’s website, a borrower can simply pay their loan EMI via net banking, credit/debit cards, or UPI. This service is also available on Paytm wallet for various banks and NBFCs.

    How much is the margin on a gold loan?

    In the case of gold loans, banks keep a minimum 25 per cent buffer. That is, a person can borrow up to 75% of the market value of their gold.

    What is the value of a gold loan?

    An authorized evaluator performs the process of gold loan value at the lending bank’s branch. Your gold is appraised and its market worth is determined by the evaluator. The bank then provides you with the maximum loan amount you can get based on this assessment, as well as a rate of interest.