ING Vysya Bank Gold Loan Documents Required

Features of ING Vysya Bank Gold Loan

A loan taken by giving gold as collateral is called a Gold loan. This is a secured type of loan in gold as collateral. While availing of a Gold loan you have to look for many things to compare the interest rate, other factors before getting a loan. We at dialabank have brought up all the prevalent information to know while getting a gold loan. Before getting into the comparison or documentation of gold loan. Let’s look at the features of the Gold loan.

1. Minimum Documentation – A gold loan is a type of secured loan where gold acts as collateral to the loan. In ING Vysya Bank Gold Loan Documents Required are very less, it can be done with basic identity proof and address proof. Income proof or credit score is not needed while availing of this loan.
2. Less Processing fee –  Mostly Gold loans do not have processing fees. In some banks, Processing fees might be present but these processing fees would be very less around 1 to 1.5% of the loan amount.
3. Fast Processing –  This is a type of secured loan which can be availed in an hour or in few minutes.
4. Credit score – For Gold loan Banks or finance company’s don’t check your credit score.
5. Eligibility – Eligibility criteria for getting a gold loan is basically anyone within the age group 18 to 65 can apply for a gold loan.
6. Many Repayment options available – Repayment of the loan can be done in multiple ways. You can pick it according to your convenience. These repayment options can be regular EMI repayment option, Bullet repayment, partial repayment or paying interest as EMI and principle later.
7. High LTV ratio – Loan to value ratio is very high for gold loans. You can get a loan to value ratio to 75% of the gold weight.

If you are availing for a bank in which you own a bank account then in this case you might get some additional benefit and discounts on a Gold loan.

ING Vysya Bank Gold Loan Comparision with banks

To make the decision of getting the best gold loan easy. We have made a comparison table of ING Vysya Bank Gold Loan Comparision with other top banks.

ING Vysya Bank Gold Loan EMI calculator

Whenever a person applies for any loan they check for interest rate, tenure to calculate the finance but another important thing that comes to mind is. What will be the EMI to be paid per month?

To make EMI calculation easy and efficient, We have made an EMI Calculator using which you can calculate your EMI per month according to your interest rate and time period of Loan.

ING Vysya Bank Gold Loan Documents Required

Documentation is an important step for any loan application. Usually whenever we apply for a gold loan documents required are very few as it is a type of secured loan with gold as collateral. A gold loan requires KYC basic documents, Identity proof and address proof. For Gold loans usually, banks don’t ask for income proof, they don’t check for credit scores.

Here is the table explaining about ING Vysya 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

ING Vysya Bank Gold Loan Documents Required – FAQs

✅ Can I avail loan against gold coins?

You can avail gold loan against gold coins within the limit of 50 gms per customer.

✅ Do I need to be an existing customer to avail of the loan?

No, It is not necessary to be an existing customer, Gold loans are usually provided against the mortgage of the gold.

✅ What are the different times or tenures available for repayment of the Gold loan?

In the case of a long term loan maximum tenure available for payment of the gold loan is 24 months and for a short term loan maximum tenure available is 6 months.