Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process

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    Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process

    Kashi Gomti Samyut Gramin Bank Gold Loan Features

    Features of Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process are:

    • Kashi Gomti Samyut Gramin Bank Gold Loan Approval ProcessThere is proper security of the gold of the customers.
    • The loan is processed fast with minimal documentation.
    • Customers can avail themselves of an overdraft facility.
    • Attractive interest rates compared to other financial institutions.
    • Customers can choose the tenure for a gold loan.

    Kashi Gomti Samyut 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.

    Kashi Gomti Samyut 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

    Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process

    Following is a simplified version of the Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process:

    • Visit the home branch or the nearest branch of the bank.
    • Fill out the application.
    • Provide all necessary documents to the bank, like your KYC documents.
    • Take your gold to the bank for its evaluation to ascertain the loan amount.
    • Discuss and evaluate loan terms with the bank’s representative like loan amount, tenure, payment options, fees, etc.
    • After due evaluation of your application, the loan will be granted.

    You can also apply with Dialabank for a hassle-free process or call us at 9878981166.

    FAQs on Kashi Gomti Samyut Gramin Bank Gold Loan Approval Process

    Is a gold safe with the lender? 

    Gold taken against the gold loan are kept with the professional institutes with tight security under 24 * 7 CCTV camera surveillance.

    Is a gold loan available for holiday or travel purposes?

    Yes, a gold loan can be taken to meet individual financial needs. In addition, a gold loan offers the end-use of the loan amount; thus, it can be used for holiday or travel purposes.

    What are the fees taken while applying for a loan? 

    After applying for a loan prepayment fee which should be paid before the loan is executed, this prepayment is nearly equal to 1% or 1,5% of the loan amount. You may also need to pay a valuation charge and paperwork charges. In addition to this, your lender will charge for GST and Service tax.

    If you pay EMI late or if you do prepayment of the loan, you might need to pay a prepayment penalty or late payment penalty.