About Nainital Bank Gold Loan
The Nainital Bank Limited is known as a scheduled commercial bank, headquartered in Nainital, Uttarakhand, India. The bank was set up in 1922 by Gobind Bhalla Pant. The bank has 139 branches in Delhi, Haryana, and Rajasthan. Nainital Bank Gold loan is the quickest way to get funds for personal or business requirements. The funds from the loan can be used for weddings, education, business expansion or any other similar purpose. With minimal documentation and secure storage, the Nainital Bank Gold Loan is a simple funding option to meet your needs.
|Nainital Bank Gold Loan at a Glance|
|Interest Rate||Starts at 10.75%|
|Gold Loan Per Gram||Varies depending on the purity of gold|
|Tenure||Up to 12 months|
|Processing Fee||1% + GST|
Nainital Bank Gold Loan Interest Rate
Nainital Bank Gold Loan can fulfil all your urgent short term and long term monetary requirements. The rate of interest that you will be charged with depends on the total loan amount as well as the quality/purity of the gold you are to keep as security with the bank. Gold Loan interest rates offered by the Nainital Bank are lower in comparison to other loans because it is a fully secured loan.
The Gold Loan interest rates in the Bank starts at 10.75% per annum.
Nainital Bank also charges some additional fees along with the rate of interest in some cases, which are :
- Processing fee – 1% of the loan amount or ₹1000 whichever is higher
- Documentation charges
- Gold Valuation charges
- The bank charges no additional fees for part payment or the foreclosure of the Gold Loan.
Why Should You Choose Nainital Bank Gold Loan?
There are so many banks and non- financial organizations that provide a Gold Loan. Then why should you choose Nainital Bank for a Gold Loan? Here are some reasons:
- The bank is very dedicated to its customers.
- High Loan amount from a minimum in thousands to a crore.
- The bank offers Quick processing of Gold Loan.
- Bad credit history/ CIBIL score is not an issue.
- Instant Disbursal is given of Gold Loan by Nainital Bank.
- The lowest interest rate is provided in Nainital Bank Gold Loan.
- Minimum documentation is required for Nainital Bank Gold Loan.
- Flexible repayment options.
Nainital Bank Gold Loan Eligibility
Gold Loan is a financial product provided by the Nainital Bank which caters to your needs of short term or long term funds. It is easy to avail financial service provided by banks at low rates of interest and also requires minimal documentation for the same. Nainital Bank gives you the Loan amount within an hour of application as the valuation and approval process is quickly done keeping in mind your urgency regarding the need for funds.
Major Eligibility criteria for availing the Nainital Bank Gold Loan is:
- The applicant should be a permanent Indian citizen who is at least 18 years of age and not more than 70 years (In most cases).
- The applicant should be the rightful owner of the Gold that he/she wishes to pledge with the bank.
- The Minimum weight of Gold that can be pledged is 10 grams and the applicant becomes ineligible for Gold Loan if he/she has less than 10 grams of gold.
- The Minimum purity of Gold required to be eligible for Loan is 18 carats. Also, Gold coins issued by banks are accepted up to 50 grams (In most cases).
- 24 Carat Gold in any form, Gold bars, Gold biscuits, and etc. are not recognised as valid forms of Gold to be kept as security for the Nainital Bank Gold Loan.
A good Credit or CIBIL score is not required to apply for the Gold Loan as it is a fully secured financial service against your Gold as collateral security.
Nainital Bank Gold Loan Documents Required
Gold Loan or Loan Against Gold is a loan product offered to the borrowers by the Nainital Bank wherein funds are provided for fulfilling the financial needs of the applicant. The gold ornaments of the applicant are kept as security by the bank in exchange for the funds. The entire Nainital Bank Gold Loan process is hassle-free and easy to get with minimal documentation. The bank ensures high security of your gold ornaments till the loan is closed.
Documents required for Applying for Nainital Bank Gold Loan are :
A duly filled and signed Gold Loan application form shall be submitted along with the following documents:
- 2 latest passport-sized photographs
- Basic KYC documents :
- Identity Proof (Only one is required): Aadhar Card, Pan Card, Passport, Voter ID, and etc.
- Residence Proof (Only one is required): Aadhar Card, Pan Card, Voter ID, Ration Card, Electricity or Water Bills in the name of the applicant, or Rental Agreement(In case you live in a rented house).
- Agricultural Land Proof and Income Statement of the applicant are required in the case the applicant wants the Nainital Bank Gold Loan for Agricultural purposes.
- If you are an existing customer of the bank you may not be required to submit any documents as the bank will already have your verified details.
**Any other documents as requested by the bank shall be duly submitted.**
Nainital Bank Gold Loan Process
- The bank checks the purity of the gold to be pledged.
- The bank verifies the market rate of gold and the price of the previous day is taken into consideration.
- The LTV (Loan to Value) set by the RBI is 75%.
- If you have acknowledged the Gold loan amount and terms, the lender processes the application. The processing fees & other charges are deducted from the total amount of your Gold Loan.
- After signing the agreement, the loan amount is disbursed to your account.
Nainital Bank Gold Loan Rate per Gram
The amount of Gold Loan that you get per gram of your gold is directly dependent on the purity of your gold and the current prevailing rates of that purity of Gold in the market. The rate of gold changes daily in the market and therefore, the Nainital Bank Gold Loan Rate per Gram also varies every day. Nainital Bank gives a funding of up to 70% of the total market price of your Gold keeping the remaining 30% as security margin.
The amount that you will get for a gram of Gold varies depending on its purity and the market price for your Nainital Bank Gold Loan.
**Keep in mind that only the weight of gold is considered and not the weight of stones on your jewellery**
Nainital Bank Gold Loan Apply Online
Applying for the Nainital Bank Gold Loan service is a simple and hassle-free process which can be done from the comfort of your home. You can do it online by visiting the bank’s official website and submitting a form with basic information regarding yourself and the Gold Loan you wish to avail. You will then need to visit the branch with the required documents and your gold.
You can also apply with Dialabank by following the below mentioned steps to get a Gold Loan as per your need.
- Visit Dialabank’s digital platform, where you will have to just fill a form without any registration.
- Our Relationship Manager will contact you and assist you throughout the Gold Loan process and guide you in fulfilling your financial needs.
- You will get personalised service giving you the option of comparing and taking the best deal according to your needs without any extra charges.
- With Dialabank you can compare the different offers and schemes from different banks on the basis of funding provided and the rate of interest charged to choose the best loan deal for yourself.
Why Dialabank for online Nainital Bank Gold Loan?
- Dialabank offers a very easy process of application for Online Gold Loan
- The applicant gets a good comparison of the gold interest rates from different banks and can choose the one which is suitable to their needs.
- The company provides document pickup facility from your doorstep.
- Apply through our online platform to get personalised service and to avail the best deal.
Use of Nainital Bank Gold Loan
The funds acquired by availing the Nainital Bank Gold Loan service can be used for a number of purposes such as:
- To finance any personal expenses such as a wedding, travel, payment of higher education fees, and etc.
- For all your business needs such as buying raw material, expansion of business, and etc.
- You can also avail a Gold Loan for agricultural purposes. The bank offers lower rates of interest for Gold Loans that are used for agriculture or allied activities.
FAQs About Nainital Bank Gold Loan
Q. How much Gold Loan can I get per gram in Nainital Bank?
Gold Loan rate per gram depends upon the quality of the gold and the rates of gold prevailing in the market. You can get up to 75% funding of the total market value of your gold.
Q. What is Nainital Bank Gold Loan?
Gold Loan is a financial service provided by the Nainital Bank where funds are provided against gold kept as the security. You can get these loans at low rates of interest with a tenure of your choosing.
Q. What is the Gold Loan interest rate in Nainital Bank?
Gold Loan interest rates start at 10.75% per annum. Nainital Bank may also charge you with a processing fee on your loan.
Q. How to pay Nainital Bank Gold Loan online?
Nainital Bank provides you with easy and convenient methods to repay your Gold Loan. You can pay by giving a Standing Instruction or ECS on your bank account.
Q. How to apply Gold Loan in Nainital Bank?
You can apply for a Gold Loan by visiting the nearest Nainital Bank branch and submitting a form for Gold Loan. You will need your basic KYC documents and 2 recent photographs. You may also apply online by visiting the online platform at Dialabank to get the best deals on Gold Loan.
Q. How to renew Nainital Bank Gold Loan online?
For the renewal process of your Gold Loan, you need to visit the branch with your loan-related documents. The gold kept as security will be released and revalued and new terms for your Gold Loan will be decided.
Q. How to take Gold Loan from Nainital Bank?
Taking a Gold Loan is a simple and hassle-free process. If you own gold ornaments and are in requirement of funds, you can visit the bank branch and easily get a Gold Loan.
Q. What is Gold Loan in Nainital Bank?
Gold Loans are used to fulfil any short-term emergency requirement of funds, whether personal or business. These loans are given at a low rate of interest with easy repayment options against your Gold kept as security.
Q. How to get Nainital Bank Gold Loan?
If you are above the age of 18 years and are a permanent resident of India with possession of Gold ornaments, you can apply for the loan by submitting a form at the nearest bank branch. The loan officer will check your documents and get the gold valuated. After the loan is approved, you get the amount in your bank account.
Q. How to check Nainital Bank Gold Loan status?
You can check the status of your loan through email or by visiting the branch and meeting your loan officer in person.
Q. How to close Nainital Bank Gold Loan?
Close your Gold Loan once you have paid all the outstanding amount. The gold ornaments kept as security will be released and given back to you.
Q. How to renew Nainital Bank Gold Loan?
You can renew your Nainital Bank Gold Loan by visiting your loan branch and applying for a renewal. You may be required to pay a small renewal fee and upon revaluation of your Gold, your loan will be renewed.
Q. What happens if someone defaults Nainital Bank Gold Loan?
If someone defaults the Gold Loan repayment the bank has the right to auction their gold to recover the amount. The bank will also charge some penalty fee.
Q. How many branches of Nainital Bank Gold Loan?
Nainital Bank has over 139 branches in 4 Indian states namely, Uttarakhand, Uttar Pradesh, Rajasthan, and Haryana, and the Union Territory of Delhi.
Table of Contents
- 1 About Nainital Bank Gold Loan
- 2 Why Should You Choose Nainital Bank Gold Loan?
- 3 Nainital Bank Gold Loan Eligibility
- 4 Nainital Bank Gold Loan Documents Required
- 5 Nainital Bank Gold Loan Process
- 6 Nainital Bank Gold Loan Rate per Gram
- 7 Nainital Bank Gold Loan Apply Online
- 8 Why Dialabank for online Nainital Bank Gold Loan?
- 9 Use of Nainital Bank Gold Loan
- 10 FAQs About Nainital Bank Gold Loan
- 10.1 Q. How much Gold Loan can I get per gram in Nainital Bank?
- 10.2 Q. What is Nainital Bank Gold Loan?
- 10.3 Q. What is the Gold Loan interest rate in Nainital Bank?
- 10.4 Q. How to pay Nainital Bank Gold Loan online?
- 10.5 Q. How to apply Gold Loan in Nainital Bank?
- 10.6 Q. How to renew Nainital Bank Gold Loan online?
- 10.7 Q. How to take Gold Loan from Nainital Bank?
- 10.8 Q. What is Gold Loan in Nainital Bank?
- 10.9 Q. How to get Nainital Bank Gold Loan?
- 10.10 Q. How to check Nainital Bank Gold Loan status?
- 10.11 Q. How to close Nainital Bank Gold Loan?
- 10.12 Q. How to renew Nainital Bank Gold Loan?
- 10.13 Q. What happens if someone defaults Nainital Bank Gold Loan?
- 10.14 Q. How many branches of Nainital Bank Gold Loan?