Pondicherry State Co-operative Bank Gold Loan Features
Pondicherry State Co-operative Bank Gold Loan Approval Process is very customer-friendly and fast. They provide you loans against your gold at affordable interest rates.
Gold is one of the most sought-after loans nowadays, it is more accessible than a personal loan. The reason is that a gold loan is a secured kind of loan in which you have to pledge your gold as collateral for the loan, so many financial institutions easily approve the gold loan. There are several benefits of applying for a gold loan from Pondicherry State Co-operative Bank.
Some of the features of the gold loan are:
- Income proof is not necessarily required for the gold loan.
- Your application can be approved even if you don’t have a good credit score.
- Affordable interest rates from 7.99% onwards are available for gold loans.
- The flexible loan tenure ranges from 6 months to 4 years.
- Pondicherry State Co-operative Bank Gold Loan Approval Process is easy and hassle-free.
Different repayment options are available on the gold loan.
To know more about the Pondicherry State Co-operative Bank Gold loan, you can visit here.
Pondicherry State Co-operative Bank Gold Loan Eligibility
|Minimum and Maximum Age||
21 Yrs – 60 Yrs
Note: However, many banks require a minimum age of 23 years
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
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
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.
Pondicherry State Co-operative 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
Pondicherry State Co-operative Bank Gold Loan Approval Process
Some basic steps involving approval of gold loan are:
- Visit the Nearest branch of Pondicherry State Co-operative Bank.
- Fill up the application required by the bank and submit it with all the documents required to get your loan approved.
- Get your gold to the bank for its valuation, the bank will decide the loan amount after valuation.
- Evaluate the common terms for the loan like tenure and interest rate with the representative of the bank.
- The bank will finalize all the terms and your application will be under review for some time.
- After getting the approval, the bank will assist you with further process and disbursal of the loan amount.
FAQs on Pondicherry State Co-operative Bank Gold Loan Approval Process
✅ What Documents are required by the bank for my gold loan to be approved?
Pondicherry State Co-operative Bank Gold Loan Approval Process requires very little documentation. The basic documents required by the bank for approval are Identity proof, residential proof, passport-size photographs, pan card, etc.
✅ How long will it take to get my loan approved?
Your loan will get approved after you submit all the documents required by the bank and meet all the eligibility criteria put forward by the bank, after that your gold will be checked and valuation will be done. After these procedures, the bank will approve your loan within few days.
✅ How is a gold loan better than a personal loan?
A gold loan is better than a personal loan because it is a secured loan and you don’t have to pay high charges. Your personal loan will not get approved without a high credit score, but a gold loan can be approved with a low credit score. Pondicherry State Co-operative Bank Gold Loan Approval Process is much lenient than a personal loan approval process.