Pragathi Krishna Gramin Bank Gold Loan Approval Process


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Pragathi Krishna Gramin Bank Gold Loan Approval Process

Pragathi Krishna Gramin Bank Gold Loan Features

Gold is one of the most popular loans nowadays since it is easier to obtain than a personal loan. Pragathi Krishna Gramin Bank Gold Loan Approval Process has a series of steps for the applicants to follow to get a gold loan. 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. The Pragathi Krishna Gramin Bank Gold Loan Approval Process is simple and quick. They give you low-interest loans secured by your gold.

You can visit Dialabank to know more information about gold loans. Pragathi Krishna Gramin Bank Two Wheeler Loan Documents Required

Features of Gold Loan-

  • Purpose: A gold loan can be used to fund a variety of needs, including educational expenses, medical situations, vacations, and so on.
  • Security: The gold that has been pledged with the bank or financial institution serves as security or collateral for the loan amount.
  • Tenure possibilities: 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.
  • Repayment Options: When it comes to repaying a gold loan, borrowers have three repayment options.
  • Rebates: 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.

Pragathi Krishna 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
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.

Pragathi Krishna 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

Pragathi Krishna Gramin Bank Gold Loan Approval Process

The following are some basic procedures in the Pragathi Krishna Gramin Bank Gold Loan Approval Process are:

  • Visit the Pragathi Krishna 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 Pragathi Krishna Gramin Bank Gold Loan Approval Process

How can I pay back a Gold Loan that I took out online?

You can pay a gold loan bank online using online repayment applications.

Is Guarantor Required for Gold Loan?

gold loan does not require guarantor. Your gold is used as collateral in the event of default.

Is a gold loan secured or unsecured?

Yes, a Loan Against Gold is classified as a secured loan. Because the applicant must deposit their gold jewellery as security or collateral in the bank’s locker.