Features of Sarva Haryana Gramin Bank Gold Loan
In the year 2017, Sarva Haryana Gramin Bank was founded. After the merging of two banks, Haryana Gramin Bank and Gurgaon Gramin Bank, this bank was created. The bank’s headquarters are now in Rohtak. In addition, the bank is present in all 22 districts of Haryana. Furthermore, the bank has a 650-branch network throughout Haryana.
The Following are the unique features of the Sarva Haryana Gramin Bank Gold Loan:-
There are several advantages to taking a loan against gold. Here are the top 10 merits:
- Fast loan disbursal: Taking a gold loan is one of the quickest and easiest ways to receive instant cash or an instant money transfer for the loan amount. These are very secured loans, because of which the loan disbursal can take place within just a few hours. This is very useful for those who are in an emergency or need funds quickly.
- Lower interest rates: Since gold loans are extremely secure, the interest rates of a gold loan are much lower than the interest rates against other types of loans, like personal loans, student loans, etc.
- High value: Gold is a highly valued commodity in the market, and because of this, you will receive a high LTV (loan-to-value) rate against your gold.
- Easy repayment: Lenders offer flexible repayment plans with flexible interest schemes to offer convenience. The procedure is also hassle-free, and borrowers get to choose the scheme beforehand.
- Easy application procedure: To avail of a gold loan, very few documents are required since the gold is used as collateral. This makes the application procedure hassle-free.
- Income proof/Credit history not required: Since you own the asset, which is the collateral for the loan, lenders do not require you to furnish income proof or credit history. Whereas in the case of other types of loans, these details are required in order to ensure and check that the borrower will be able to repay the loan amount.
- Zero processing fee: Because of the tangibility of the collateral and how fast the process is, lenders generally waive the processing fees for a gold loan.
- Gold security: Most lenders have tie-ups with reputed banks, who keep the gold in their lockers and vaults through the loan tenure. Lenders also tend to offer a 100% insurance cover on the collateral because of how valuable it is, in terms of market value, as well as the sentiment.
- Credit enhancer: When you complete your repayment on time, it helps to improve your credit score and credit history, making you more credible with banks and other lenders.
- Convenient: Most Indian households purchase gold ornaments or have sets of gold jewellery, which have been passed down between families. This means that the collateral is most often readily available at hand. Another convenient factor is that the gold loan amount can be used for any purpose at the borrower’s discretion.
Sarva Haryana Gramin Bank Gold Loan Comparision with banks.
|Bank / NBFC||Rate Per Gram||Interest Rate||Gold Loan Tenure||Min – Max Loan Amount|
|₹ 3,506 to ₹ 4,621||0.099||3 to 24 months||₹ 10 thousand to 5 crore|
|ICICI Gold Loan||₹ 3,506 to ₹ 4,621||0.1||6 to 12 months||₹ 10 thousand to 5 crore|
|₹ 3,506 to ₹ 4,621||0.12||7 days to 36 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1225||12 months||₹ 3 thousand to 1 crore|
|₹ 3,506 to ₹ 4,621||0.1025||36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1||3 to 36 months||₹ 10 thousand to 5 crore|
|SBI Gold Loan||₹ 3,506 to ₹ 4,621||0.0975||12 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.075||3 to 36 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 20 thousand to 50 lakh|
|₹ 3,506 to ₹ 4,621||0.1025||12 months||₹ 10 thousand to 5 crore|
|IIFL Gold Loan||₹ 3,506 to ₹ 4,621||0.12||11 months||₹ 3 thousand to 50 lakh|
Features of Sarva Haryana Gramin Bank Gold Loan EMI calculator.
Gold Loan Calculator
Features of Sarva Haryana Gramin Bank Gold Loan Documents Required.
To avail of a Gold Loan, you have 3 options:
- Visit a Bank Branch to Get Your Gold Evaluated (Not recommended due to COVID-19 outbreak): You can visit the nearest gold loan branch with your jewellery as well as gold bars or coins that you wish to pledge, along with basic KYC documents to attest your identity and residential address. The bank will then measure your jewellery’s worth and propose a price for the gold loan, typically at an interest rate ranging from 7.50% to up to 12%.
- Request for Door-step Evaluation of Your Gold: You can request for door-step gold loan facilities offered by banks. When you opt for this service, the financial entity sends a company executive to visit their home to evaluate their gold jewellery on the spot and decide and agree upon a credit amount, which is then transferred to your account.
- Apply for a Gold Loan Digitally: You can apply for a gold loan via the digital route, where the bank helps you choose loan offers from their website or app-based digital service. You can compare interest rates and choose the best available option for them. The financial institution will then verify you by the help of the Aadhar card details and by conducting a video-based KYC process.
Features of Sarva Haryana Gramin Bank Gold Loan Documents Required – FAQs
✅ What is Sarva Haryana Gramin Bank Gold Loan?
The Sarva Haryana Gramin Bank gold loan is a loan with attractive interest rates that vary depending on the amount borrowed. You may use a Gold Loan to pay for any type of cost, whether it’s for pleasure (travel, weddings, etc.) or for business (business use). In addition, the bank offers simple repayment choices.
✅ How much Gold Loan can I get per gram in Sarva Haryana Gramin Bank?
The per gramme gold loan rate of Sarva Haryana Gramin Bank fluctuates with the market gold price. The bank lends you money at a low-interest rate, allowing you to borrow up to 70% of the gold’s market value. The entire sum is determined by the grade of the gold promised by the borrower.
✅ What is the Gold Loan interest rate in Sarva Haryana Gramin Bank?
The rate of interest charged on Sarva Haryana Gramin Bank gold loan is usually 7% per annum and can go up to 13%.
✅ How to pay Sarva Haryana Gramin Bank Gold Loan online?
The Sarva Haryana Gramin Bank provides various online gold loan repayment methods which are convenient and fast. You can visit the branch for more details.
Table of Contents
- 1 Features of Sarva Haryana Gramin Bank Gold Loan
- 2 Sarva Haryana Gramin Bank Gold Loan Comparision with banks.
- 3 Features of Sarva Haryana Gramin Bank Gold Loan EMI calculator.
- 4 Gold Loan Calculator
- 5 Features of Sarva Haryana Gramin Bank Gold Loan Documents Required.
- 6 Features of Sarva Haryana Gramin Bank Gold Loan Documents Required – FAQs