State Bank of Patiala Gold Loan Eligibility Criteria
State Bank of Patiala provides gold loan to individuals who urgently need money by keeping your gold as collateral; you must meet State Bank Of Patiala Gold Loan Eligibility to get a gold loan. Gold Loan is highly recommended and is rising rapidly as many people are buying a gold loan. The reason for such growth is the quick process provided by banks and lower State Bank Of Patiala Gold Loan Eligibility. State Bank Of Patiala Gold Loan Eligibility criteria is lower compared to other loans.
You must know the State Bank Of Patiala Gold Loan Eligibility and everything that the bank considers before availing of a gold loan. It can help you get a gold loan easily from any bank in India and the amount charged by different banks for gold loans.
Factors Which Lenders Consider at The Time of Sanctioning A Gold Loan Amount:
- Gross Weight: State Bank Of Patiala/lenders consider gross weight. Gross weight is the total weight of your gold measure by gold scale.
- Net weight: Net weight is the raw weight of your gold. Some jewellery has stones and other metals. State Bank Of Patiala/lenders consider only the weight of gold.
- LTV: (LTV) Loan to value is the maximum loan amount you will get for your gold. State Bank Of Patiala provides 75% LTV on gold loan.
- Documents: KYC with identity proof and address proof is a must.
- Credit history: State Bank Of Patiala/lenders will check your credit history if required
Detailed Process to Evaluate Your Gold Loan Eligibility.
Understand The Per Gram Rate and LTV
Gold Rate: You must check the current gold price in your city or state as the gold rate is different in each state. The gold rate in India is uncertain and can change anytime. Once you find out the current gold rate you can, easily calculate the LTV.
LTV: Loan to value is the maximum loan amount that the bank can provide to any loan applicant. The RBI Reserve bank Of India sets the LTV ratio. The current standard maximum LTV which banks can provide on gold in India is 75%.
Process to Calculate The Gold Loan
To calculate the gold loan rate per gram, you need to multiply the net weight of gold with the current per gram rate in the market and the purity of the gold. The net weight is calculated by the total weight of jewellery minus the weight of any other material aside from gold.
For example, The net weight calculated on a jasper ring is the total weight of the ring minus the weight of the jasper stone. Once this is calculated, you can apply the following formula:
Gold Loan Amount = Net Weight x Per Gram Rate x Purity.
Choose The Right Place for Taking A Gold Loan
Which is the right place for taking a loan?
Here are some things that you must consider to find the best place to take a gold loan:
Current price: The gold price keeps changing, so you must find the current gold rate in Patiala.
LTV: The LTV provided by banks is different, so you must apply for a gold loan with the bank that provides maximum LTV, i.e. 75%. State Bank Of Patiala provides 70% LTV on your gold loan.
Tenure: Loan tenure provided by banks are different. It would help if you chose the banks according to your income standard. State Bank Of Patiala Gold Loan tenure is 6 to 36 months.
Interest rate: Some Banks charge higher interest rate. It would be best if you went with the bank, which provides a low-interest rate or which suits your choice. State Bank Of Patiala interest rate for gold loan is 7%
Pre-closure: Many Banks/lenders charge a higher fee for pre-closure. The State Bank Of Patiala gold loan preclosure charges are 2%+GST (Within 3 Months), after that NIL.
Processing fee: Choose the bank that sanctions your gold loan with a low processing fee. The processing fee for State Bank Of Patiala is 0.23% on the loan amount.
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State Bank of Patiala Gold Loan Eligibility Calculator
Minimum and Maximum Age
Note: However, many banks require a minimum age of 23 years
Interest rates are lower for a higher loan amount
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
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
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 with 18-24 carat purity
Employment track record and income proofs
State Bank of Patiala Gold Loan Calculator
State Bank of Patiala Gold Loan Documents Required
At the time of application the following documents are required:
At the time of disbursement the following documents are required:
Types of State Bank of Patiala Gold Loan
Agricultural loan: The agricultural loan is provided to farmers for agricultural purposes. The loan is provided with a special interest rate.
Non-agricultural loan: Non-agricultural purpose loans are provided to individuals who need money for any purpose except farming. The rate of interest is slightly higher than the agricultural loan.
State Bank of Patiala Gold Loan Eligibility FAQ’s
✅ What is The Minimum Age Required State Bank of Patiala Gold Loan Eligibility?
The minimum age in State Bank Of Patiala Gold Loan Eligibility criteria is 18
✅ Can You Provide Aadhar Card as ID Proof in State Bank of Patiala Gold Loan Eligibility
Yes, Aadhar card is accepted as ID proof in State Bank Of Patiala Gold Loan Eligibility.
✅ What is 916 gold?
22-carat gold is referred to as 916 gold in India because the purity of gold in 22 carats is 91.6 gramme.
✅ Do I have to Pay The Processing Fee in the State Bank of Patiala Gold Loan?
Yes, you have to pay a processing fee of upto 0.23%, a Maximum of ₹20,381.
✅ What is a Non-agricultural Loan?
Non-agricultural purpose loans are provided to individuals who need money for any purpose except farming. The rate of interest is slightly higher than the agricultural loan.