Gold loan eligibility
There are specific eligibility criteria that one has to abide by. Although there is no barrier of occupation or income, some requirements have to be followed. The applicant has to be a legal adult, i.e. above eighteen years old. The gold has to be between 18-22 carats. A CIBIL score of 500 is required but not mandatory. If one has a low credit score, he/she can avail of the Gold loan and improve his/her credit score by repaying the debt on time.
The gold loan can be available for agricultural and Non- agrarian purposes. Proof of agricultural land has to be shown to avail Gold Loan for farming purposes, and the loan amount has to be used for the same. Acquiring a loan for Non-agricultural purposes, no restriction is imposed on the use of the loan amount. This can be availed by salaried, homemakers, business people, students, etc. The loan can be availed for weddings, travel, education or business expansion, etc. nowadays, online gold loan applications, have gathered a lot of attention.
Gold loan Process
Yes Bank gold loan procedure can be completed in Online and Offline modes.
OFFLINE MODE- One has to visit a bank for this process. Complete the application and proceed for document verification and Purity test of gold.
ONLINE MODE- One can apply through the official website or app of the bank. A Bank representative will call you shortly for scheduling an appointment for a bank visit. One has to carry a set of documents along with two passport size photographs. Document verification and purity tests of gold are conducted during the Bank visit. The rest of the procedure after the application is the same for both modes.
In Document verification, identity proof and address proof, and two passport-sized photographs of the applicant have to be submitted. Address proof- Passport, Ration card, Aadhar card, utility bills, and renter agreement for people living on rent. In the gold purity test, the gold which has to be kept mortgage has to be evaluated. The purity test has to be conducted by bank authorities. In the purity test, gold is considered for its weight, composition, and impurities present in it. Loan approval depends on all these things.
Loan approval
Once you met all the necessary criteria. The gold loan gets approved. An approval letter is issued in the borrower's name, containing all the information about the lending bank, total loan amount approved, gold rate per gram, interest rates, tenure period, repayment options, processing fees, etc. Bank. Once you deposited the gold safely in the Bank, the loan amount is credited to your Bank account.
Safety of gold
The gold you keep as a mortgage must be deposited in the Bank for availing; loan. This gold is marked up by the Bank with your application no and mentioned in the approval letter, which is unique. It is then safely kept in Bank lockers present inside the vault in the Banks. Surveillance has been maintained on these vaults by the Bank. The lockers are locked and have specific keys for each locker.
Repayment options
There are several alternatives given to the borrower for Debt consolidation. One doesn't need to have a a bank account for availing loan.
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