Gold Loan scheme:
The schemes for acquiring DCB Bank Gold Loan are:
Agricultural purpose Gold Loan: This loan can be acquired by farmers or agricultural labourers. A Proof of agricultural land is requested while availing loan under this scheme. The loan amount can only be used for agricultural purposes.
Non-Agricultural purpose Gold Loan: This loan can be acquired by self-employed, salaried, business people, homemakers, students, etc. The occupation barrier is not present for availing of the loan under this scheme. Income proof is not required.
The gold loan can be avail for:
Medical emergencies due to health issues or accidents Home renovation or construction purposes.
Higher education purpose
Debt consolidation purpose
Travel purpose
Wedding purpose.
Personal needs/use.
Why is Gold Loan most acquired?
Many people take out loans for savings, college and medical costs, business needs, wedding expenses, etc. There are no restrictions on the loan's ultimate purpose or its utilisation. You can use the money to pay for a necessary purchase, home renovations, a holiday, or just about anything else as long as the reason is legitimate and not unlawful.
Gold Loan Process: The applicant must check his/her eligibility by adhering to the Bank’s Eligibility criteria. The Gold Loan application can be submitted online as well as offline. Document verification is the following process after applying. Proof of residence, Identity proof, along with two passport-sized photographs, are requested. A Purity test of Gold is conducted for assessing the composition and added impurities in Gold. The Bank authorities conduct the Purity test of Gold. After completing all the processes, the loan is sanctioned. A Sanction letter is generally issued in the applicant’s name, which contains details about the lending bank, Loan scheme, total loan amount sanctions, processing fee, Interest rates, foreclosure charges, Repayment options, tenure period, repayment options etc. When the applicant agrees to all the terms and conditions of the bank, the loan amount gets credited to his/her bank account in a short while.
Gold Loan Repayment options: Repayment of Debt is never easy for the borrower. An indicated amount has to be paid by the borrower towards every month end. A few options are given by DCB Bank from which one can choose a per their convenience.
EMI Payment: During the tenure, pay monthly instalments that include both principal and interest. The Gold Loan EMI Calculator will help you figure this out.
Advance Interest Payments: Pay the whole interest rate upfront and the principal towards the end of the term.
Interest Payments at Regular Intervals: Pay only the interest at regular intervals of monthly, quarterly, semi-annually, or annually, and pay the principal after the term.
Bullet Repayment: You have the option of not paying a single rupee during the term. At the end of the year, pay both the principal and the interest.
Overdraft Repayment: You are only charged interest on the amount disbursed by you from the total loan amount sanctioned.
Benefits of a Gold Loan:
A Gold Loan can get approved in a single bank visit.
There is no need for a credit score.
No proof of income is requested.
To avoid theft or forgery, proof of address and identification is needed.
The loan is processed even faster than most loans.
The interest rates are minimal.
A processing fee of 0.85% of the total loan amount is charged.
There are no costs for paperwork.
After three months, there are no foreclosure payments.
There are a variety of repayment options available.
DCB Bank Gold Loan is the reliable choice when the option for a Gold Loan. The gold loan has lower interest charges and higher tenure periods for repayment. A simple background check and assessment of gold are done for Loan approval. In times of financial miseries or medical emergencies, this is the best option for instant cash availability.
Read More:- Best Way To Choose When Avail Gold loan
