Gold Loan Plays An Important Role In Medical Emergencies Too

Relevance of Gold loan: Gold loan is availed by keeping the gold as a mortgage in banks or NBFCs. Gold is a valuable asset, so it is marked as an asset in banks. The market value of gold is surging its prices. Gold is found rare in nature but has a high demand. There are idols of gods in Indian temples made up of gold, making them more significant and worthy.

Gold loan process:

This procedure can be carried out both online and offline:

Offline: One has to visit the bank and enquire about gold loan eligibility. Document verification is to be done by submitting two photographs along with Identity proof and Address proof. The bank representatives evaluate the gold purity test for assessing the impurities present in Gold. The loan is sanctioned based on Gold's evaluation. An authorised letter is issued to the borrower where bank details, loan amount, interest rates, prepayment options, foreclosure charges, loan tenure, repayment options, gold rate per gram, etc., are mentioned. Once you have deposited the gold safely in the bank, the loan amount is credited.

Online: Complete an online application form. The application can be filled from the official webpage or app. The inquiry can be made online. A bank representative will call you shortly and schedule an appointment for a bank visit. You have to carry Identity proof and address proof and two photographs and gold for the purity test. Afterwards, on evaluation, The gold loan is sanctioned.

Gold loan eligibility: The eligibility criteria are present for availing loan. The loan can be acquired for agricultural purposes and non-agricultural purposes. Canara Bank gold loan has three schemes.

Agricultural Jewel Loan Scheme Agricultural purpose: Farmers or agrarian labourers can acquire it by showing proof of agricultural land. Punjab and Sind Bank's gold loan offer low interest rates for this purpose loan. This amount has to be used only for agricultural purposes.

Non-Agricultural Jewel Loan Scheme Non-agricultural purpose: This can be acquired by self-employed, salaried, businessmen, homemakers, etc. This amount can be used for business expansion, travel purposes, higher education, personal use, etc.

Repayment: 

The three repayment options are given:

Post Dated Cheques: The cheques are issued on a future date and can be issued to the nearest branch if you are not a Bank customer.

Electronic Clearance System: The digital transfer is done from another bank monthly. Debit Mandate or standing instruction, an instruction given to the bank to make payments from its account or some other bank at a regular interval.

Benefits:

No credit score is required. As gold is kept collateral, no other details are needed.

No income proof is required.

Use of the amount with no restriction.

The loan is processed much more quickly than other loans.

It has low-interest rates of 10.00% – 16.00%.

No documentation charges are required.

No foreclosure charges are present.

Repayment options are given.

A loan amount of up to 15 lakhs can be sanctioned.

Gold loans applied online are convenient for senior citizens and disabled people.

Safety of the Gold: We value you because gold is your most precious asset. In the bank lockers, we keep your belongings safe. Vaults in banks are heavily guarded. Security cameras are used to keep an eye on them. Lockers are secured with unique keys. This room is only accessible to bank officials. The lockers are made from durable metals that are difficult to penetrate.

Gold rate today has been seeing some momentum since the beginning of the year. This is on the grounds that, equity markets got hammered toward the beginning of the year, which pushed financial backers to put resources into a place of refuge asset like gold. The valuable metal may not be a top pick over the most recent couple of years, as prices have moved in a tight reach. A fall in equity prices toward the beginning of the year, considered some to be too gold as a venture.
Read More:- Know About Gold Rate In India