A gold loan is a secured loan. Many customers apply for the gold loan because it is a very secured loan in the gold loan. Borrowing of gold loans against any other loan is much cheaper and more convenient. Like personal loans, other avenues charge huge costs that can put cash-strapped borrowers under further stress later. Gold loans are comparatively significantly less expensive and are readily available to the borrower. And these days, what makes them particularly attractive is the massive spurt in gold prices in the market.
What is the essential requirement that shall be fulfilled
It is a very secured loan that can avail by mortgaging any person's gold ornaments. Unlike other loans, anyone can easily avail of a gold loan at low gold loan interest rate based on the value of the gold loan amount. Typically banks provide gold loans without obligations of any income or salary proof with documents for that individual's identity and address proof. Besides that, he also does not need to have a good CIBIL or credit score: for getting a gold loan. It is effortless to get a gold loan with minimal documents. It is a valuable asset in banks' consideration and can be quickly auctioned by the banks to clear dues in case of default of payments on loans by the customer. Hence, it's not a deal of loss for any of the two.
There are some primary documents required to apply for a gold loan in any bank.
- Personal identity proof: Pan Card Or Aadhaar Card or any other documents of the borrower.
- Address proof: House agreement or Passport or Water Bill or Electricity bill or any other document in the borrower's name.
- Photo proofs are necessary
- Passport size photo of the borrower.
Who all can get this gold loan
The Gold loan does away the hassle of eligibility criteria, and anyone can leverage their gold ornaments and raise a loan instantly. However, eligibility is universal. The person may be salaried or any business person or any market. Any person or entity who is an Indian citizen and above 18 can easily apply for a gold loan.
How to get a gold loan in our beloved nation, India?
To get the loan from the bank, the borrower needs to visit the bank. There is also an option for customers to visit the nearest gold loan branch if they wish to pledge and basic knowledge of the customer documents needed to attest their identity and residential address. Bank of India gold loan has the option where the borrower can apply offline and online for this credit facility.
Other than it, the borrower can also apply for the gold loan digitally, that is. Online applying for the gold loan for that customers also have a further option to apply for a gold loan, then they can visit the digital route, where the bank helps them choose loan offers from the website or any app-based digital service. Customers can compare interest rates and choose the best available option for them.
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