Gold loans are secured loans where gold ornaments are used as collateral. You pledge your gold jewellery with the lender and get a loan. The loan amount is usually a percentage of the golds value. You can repay the Gold Loan Amalsad through monthly instalments. After the repayment, you get back your gold jewellery. Banks and other financial institutions offer these loans at affordable interest rates
Gold Loan Amalsad Eligibility Criteria
There are some eligibility criteria that the applicant has to qualify to get a gold loan. These are
First of all the applicant should have Indian citizenship.
After that, the minimum age of the applicant should be 18 years.
Furthermore, to apply for a gold loan you should have a minimum of 10 grams of gold.
Documents Required for Gold Loan
However, the process of documentation in a gold loan is very easy and simple but, still, there are certain documents that are required to get a gold loan.
Residence Proof: After that, one proof of residence is also required to get a gold loan. It can be (Aadhar Card/PAN Card/Ration Card/ Electricity Bill of last three months with the name of the applicant/ Telephone Bill of last three months with the name of applicant / Passport Copy)
Identity Proof: first of all one proof of identity is required. Anyone of the given proofs is accepted (Aadhar Card/Voters Card/Driving License/ Passport)
In Addition to that 2 passports sized colored photographs are also required to get a gold loan.
Proof of ownership: of Land is required if you are applying for an agriculture gold loan.
Interest Rates Gold Loan Amalsad
In general gold, the loan is available at very easy rates of interest. The reason behind that the gold loan comes in the category of secured loans. So the interest rates are less than that of personal loan or any other kind of loans. Though the interest rates keep on changing time to time and person to person but still, the gold loan is available at 1% per month interest rate.
Features of Gold Loan Amalsad
It is noteworthy that the Gold Loan comes with so many features. So let us discuss them one by one.
First of all the gold loan is very easy to apply.
After that, gold Loan gets disbursed within 15 minutes.
Furthermore, the interest rates on the gold loan are quite affordable and satisfactory.
Besides that, in a gold loan, the documentation process is very easy and simple.
Finally, the gold loan required no credit checks.
Gold Loan Amalsad procedure