What is Gold Loan
What is Gold Loan?
Overcome your crises with the best possible option; Gold Loan. No need to wait so long or stand in a queue for the approval of your loan. Get instant approval and hassle free process. Available on simple documentation. So apply for Gold Loan in Dum Dum and avail the best offers on your product.
Gold loan is a secured loan, as the loan is given by the banks against gold security. The borrower keeps his gold ornaments as collateral with the lender and takes the money against those ornaments. Many go for the fulfillment of their short term goal through gold loans, such as their child’s education, marriage or other family problems. Step ahead to loannow to grab the best offer on Gold Loan
- Easy and Hassle-free Process
- Approval in 30 minutes
- Simple Documentation
- Dedicated Assistance
- No salary certificate or credit card history is required
- Lowest Interest Rate
Interest Rate of Gold Loan
Gold Loan Interest Rates in Dum Dum
- Generally gold loan is available at the interest rate of 11.5% to 14.5%
- ROI for tenure less than 1 year is also available at 1%
- Processing fees equals to 2000
- Borrower will be given an option to pay only interest during the entire term and at the end of the tenure, you can pay complete borrowed amount in a single shot
Gold Loan per Gram
Gold Loan calculator is used to calculate the gold loan per gram based on the total weight of the jewelry, level of purity, past 30 days average price of 22-carat gold and loan to value offered by your bank. As per todays gold prices, the highest gold loan per gram against 22-carat gold is Rs. 3,044 per gram. Key variables that are required to calculate the gold loan rate per gram is passed.
Eligibility & Documents
- To apply Gold Loan, you must be:
- Firstly, A permanent resident of India.
- Secondly, Gold should be of more than 10 grams.
- Moreover, a farmer, trader, salaried or self-employed professional, or businessman can apply for gold loan.
- After that, the applicant must be between 18 to 65 years.
- Gold should be a minimum of 18 to 22 carrots.
- Also, the minimum loan amount is Rs.18000.
Documentation for Gold Loan in Dum Dum:
- Identity Proof (Passport Copy/ Voters ID card/ PAN Card/Aadhaar Card).
- Address Proof (Passport/ Electricity Bill/Telephone bill/ Aadhaar Card).
- Signature Proof (Passport/ PAN Card/Bankers verification/ cheque).
- 2 passport size photographs
Know about the terms and conditions:
- Foreclosure Charges- Charges that are to be paid when the loan is closed before the tenure is completed.
- Foreclosure charges can be up to 1%.The minimum loan tenure is 6 Months.
- So foreclosure charges after 6 months are 0.
- Charges for late payment of loan Amount
- 2% p.a. as penal interest over and above the applicable rate of interest.
How to Apply Online?
How to apply for the Gold Loan via loannow
It is very easy to apply for the Gold loan. There are basically two methods through which you can apply one is online and another is offline. In the offline process, you need to visit the branch of the bank and have to provide the correct information in the application form. Until the sanctioning of the Gold Loan, you have to visit the bank.
In the online process, you need to visit the site of loannow.in and have to provide information in the application form. Immediately you will get a call from the customer representative of the Bank and they will confirm some of the details from you and let you know the eligibility. Then they will fix your appointment with the banker. Banker collects the required documents. You need to visit the bank once at the time of gold deposition. If you face any problem you can contact customer representative of the bank anytime otherwise you can go through loannow.in. So apply now and get instant cash back.
FAQs about Gold Loan in Dum Dum
How does Gold Loan work?
It is straightforward to understand Loan on Gold. The Banks /NBFC provide you with funds against your gold ornament. The amount depends upon the gold weight.
Is Gold Loan secured?
Yes, it is essential to note that the loan on gold is secured. Because while taking Gold Loan, the applicant put his/her gold jewelry into the banks locker as collateral.
What consequences can happen when you dont repay a Gold Loan?
If an applicant is not able to return the gold loan on time, then the bank is liable to sell his gold ornaments.
Is it necessary to have a co-applicant to get Gold Loan?
No, there is no need for any co-applicant to get Gold Loan.
Is there any fee to pay for the Gold Loan?
It is necessary to pay the loan processing fee as well as Valuation fee.
About Dum Dum
It is a municipality of North 24 Parganas district in the West Bengal state. Dum Dum is a part of the area covered by KMDA (Kolkata Metropolitan Development Authority).