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How to Apply for Gold Loan & Know Its Benefits?


Apply for Gold Loan : Getting a gold loan at the proper time, you’ll reap better benefits with none push or pull from the approval of Rokdabazaar. – PowerPoint PPT presentation

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Date added: 19 May 2020
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Title: How to Apply for Gold Loan & Know Its Benefits?

How to Apply for Gold Loan Know Its Benefits?
Apply for Gold Loan  Getting a gold loan at the
proper time, youll reap better benefits with
none push or pull from the approval of
Rokdabazaar. However, loan aggregators assist
you with the simplest repayment options for an
honest 5 years. Explore Rokdabazaar so as to reap
more benefit for a gold loan. Apply for Gold
Loan and its true meaning! Apply for Gold
loan may be a loan given by a bank or institution
to a private who pledges their gold jewellery for
money. The gold should be within a
variety between 18 to 24 carats. The loan
amount may be a certain percentage of the
present gold price, also because the quality of
the gold. This may vary from bank to bank and is
usually up to 80 per cent. The bank also
will require certain documents, after which the
gold loan are going to be approved and
sanctioned. to form the method easier and clear,
availing gold loan through a loan aggregator,
Rokdabazaar, can help suit your profile to the
organisation and disburse loan with only a
few necessary documents online. Documents
Required  Apply for Gold Loan Different
banks invite a special set of documents. A number
of the common documents required include Passport
size photograph, PAN, Voters ID, Aadhaar card,
passport, drivers licence, electricity bill,
income proof, identity proof and address proof,
etc. Key Features of Gold Loan Taking a gold loan
from a bank or a financial has some features
which are more advantageous than a loan. These
features include
Quick Disbursal Minimum documentation required
and faster time interval because the loan is
secured by your gold. No Restriction on Use of
Loan The loans are often utilized in any manner
or for any purpose. Because the loan isnt for a
specified purpose, the loan isnt monitored. this
provides you the pliability to satisfy any
immediate expenses Secured Loan Other than the
pledged gold jewellery theres no got
to provide the other collateral or guarantor
required Lower Interest Rates As this is often a
secured loan, the rate of interest is
relatively less than a private loan and
other sorts of loans, the interest rates begin at
11.99 p.a. Easy Liquidity Gold jewellery is
usually an idle asset lying reception or within
the bank locker. Gold loans provide instant
liquidity when an emergency arises or when an
undeniable expense is anticipated. Foreclosure of
Gold Loan The gold loan is taken into account a
short-term loan and features a tenure of 1 to
five years. However, the Gold loan can foreclose
the loan before the tenure lapses. While some
banks dont charge a foreclosure penalty, a
number of the banks will levy a charge of
twenty-two to 4 of the outstanding balance.
Final Word Before you check in the line, its adv
isable to see and compare the rate of interest,
processing fee, late payment penalties,
pre-payment charges, and other hidden costs in
order that youre not taken all of sudden when
these payments are to be made. While taking a
loan, one should make certain that the loans are
often easily returned. Defaulting on a loan will
adversely affect your credit rating,
and youll find it difficult to urge another
loan. The Minimum Salary Required to Apply for
Gold Loan Gold loan eligibility
is hospitable anyone who has the gold jewellery
to pledge in exchange for a loan.
Hence theres no minimum salary required to be
eligible for a gold loan. Unlike personal loans
in India or the other instant loan, the gold loan
is hospitable homemakers, farmers, salaried
people as long as theyre pledging gold with a
worth. You also dont need a CIBIL score to
be ready to apply for a gold loan. However, your
repayment of a gold loan will affect your CIBIL
score, so you had better stick with the
schedule. However, loan aggregators assist
you with the simplest repayment options for an
honest 5 years. Explore Rokdabazaar so as to reap
more benefit for gold loan. The
banks dont require your business or job
stability to grant you a loan. You simply got
to show identification proof and Aadhaar
card along side the opposite KYC documents. Gold
loaning and borrowing have morphed into
modern-day lending, and lots of private and
public institutions loan their customers.
  • Gold loan eligibility
  • Gold loan eligibility is measured by loan per
    every gram of gold. The opposite eligibility
    criteria are
  • The quality of gold The ornaments of gold should
    range between 18 carats to 24 carats
  • You need to be a minimum age of 23 years and a
    maximum age of 65 years.
  • You can trade gold coins and gold bars with 18 to
    24-carat purity.
  • The loans are often utilized in place of a travel
    loan or the other online loan, because it is
    straightforward to acquire and requires less
  • Need to be a citizen of India
  • Reasons to settle on a gold loan
  • When you technically havent any credit
    history thats required when applying for the
    opposite loans
  • When you want to scale back the expenses, you
    incur when processing other facilities.
  • When you got to have the loan urgently,
    processing a gold loan is fast in approval.
  • If youve got gold that you simply are willing to
    pledge with a financial lender to urge the loan,
    then this is often definitely for you.
  • During emergencies.
  • You are trying to find a loan tenure of quite 36
  • The loan might not be suitable for you
  • The credit might not be ideal for you if
  • If youve got other ways to urge a lower interest
    loan, then the gold loan isnt suitable for you.
  • If youre not willing to spare your gold, then
    the loan isnt for you.

Apply for Gold Loan Without a PAN card A loan
against gold or gold loan may be a sort
of secured loan during which a private, the
customer, pledges their gold ornaments as
collateral with a gold loan company or
organization. In turn, the corporate gives a loan
amount, as per the market price of the gold
submitted, to the customer. Availing a loan
through loan aggregators can suffice your
financial needs together with your gold. Loan
aggregators meet the proper bill with the
borrowers profile. Rokdabazaar offers flexible
tenure for repayment. When compared to other
personal loans, the procedure for availing a gold
loan is taken into account as a reasonably easy
and quick way of fulfilling ones financial
needs. The choice to mortgage is gold ornaments
or jewellery during this case. The method for
availing a gold loan is sort of a hassle-free
experience in comparison to the opposite sorts
of personal loans. It also requires minimal
paperwork. Also, gold loans dont require minimal
documentation and no validation for income or
salary of the individual availing an
equivalent. Thus, if someone has gold
ornaments, albeit theyre unemployed or
unsalaried, they will avail of a gold loan. The
rationale for this being that one is pledging
gold, a really valuable asset, reciprocally for
the loaned amount. Documents required for
availing a gold loan Gold loans are one among the
only and quickest ways to monetize ones gold and
obtain money accordingly, because it involves
minimal paperwork and requires no validation
regarding ones employment status.
However, theres an entire assessment done by the
financer or bank on the submitted gold. They
accept gold measure 19 24-carat pure gold.
Apply for Gold Loan and its rate of
interest Interest is that the amount you pay
back with the principal amount to the lender
after youre advanced with a loan. Borrowers are
expected to pay a monthly EMI to incorporate the
interest. Given that the gold loan is advanced
against security. Availing a loan through loan
aggregators can suffice your financial needs with
gold. Loan aggregators meet the proper bill with
the borrowers profile. They assist ease your
repayment process. Rokdabazaar counter gauge this
with an innate objective for each person to clear
their financial crisis. Factors affecting the
interest on a gold loan Relationship with the
bank They usually advance special offers to their
existing clients. When a client has another
account with the bank, then theyre sure to get a
lower rate of interest on the gold loan. Loan
amount The higher the loan amount, the lower
the rate of interest when all factors remain
constant. But smaller loans attract a better rate
of interest during a Gold loan. Features of gold
loan Interest Unlike the interest you pay in
other personal loans in India, the gold loan
interest is lower, starting at 11.99
p.a. There are not any pre-processing fees for
this interest are lower. With a gold
loan, youll make a neighborhood prepayment and
reduce your payment period and, consequently,
the rate of interest payable.
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