Gold loan is a secured loan. Therefore, there is no requirement of a good credit history to avail a gold loan. The borrower has to deposit gold with the lender, and you get the collected gold ornaments back only after the applicant has paid back the loan amount with full interest rate.
Eligibility Criteria of Gold Loan Chinchinim
The maximum period of the applicant can be 65 years.
After that, the age of the borrower should be more than 18 years.
The applicant should have Indian citizenship.
Furthermore, the borrower should have gold more than 10 grams.
Documents Required for Gold Loan Chinchinim
Identity proof: verification documents especially require one among the following 🙁 passport/ID card/ Voter card/ aadhar card/ration/card/driving license) any one of them any glasses)
Residence proof: After that, the documents required for the residence proof includes:(passport/ID card/ Voter card/ aadhar card/ration/card/driving license) and if the applicants are living in rental apartments then has to submit his agreement, electricity bill on his name and address of the owner.
The bank requires the bill for the last three months is to provide a gold loan to the applicant.
In Addition to that, two colored passport size photos of applicant: (Applicants should not wear glasses)
Proof of ownership of Land is required if you are applying for an agriculture gold loan.
Gold Loan Chinchinim Interest Rates
The gold loan is available at a low rate of interest. The interest rates of gold loan are less as compared to a personal loan. The interest rates keep on changing from person to person and time to time. The minimum annual rate of interest applicant can expect on gold loans is10.70 %. If the applicant calculates, then the monthly interest rate will come less than 1%. Also, it comes with foreclosure facility meaning you can close your Loan before time and skip the pending Emi’s and their respective interest rate amount. The foreclosure charges range from 0-3% of the total loan amount.
Why should one choose Gold Loan in Chinchinim?
You can apply the gold loan for a short period of the time generally from 6 to 12 months.
Gold loan is the best Loan option for all of the unfortunate credit individuals.
The gold loan is available at low-interest rates.
You need to pay the interest rate, and no EMI’
Features of Gold Loan Chinchinim
First of all, the gold loan involves a very easy process to apply for a gold loan.
After that, the gold loan gets disbursed within 15 minutes.
Furthermore, the interest rate on the gold loan is very less.
Besides that, the gold loan involves less documentation.
Finally, the applicant gets 100% Safety & Security of your collateral gold material
It requires Simple documentation, and it is fast processing gold loan
The rate of interest is payable only if the amount of overdraft that you use.
The gold loan has flexible tenure options ranging from 6 months to 5 years.
Gold Loan Chinchinim Procedure
The borrower needs to visit www.lendingwale.com
After that, the borrower fills the application with detailed information.
But the applicant has to fill the contact number.
At last, the borrowers get a call from the bank if the applicant is eligible for gold loan.
Forms of Gold
Not every type of gold is considered by the financial institutions to provide the Gold Loan to customers. There are some restrictions imposed by banks.
First of all, the purity of the gold should lie in between 18 Karats to 22 Karats.
After that, gold in the form of jewelry or coins is accepted by the banks to provide a gold loan.
Furthermore, gold coins that weigh less than 50 Grams are readily accepted.
Is gold loan Secured?
Gold loan is a secured loan. Because in a gold loan, the borrower gold jewelry into the bank’s locker as collateral. The applicant is has to repay the loan otherwise the bank is liable to sell the gold ornaments of the borrower.
First of all, www.lendingwale.com offers a natural process of application of the gold loan.
After that, the applicant gets a good comparison of the interest rates on gold loan from other financial institutions. Furthermore, the bank provides the document pickup facility to online borrowers from the doorstep.
Chinchinim is a town in the district of Salcete in Goa,India.