A borrower pledges gold such as jewelry, ornaments, and coins, etc. as security for taking the loan. A gold loan is approved based on the income of an individual or its repayment capacity. A Gold Loan is useful if you need cash for immediate expenses and is cheaper and faster as compared to a personal loan. Gold Loan Haryau is available online.
Gold Loan Haryau 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 is 10.70 %. If the applicant calculates, then the monthly interest rate will come less than 1%. Gold Loan comes with foreclosure facility; the person can close the loan before the maturity period.
Eligibility Criteria of Gold Loan Haryau
There are no specific eligibility criteria for gold loan. Any person can apply for gold loan, as long as the person seeking a loan owns the gold. The sanctioning gold loan is determined by the value of gold the borrower submits. You can get a gold loan if you meet the following criteria:
First of all, the age of the borrower should be more than 18 years.
The applicant should have their gold.
The maximum period of the applicant can be 65 years.
After that, the applicant must have Indian citizenship.
Furthermore, the borrower should have gold more than 10 grams.
Benefits of Gold Loan Haryau
Firstly, the Gold loan requires Simple documentation, and it is a fast processing gold loan.
Besides that, the rate of interest is payable only if the amount of overdraft that you use.
After that, the Overdraft limit varies depending on the current situation of the scale of gold in the market.
The person can close the loan before the maturity period.
Foreclosure penalty ranges from 0-3% of the total loan amount.
Both salaried and self-employed applicants are eligible to take this loan and use it according to their financial needs.
The gold loan has flexible tenure options ranging from 6 months to 5 years.
In gold loan, there is no requirement of a good CIBIL score.
Furthermore, various schemes can be availed at a reduced rate of interest to those who are engaged in agriculture that can be less than 8%.
At last, the loan disbursal time can be concise.
Unlike other loans where documentation is an integral part of the process, gold loan documents required to be submitted are only the necessary KYC like:
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)
Address Proof: Following proofs are required such as Driving License / Voter ID Card / Ration Card / Aadhaar Card / Passport Copy / registered lease agreement with not older than three months utility bills in the name of landlord (anyone)
In addition to that, two passport size photograph of the applicant.
At last, Proof of landholding in case of agriculture loan of more than Rs. 1 lakh.
How to apply?
Firstly, the individual can get all access to so many quires on www.lendingwale.com .
There is no need to go to different sites to get a gold loan. If you apply for the gold loan by www.lendingwale.com , there is no need to go in banks.
Your documents will be picked up by the bank.
Why Choose a Gold Loan Haryau?
A few reasons for the popularity of loan against gold are as follows:
First a fall, Gold loans feature a low-interest rate as compared to other loans.
After that, Gold Loans has less tenure ranges from a few days to 5 years or more depending upon the lender.
At last, the repayment options on a gold loan can be chosen as per the choice of the applicant.
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 has to repay the loan; otherwise, the bank is liable to sell the gold ornaments of the borrower.
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.
Haryau is a village located in the Sangrur District of Punjab, India. This Village established in 1650 by Multania. This village is also known by Haryau-Sangva. Haryau village has historical background.