What is Gold Loan Waghala?
Gold Loan is a very simple concept and in this type of loan, A customer pledges gold such as jewellery, ornaments etc. as security for taking the loan. This type of loan is useful if you are in need of money for immediate expenses. And also expect to be able to pay it back in the short term. It is cheaper and faster as compared to a personal loan.
The banker uses the gold as security against latent mortgage default by the customer. The loan that is against gold is a specific percentage of the value of the gold. The gold has been pledged and the loan is sanctioned after analysis of basic documents. The amount is then given to the customer in the form of cash, account transfer or demand draft. These are short-term loans as well as the repayment period can vary from one month to a few years.
Benefits of Gold Loan Waghala
- Easy and Hassle-free Process
- Approval in 30 minutes
- Simple Documentation
- Dedicated Assistance
- Lowest Rate Of Interest
In rural areas Agricultural loan against gold is also available for agriculturist at a very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided
Gold Lona Interest Rates
- Generally, gold loan is available at the interest rate of 10.0% to 14.5%
- ROI for tenure less than 1 year is also available at 1%
- The borrower will be given an option to pay only interest during the entire term and at the end of the tenure, you can pay the complete borrowed amount in a single shot.
Documentation for Gold Loan
- Firstly, Residential proof: Required documents for the residence proof includes:(passport/ID card/ Voter card/ Aadhar card/ration/card/driving license) and if the applicant is living in a rental apartment then he/she has to submit his/her agreement, electricity bill on his name and address of the owner of an apartment.
- Secondly, Proof of Identity: (passport/ID card/ Voter card/ Aadhar card/ration/card/driving license) any one of them.
- After that, Two coloured passport size photographs are required
- Also, Proof of signature: Passport Copy/Driving License/Banker’s verification/cheque
Why Apply For Gold Loan Waghala?
Most noteworthy, Gold Loan is a secured loan and, you have to pledge your gold ornaments to the lender, and you can easily take the loan amount from them. The processing system of Gold Loan is hassle-free; there is very less paper-work in this loan. Gold Loan can be used anywhere the applicant wants.
Gold Loan Online Payment
During the times of financial crises, in order to meet emergency gold loan is one of the best means of raising the capital that can be used during urgency. Now take a loan against gold ornaments from lendingwale and get relieved of the gold loan hassles. Gold Loan s Gold loan portfolio is the largest around the globe. You can pledge your gold jewellery and avail the gold loan easily.
Waghala is a city and a municipal corporation in Nanded district in the Indian state of Maharashtra. Now It is effortless to get Gold Loan via lendingwale.
FAQs About Gold Loan
1. How does Gold Loan work?
It is effortless to understand Loan on Gold. The Banks provide you with funds against your gold ornament. The amount depends upon the gold weight.
2. Is gold loan secured?
Yes, it is essential to see that the loan on gold is secured. Because while taking Gold Loan, the applicant put his/her gold jewellery into the bank’s locker as collateral.
3. What consequences can happen when you don’t repay a Gold Loan?
If the user is not able to return the gold loan on time, then the bank is liable to sell his gold ornaments.
4. Is it essential to have a co-applicant to get Gold Loan?
No, there is no need for any co-applicant to get Gold Loan.
5. Is there any fee to pay for the Gold Loan?
It is necessary to pay the loan processing fee as well as Valuation fee.