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Gold Loan

Gold Loan 

 

For a Gold Loan, the bank takes your gold as collateral for the period of the loan. Banks charge an interest rate, and once you repay the entire loan, the bank returns your jewellery. Another essential thing you need to know about how Gold Loan works is the type of gold accepted. Most banks accept only gold jewellery.

 

Purpose :
  • Loan Against Pledge of Gold.

Loan Amount :
  • 70% of valuation of gold pledged.

Margin :
  • 30% of valuation of gold pledged.

Repayment :
  • repayment for period up to 1 year. Monthly repayment for Max period of 12 months

Rate of Interest :
  • 10%

Security :
  • Pledge of Gold.

Processing Fee :
  • Valuation fee of Goldsmith And 2.5 % Processing Fee + GST.

Share Holding 
  • Nominal Membership

Documents :
  • Latest Photograph,Photo Identity Proof,Residence proof of the Applicant and Guarantors.

Insurance :
  • 2% Insurance Of Property Charged To The Bank.

 

Loan File Documents As Follows : 

 

   New Member Form 
  • Pan Card , Ration Card/Latest Light Bill, Index 2 Xerox , 2 Photo
  • Affidavit
  • Loan Demand Form
  • Nominal Member Form

 

Loan Document 

Co Borrower Document 

Guarantor No 1 
  • Pan Card , Ration Card
  • Latest Light Bill, Index 2 Xerox
  • Photo 1 , 3 Month Salary Slip And 10 Cheque
  • Shop Act License, Income Tax Returns Last 3 Years , Bank Statement ,Permanent Certificate