Bank By Selected State.php Gold Loan Interest Rate at

Note: Updated on 23 Feb 2024, for latest interest rates, please visit bank website.

About Bank By Selected State.php

Bank By Selected State.php is a bank in india. It has 21045 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Bank By Selected State.php which includes Bank By Selected State.php Official Website, Bank By Selected State.php ATMs accross the India, Bank By Selected State.php Branches accross the India, Bank By Selected State.php Contact Numbers, Bank By Selected State.php official EmailID, Bank By Selected State.php Headquarter and Bank By Selected State.php Headquarter Address. Find Bank By Selected State.php Gold loan purpos, Eligibility, Margin, Repayment of Gold Loan ,Security, Documents Required for Gold Loan from below.

Other Products of Bank By Selected State.php:

The purpose of the Gold Loan is to provide loan to borrowers against pledge of their gold |gold ornaments| gold coins to meet their urgent financial needs with lower interest rate and faster disbursement.

Bank By Selected State.php Gold Loan Eligibility

1. Person should be at least 18 years old.
2. Any person who owns gold | gold ornaments | gold coins that needs to be mortgaged with the bank.
3. Person should have a regular income (optional).
4. Persons who are having Savings or Current account with the bank (optional).

Bank By Selected State.php Gold Loan Document Required

1. Duly filled up and signed gold loan application form
2. 2 passport size photographs
3. Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
4. Proof of Address - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
5. Proof of income -Latest salary slip showing all deductions or Form 16 or Income Tax Returns of 2 previous financial years (optional)

Bank By Selected State.php Gold Loan Amount

The gold or gold ornaments or gold coins are valued by bank's valuer immediately to arrive at the loan amount. It also involves verification of its purity. Note that the weight of any other stones, gems or metals fixed on the gold ornaments will be deducted for the purpose of valuation.

Normally, the loan amount is approved upto 70% of current market value of your gold. In case you are ready to pay some higher interest rate, banks can also approve upto 90%. This varies according to each bank's gold loan scheme.

Security

Gold or gold ornaments or gold coins etc. and since these can easily get liquidated in case of any default, banks offer these loans easily and at lower rates.

Bank By Selected State.php Gold Loan Tenure

It is a short term loan. As per RBI guidelines, the tenor is limited to 1 year, in case of non-agriculture use. Some of the banks offer the tenure of upto 36 months too. You can take your gold back from the bank after you repay the loan completely.

Bank By Selected State.php Gold Loan Repayment

Repayment structure depends on the bank. Mostly, banks permit repayment through EMIs or a bullet repayment at the end of loan term. In case of bullet payment at the end, borrowers need to pay interest on time. The principal amount will be paid in a bullet payment at the end.

Charges Associated with Gold Loan

1. Processing Fee: Some banks charge the processing fee which fee can be if negotiated, may be waived off. Valuation Fee: Some banks charge a small amount for valuation of gold. This is paid to the third party valuer.
2. Pre-payment Penalty: Some banks may charges penalty for pre-payment of loan.
3. Late payment Penalty: It is charged if you make any delay in payment of interest.

Things that you must know before Applying for a Gold Loan

In India, we have emotional attachment with gold because usually, it is kept in the form of family jewellery. When we want to avail gold loan, we are required to keep this gold as a collateral which we do not agree so easily.

It is also required for you to be aware of the quality of gold which qualifies for the gold loan. The purity of gold which is required as a collateral for gold loan should be 18-22 carat or above. No value of precious gems studded in the gold jewellery is taken into account. It is also equally important for the borrowers to go through the terms and conditions mentioned in loan agreement thoroughly.

Further, if you are unable to repay the gold loan on time then there are high chances of losing your pledged gold/ gold jewellery. This may cause undue pressure on you. Hence, it is very necessary for you to think beforehand whether you will be able to repay the gold loan conveniently.

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Bank By Selected State.php Contact Details

• TOTAL BRANCHES - 21045
• HEADQUARTER -
• BANK ADDRESS -

Bank By Selected State.php EMI Calculator  Bank By Selected State.php Branches  
Bank By Selected State.php Gold Loan FAQs  Gold Loan Document Required

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