Gold Loan Features And Benefits
Gold Loan is known as the instant cash provider loan program and it is also the fastest processing loan in India. Financial companies are providing loan against gold some of them are traditional and some of them are proper lending firms. Some of large banks are also funding aggressively in market and offering very well for all customers. Gold loan is the easiest loan from available all financial loan programs in all banks or other lending firms. RBI set some strict guideline for all NBFCs at the time of lending the loan to the borrowers. Some of them are: NBFC can not fund more than Rs. 1 Lac as cash amount to the customer and NBFC can not fund more than 60% loan to value. These restriction made very difficult for NBFCs to fund smoothly and survive in market. Generally we all knows that Gold Loan & Loan Against Property both are secured loan and both are fund against some movable and immovable property.
Gold Loans Eligibility Criteria:
- For Gold Loan Minimum Age of Application is 21 years and maximum 65 years.
- The Gold loan must terminate or repaid by your 65 years of age or before retirement, whichever is earlier
- You must be employed or self-employed with a regular source of income
- For Approval of Gold Loan minimum purity has to be 20 karat and above
Gold Loan Documentation Required
- One Passport size Photograph
- Clear Photo Identity Proof
- Signature Verification Proof
- Current Residence Address Proof
- Income proof if the loan amount is more than 5 Lacs & PAN card compulsory for loan amount more than Rs.50 K