What is Gold Loan Balotra?
As the name suggests, this is the loan given against gold. Many nationalized banks, private banks, and other financial companies offer this loan at attractive rates. Many go for this loan for a short period to meet the requirement of their children’s education, marriage, and other financial problems in the family. And others think that instead of keeping the gold idle at home or locker, loan against gold is the best option.
Eligibility Criteria for Gold Loan Balotra
There are some eligibility criteria that the applicant has to qualify to get a gold loan:
First of all the minimum age of the applicant should be 18 years.
After that, the applicant should have Indian citizenship.
Furthermore, to apply for a gold loan you should have a minimum of 10 grams of gold.
Gold should be between 18-22 carats.
Documentation for Gold Loan Balotra
However, the process of documentation in a gold loan is very easy and simple but, still, there are certain documents that are required to get a gold loan.
First of all one proof of identity is required. Any one of the given proofs is accepted (AadhaarCard/Voters Card/Driving License/ Passport)
After that, one proof of residence is also required to get a gold loan. It can be (AadhaarCard/PAN Card/Ration Card/ Electricity Bill of last three months with the name of the applicant/ Telephone Bill of last three months with the name of applicant / Passport Copy)
In Addition to that 2 passports sized colored photographs are also required to get a gold loan.
Proof of ownership of Land is required if you are applying for an agriculture gold loan.
Interest Rates for Gold Loan Balotra
The interest rate charged by the banks ranges from 10.5% to 15%.
Processing fee charged by the bank is upto 2% of loan amount.
Loan tenure can range from 6 months to 36 months.
Features of Gold Loan
First of all the gold loan is very easy to apply.
After that, gold Loan gets disbursed within 30 minutes.
Furthermore, the interest rates on the gold loan are quite affordable and satisfactory.
Besides that, in a gold loan, the documentation process is very easy and simple.
Also, The gold loan requires no credit checks.
Moreover, there is in house gold evaluation.
Gold Loans are highly liquid, which help the customer in easy convertibility.
How to apply for Gold Loan?
First of all the applicant needs to visit www.magicloans.in
After that, the applicant fills the application with the required information.
But the applicant should fill the contact number.
At last, the applicant gets a call from our side if he/she is eligible.
Forms of Gold
Not every form of gold is considered by the bank to provide the Gold Loan. There are some restrictions.
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 is accepted.
Besides that raw is gold is not accepted.
Furthermore, gold coins that weigh less than 50 Grams are easily accepted.
First of all, www.magicloans.in offers a very easy process of application of the gold loan.
After that, the customer gets a good comparison of the interest rates of other banks as well.
Finally, the company provides the document pickup facility from your doorstep.
Balotra is a city in Barmer District of Rajasthan state in India. For more information on Gold Loan, you can visit our official website.