Gold Loan Ernakulam
What is Gold Loan?
Gold Loan is a very simple concept and in this type of loan, A customer pledges gold such as jewelry, 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 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 and the repayment period can vary from one month to a few years.
Ernakulam refers to the eastern, mainland portion of the city of Kochi in central Kerala, India. The city is the urbanest part of Kochi and also has lent its name to the Ernakulam district.
Why Gold Loan
- Know your Gold Loan eligibility in 1 minute, available online and across all branches.
- Highly competitive interest rates for Gold Loans.
- Special offers, interest rates and nominal charges for account holders.
- Special Gold Loan offers* for womens.
- ROI for tenure less than 1 year is also available at 1%.
- Generally gold loan is available at the interest rate of 10.0% to 14.5%.
- In rural areas Agricultural loan against gold is also available for agriculturist at very nominal rate of Interest of 7%-8%, proof of agricultural document needs to be provided.
- Many go for the fulfillment of their short-term goal through gold loans, such as their child’s education, marriage or other family problems. Many think that instead of keeping it idle at home or in a locker, the gold loan is the best option.
- Simple documentation
- Competitive pricing
- Gold Loan disbursal in just 30 minutes*
- Transparent procedure
- Gold Loans available for various needs.
Gold Loan Documents
Documentation For Gold Loan
Simple and easy documentation for Gold Loans (though documentation varies from individual to individual). This loan is not valid for Gold Biscuits and Mangalsutra.
- Proof of identity: Copy of passport/voter ID card/driving license
- Proof of address: Copy of ration card/telephone or electricity bill/rental agreement/passport
- Passport size photographs.
Gold Loan Eligibility
Eligibility Criteria For Gold Loan
- Age: 21 to 65 years.
- Profession: Anybody with a steady source of income including Bank’s Employees, Pensioners.
- Borrower will be given an option to pay only interest. This is applicable during the entire term. And at the end of the tenure, you can pay the complete borrowed amount in a single shot.
- Customer must have minimum gold of 20 grams.
- Should have documents that are required and gold (not less than 22 karats).
Terms And Conditions
Know about the terms and conditions:
- Foreclosure Charges- charges that are to be paid when the loan is closed before the tenure is completed.
- Foreclosure charges can be up to 1%.The minimum loan tenure is 6 Months. So,foreclosure charges after 6 months are 0.
- Charges for late payment of Loan Amount.
- 2% p.a. as penal interest over and above the applicable rate of interest.