Baroda Rajasthan Kshetriya Gramin Bank Gold Loan

Features of Baroda Rajasthan Kshetriya Gramin Bank Gold Loan

Some of the primary benefits of borrowing against gold are as follows:-

1. Quick Processing — Since gold loans contain actual gold as security, banks and other lending organizations quickly offer such loans. Lending against gold is a safer alternative for banks since they can quickly sell the gold if the borrower defaults. As a result, banks often release such loans within a few hours.
2. ‘Pay Interest Only’ Option – A common element of gold loans is paying only the interest component when repaying the loan. The primary component might be paid at the end of the loan term or during the loan closing process.
3. Low-Interest Rates — Because gold loans are secured loans, banks charge a lower interest rate than unsecured loans like personal loans. Gold loans include interest rates ranging from 13 to 14 per cent. Personal loan interest rates, on the other hand, are often about 15%. The gold loan interest rates are further decreased for borrowers who can offer extra collateral.
4. Lowest processing fees — Because gold loans are issued quickly with gold as collateral kept by the bank, many banks and NBFCs do not charge any processing fees.
5. Minimal Foreclosure Fees – Most of the bank doesn’t impose and foreclosure charges instead they charge them at a low rate of 1%.
6. Proof of Income is required and is essential.
7. Credit history  – In most loans, the Loan is decided from the past loan repayment history or the credit score. However, when we talk about a gold loan, the criteria are entirely different. Banks take the gold as collateral and are confident enough about the security provided; hence, credit history doesn’t matter.

Gold loans can be a tiresome and risky financial lending process; we at Dialabank Provide Expert advice and free comparison between various banks providing gold loans. Visit our website Dialabank or 9878981144 to get in touch.

Baroda Rajasthan Kshetriya Gramin Bank Gold Loan Comparision with banks

Baroda Rajasthan Kshetriya Gramin Bank Gold Loan EMI calculator

Gold Loan Eligibility Criteria

Following eligibility criteria is required for a gold loan:-

• Age Barrier: The Loan Borrower must at least be 21 years old
• 65 years old is the maximum age limitation for a gold loan
• Gold loans are available from banks up to Rs 20 lakhs. The loan amount may be up to Rs 2 crore, with hefty interest rates applied.
• Job Requirements: Gold loans are provided to all regardless of employment status.
• Gold as a Security: The gold which will be mortgaged as collateral should be 18-24 carats in terms of purity scale. The price of the last 30 days for purity of 18-24 carats will get adjusted. Coins, golden bars, chains, rings etc., can be kept as security.
• Required Document proof: Identity proof and address proof is required for a gold loan; however, proof of income is not mandatory.

Baroda Rajasthan Kshetriya Gramin Bank Gold Loan Documents Required

At the time of application the following documents are required:

• Proof of the citizenship of India
• Duly filled application form
• 2 passport-sized photographs
• Applicant’s KYC documents to establish Identity and Address
• Salary/ Income Proof
• Witness Letter in case of illiterate borrowers
• In the case of Agriculture Loan of more than Rs. 1 lac, land proof
• Certificate by the Jewel Appraiser (Bank will arrange)

At the time of disbursement the following documents are required:

• Demand Promissory Note & Demand Promissory Note Take Delivery Letter
• Gold Ornaments Take Delivery Letter
• Arrangement Letter

Baroda Rajasthan Kshetriya Gramin Bank Gold Loan Documents Required – FAQs

✅ What are the benefits of the Rajasthan Kshetriya Gramin Bank Gold Loan?

The Baroda Rajasthan Kshetriya Gramin Bank gold loan is a facility provided by the bank for all borrowers on gold with the most affordable interest rates.

✅ What is the maximum amount of Loan that can be borrowed at Baroda Rajasthan Kshetriya Gramin Bank?

The per gram rate for a Gold Loan from the Baroda Rajasthan Kshetriya Gramin Bank depends on the quality grade of your Loan and the current market price. You can borrow a maximum of up to 70% of the value of the gold collateral you put up as security for the loan.

✅ What is the Current Intrest rate of a gold loan at Baroda Rajasthan Kshetriya Gramin Bank?

The interest rate of the Baroda Rajasthan Kshetriya Gramin Bank Gold Loan depends upon the amount of loan borrowed. The interest rate is usually 7% Annually.