Jharkhand Gramin Bank Gold Loan Approval Process


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Jharkhand Gramin Bank Gold Loan Approval Process

Jharkhand Gramin Bank Gold Loan Features

A gold loan is taken when there is a sudden need for funds for an unforeseen emergency. You get this loan against a gold ornament, jewellery, or coins.

The Interest rate for these loans is low and the tenure is also very flexible, it ranges from 3 months to 24 months. You can increase the loan tenure after you request the bank and if they find your reason convincing they will increase the loan tenure. The processing charges for the loan are also very low. You will be given about 80% of the quoted price as the loan.Jharkhand Gramin Bank Gold Loan Approval Process

The security for the loan will be your gold ornament, jewellery, or coin. Therefore, in case of default, the gold commodity that you have put up as security will be auctioned and that money will be used to pay off your loan. If that isn’t enough to pay your loan back completely, then the bank will take the necessary measures to have you pay back the loan. All these steps will be taken if you aren’t able to comply with the 3 notices that’d be sent to you before this.

The documentation process and the loan disbursement are very quick, which is why it is ideal for emergencies. Suppose you are still doubtful about the Jharkhand Gramin Bank gold loan you can visit dialabank for more information and even have one of our relationship managers help you through it all.

Jharkhand Gramin Bank Gold Loan Eligibility

Minimum and Maximum Age
21 Yrs – 60 Yrs
Note: However, many banks require a minimum age of 23 years
Loan Amount
Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
Interest rates are lower for a higher loan amount
Employment Type
Salaried and self-employed both are eligible
Businessmen are increasingly taking gold loans to meet their working capital requirements.
In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
Quality of Gold
Gold ornaments should range in between 18 to 24 Carats
An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
Banks do not check CIBIL score for granting a gold loan
However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
Gold ornaments that can be used for availing loan
Gold bars and coins
Gold with 18-24 carat purity
Employment track record and income proofs
Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

Jharkhand 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

Jharkhand Gramin Bank Gold Loan Approval Process

  1. Visit the gold loan application page on dialabank.
  2. Verify all the details for the application.
  3. Select Jharkhand Gramin Bank as your preferred bank for the gold loan.
  4. An amortisation table will be displayed with all the details including the loan amount you will be eligible for, the loan tenure, the interest you would be paying per month, and the interest rate.
  5. Proceed with the application and submit the form.
  6. One of our relationship managers will contact you to get your gold commodity valued for the loan to be sanctioned.

FAQs on Jharkhand Gramin Bank Gold Loan Approval Process

Do I need to be an already existing customer of the bank to apply for a gold loan?

Although some banks might require you to be the customer of their to avail a gold loan, many of the banks don’t.

What is a gold loan overdraft?

A gold loan overdraft is when the disbursed amount is credited and you only pay for what you have spent. This is kind of like a credit card with a limit. The loan can be completely paid off at once.

What is a gold loan EMI calculator?

A gold loan EMI calculator helps you calculate the EMI you would be paying based on the loan amount you are getting, the tenure and the interest rate.