JK Grameen Bank Gold Loan Approval Process

AT 0.75%* INTEREST RATE
APPLY NOW

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

JK Grameen Bank Gold Loan Features

The features of JK Grameen Bank Gold Loan Approval Process are :

Easy Procedure of obtaining Loan: JK Grameen Bank disburses loans within hours of initiating the procedure of obtaining a loan as the borrower presents the collateral in the form of Gold at the time of the application.
Security of Gold: As the customer presents their Gold for a loan to the JK Grameen Bank, it becomes the bank’s responsibility to keep their assets safe until they repay the principal along with the interest.
No Proof of income: Unlike other loans, Gold loans are based on the Gold that the borrower has to present to the bank. This leaves the income out of the profile and thus there is no need for income proof to be presented.
Low or Nil Foreclosure Charges: JK Grameen Bank usually has either around 1% or no minimum prepayment charges on gold loans.

JK Grameen 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
CIBIL Score	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.