Prathama Bank Gold Loan Documents Required

Features of Prathama Bank Gold Loan

Times of emergency require quickly available funds. These funds can be extracted for already owned assets like Gold through Gold Loans. The Prathama Bank can provide you with the opportunity to sanction a Gold loan.

Key features of Prathama Bank Gold Loan are as follows:

• Seemless Procedure of obtaining Loan: Banks provide customers with loans usually in the period of hours of sanctioning the loan, the reason behind being that the borrower presents Gold at the time of the application and processing.
• Security of Collateral: After the customer lends their Gold as collateral for the loan to the lender, the Gold is kept safe and secured in the Bank lockers.
• No Proof of income: Gold loans are sanctioned based on the collateral that the customer gives to the bank as Gold. Which makes income an irrelevant subject to judge a person’s ability to repay the loan as they can get the amount back from the collateral itself if the borrower isn’t able to repay.
• No Foreclosure Charges:  Lenders providing Gold Loans have no prepayment charges.

Prathama Bank Gold Loan Comparision with banks

Prathama Bank Gold Loan EMI calculator

Prathama Bank Gold Loan EMI calculator helps you to easily calculate the net EMI amount. Prathama Bank Gold Loan EMI calculator provides you with a monthly EMI payment amount for the interest rate fed into it.

EMI Calculations depends on the below factors:-

Rate of Interest: The rate of Interest is subject to EMI, as EMI’s increase leads to its increase.

Loan Period: With a longer time period of re-payment, the net EMI becomes less.

Loan Amount: With an increase in the Loan amount, Net EMI increases.

Prathama 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

Prathama Bank Gold Loan Documents Required – FAQs

✅ What is the period of Loan repayment at Prathama Bank?

The loan tenure at Prathama Bank ranges from 6 to 60 months.

✅ What is the Processing Fee at Prathama Bank?

The Processing fee at Prathama Bank is about 0.85%.

✅ What are the Pre-Payment Charges at Prathama Bank?

The range of Pre-Payment Charges is 0-2%.