Vidharbha Konkan Gramin Bank Gold Loan Documents Required

Features of Vidharbha Konkan Gramin Bank Gold Loan

We live in an unpredictable world, where situations can be influenced by factors unknown. Sometimes these situations require instant monetary support, at these times one of the most viable options to seek is a Gold loan. Vidharbha Konkan Gramin Bank provides its customers with the facility of easy gold loans along with its numerous facilities.

Some key features of Vidharbha Konkan Gramin Bank Gold Loan are:-

• Seemless processing:- The overall processing of the Gold loan is done within hours as the customer provides the bank with collateral on the spot, making it a safer choice for banks as they can easily sell the same in case the borrower of the loan defaults.
• Lower Interest Rate:- Gold loans generally have an interest rate range of 13%-14%, which is less than the interest rate of personal loans.
• Zero Processing Fees:- As Gold Loans are processed quickly and seamlessly due to on-spot collateral, they generally do not involve Processing Fee.
• No income Proof:- As the loan is secured against the on-spot collateral provided in form of gold, no income proof is needed to process the same.

Vidharbha Konkan Gramin Bank Gold Loan Comparision with banks

Vidharbha Konkan Gramin Bank Gold Loan EMI calculator

The Gold Loan EMI calculator helps you calculate and manage your monthly payments towards your acquired Gold Loan which is inclusive of principal and interest payments. Gold Loan EMI calculator helps you by calculating your net monthly EMI payments at the set interest rate for the specific time period.

Factors influencing EMI are inclusive of:-

Loan Amount:- Higher the amount, Higher the EMI.

Interest Rate:- Higher the interest rate, the higher the EMI.

Loan Duration:- Higher the time period of payment, lower the amount of EMI.

Vidharbha Konkan 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

Vidharbha Konkan Gramin Bank Gold Loan Documents Required – FAQs

✅ Why is Gold Loan advantageous?

• Due to the reduced rate of interest of the principal amount, in comparison to the personal loan.
• Zero processing fee.
• Lower processing time.
• Less documentation requirement.

✅ Can someone with poor credit history avail a Gold loan?

Yes, the gold loans are processed on the basis of the gold provided to the bank. Thus the need to check the credit history of a customer doesn’t arise.

✅ Will my gold be safe?

When a gold loan is availed by the borrower, the bank secures that gold under their safety provisions and ensures the same unless or until the borrower defaults on the EMI payment.