Gold in a country like India is a good luck charm both economically and culturally. A gold loan can be your knight in shining armour when you are struggling to get through. It is not a sin to face financial problems in your life. Future is uncertain, due to which no one knows when in a lifetime we face economic challenges and need more financial resources to fulfil our needs, and in that situations, the only way to reach out your goal is availing a Loan, but the question arises what if the person does not have a good credit score?
The answer is Gold Loan; it acts like a life jacket not only when you are drowning in your bad credit score but also when you need to meet your current financial emergency.
Allahabad Bank provides gold loan and is one of the safest banks in the country. It is a nationalized bank and was founded in 1865, is one of the oldest banks of the country.
Who can apply for Allahabad Bank Gold Loan?
The applicant must be 18 and should be an Indian citizen. Along with that, the applicant shouldn’t be above the age of 70. However, it is not necessary for the applicant to be earning at the time he has applied for the loan. Although the credit taker must make sure that the purity of his/her gold must lie between 18-22 carats and should weight 10 grams at least.
Documentation for Allahabad Bank Gold Loan
There are certain documentation procedures for Allahabad Bank that are needed to be followed to fulfil the verification process. These documents include Driver’s License/ Voter card/ Passport/ Aadhar Card/ Land proof in case of agricultural purpose, etc.
Why choosing Allahabad Bank Gold Loan is a good option?
To start off from Allahabad Bank provides gold loan up to Rs. 1 crore to the point of up to 70% of the value of the gold. But more importantly, there is proper security of the gold ornaments since they are kept safely away in the bank’s vault.
There is no EMI involved in the sense that the applicant has to pay only the interest and they can pay the principal amount once the tenure of the loan is fulfilled.
Also, the documentation and other procedural steps are relatively quick and easy and thus the loan is disbursed in under 30 minutes. The interest rates are also fairly low.