A Gold Loan is a loan where Gold is kept as collateral. Gold trading has been practiced in the recent Golds and lenders used to larder Gold as a hole of collateral Following the establishment of banks, gold pledging in banks began Gold has significant importance because of its economic value and appearance. Gold gifting is found to be thumping opportune in Indian culture
Documentation process while availing Gold Loan
The style of availing Gold loan
The system of getting a gold loan is quick. In times of need, a Dena Bank Gold Loan can be valuable The way of availing Gold loans are
The application is a process where one has to appeal to the respective direction for granting certain things. The application for a Gold loan can be completed in the bank in-person visit or digitally by visiting Dena Bank’s certified website or app An application contains some personal announcement along with gold announcement and additional details
This is the most force process for acquiring loam A artless background inspection is conducted to duck fraud. KYC documents, along with two passport-sized photographs, are asked to be submitted
One can submit any one of the Aadhar Card, Driving licenses, Voter IDs, PAN Card as Identity immune Aadhar card, Ration card, passport, utility bills, or occupier agreement for connections residing on agreement can be submitted as Address immune or dwelling proof
The Borrower has to visit the Bank for this system A bank representative leave assess your KYC Documents
Purity examination of Gold
Bank authorities do the Purity appraisal of Gold on the premises of the Bank. The purity appraisal of Gold is an appraisal of Gold for its composition, weight, and impurities apportion in it The loan quantity is sanctioned based on the evaluated gold ratio per gram A purity investigation is a necessary test.
After completing all the procedures and meeting the Eligibility criteria, a Gold loan is sanctioned A Sanction letter is issued in the duration of the Borrower A instruction bulletin contains details about the lending bank, loan scheme, gold percentage per gram, profit rate, processing fee, prepayment options, tenure period, rebate options, etc., along with the Dena Bank’s terms and conditions After depositing the evaluated Gold in the Bank, the loan cipher is reflected in the Borrower’s bill quickly
Safety of Gold
The Gold deposited in the Bank is placed in the bag and blatant by a unique application no This is placed in the lockers allot in the Bank Lockers are donate inside the Bank’s vault It is safely protected and kept underneath surveillance. Bank authorities only transcribe this room Each locker has its specific keys The keys are with one of the Bank authorities
These choices are given for the fulfillment of the Debt The loan unit has to be paid over the tenure phrase chosen by the Borrower If the Borrower misses repaying an installment, he/she can renew or expand their tenure period, but this has to be done before the expiry of the tenure period.
The three options given for repayments are Bullet discount scheme, Overdraft refund scheme, and EMI option
One has to repay towards month-end, and the principal cipher is due at the latter of tenure
This scheme can be available for tall loan amounts, and the behalf is only charged on the amount disbursed by the Borrower.
In EMI, an indicated digit by the Borrower gets deducted towards the end of the month EMI can be calculated using EMI Calculator Choices hold been given to the Borrower for forming a suitable EMI choice.
- Standing Instruction (SI)- It is For Dena Bank report holders The repayments are made towards month-end on the unit indicated by the borrowers.
- Electronic Clearing Service (ECS)- It is for Non-Dena Bank bill holders to digitally offload the amount
- Post-Dated Checks (PDC)- to enable non-Dena Bank accounts to submit post-dated EMI cheques own to be submitted