In a country like India gold is just more than some metal. It has got emotions and sentiments involved with it and thus people don’t realize that their gold can also work as a way of investment. You have a good investment opportunity but don’t have enough funds available. Your gold may just help you out through gold loans. Corporation Bank Gold loan here helps you in availing a gold loan.
Corporation bank is a public sector bank with the man set up in Mangalore. Being established in 1906, it is again one of the oldest banks in the country. The bank shares a good reputation and thus its consumers rely upon the bank for all sorts of financial services.
Who can apply for Corporation 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. Also, the applicant must make sure that the gold is in an appropriate form.
Features of Corporation Bank Gold Loan
Corporation Bank has a good reputation because of the facilities it provides along with the consumer service satisfaction. To start off with the interest rate at which the bank provides the gold loan is reasonably cheap.
Also, the documentation required is very minimal and thus there is quick disbursal of the loan amount. On average it takes less than 30 minutes.
The interest rate provided in a gold loan by this bank is less than other types of loan and alongside that CIBIL score of the applicant also doesn’t matter much in gold loan for the bank.
Once the valuation of the gold is done, the ornaments are kept safely with the bank in their vault, thus the level of security is very high and you need not be worried about the security of the ornaments.
There is no EMI involved in the sense that the applicant has to pay only the interest and he/ she can pay the principal amount once the tenure of the loan is fulfilled. Thus payment options are fairly flexible.
One of the biggest advantages this bank provides is that there are no processing charges involved. Also, there are no foreclosure charges or if there are any they are very low.
Documentation for Corporation Bank Gold Loan
There are certain documentation procedures for Corporation Bank that is needed to be followed to fulfil the verification process. These documents include Driver’s License/ Voter card/ Passport/ Aadhar Card/ Pan Card, etc.
Also, two passport size photographs are also required. These documents are required for verification of identity and also the acts as proof for the address listed by the applicant.
There are certain additional documents required by the bank for example in the case of agricultural gold loan for less than Rs. One Lac. If the loan is more than one lac then there is no need to show proof for allied agricultural purposes.