Gold Loan in Mumbai is offered to residents of the city, who need funds urgently for any expense. Banks and NBFCs in Mumbai have attractive offers on gold loans. They charge nominal rate of interest. The loan amount can be used for desirable purpose. Loan tenure is flexible and you can get maximum amount as per the gold weight and purity. The procedure for sanctioning a Gold Loan is transparent and the financial institutions help several customers meet their financial needs with the funds. You can get the funds in as less as 45 minutes, or the same day of the loan approval.
At loanbaba.com, you can apply for a gold loan with top banks and NBFCs in Mumbai.
|Gold Loan in Mumbai Details Updated|
|Loan Amount||Rs. 1 lakh to Rs. 1 crore|
|Loan Tenure||6 Months to 2 Years|
|Interest Rate||10.50% - 13.50%|
Mumbai being the capital of Maharashtra and financial hub of India attracts people from all over the country to seek a living here. Many big financial institutions like Bombay Stock Exchange (BSE), Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI), and National Stock Exchange (NSE) have headquarters in the city. Similarly, many other reputed organizations like mutual fund houses, nationalized banks and insurance companies have their head offices in this city.
The city has a diverse population in terms of ethnicity, culture, and more. It also has Bollywood- Indian Hindi film industry. Many migrants come to this city every year from other states of the nation which makes it to be multi-cultured city. And to meet monetary expenses, people take a loan against gold, which can be availed by anyone – a homemaker, salaried individual, a self-employed individual, a professional, businessperson, etc.
Below-mentioned are the features of gold loans.
Below-given are things to keep in mind when applying for the loan:
Below-given are reasons why you should choose Loanbaba to apply for a gold loan in Mumbai:
Below-mentioned are the FAQs about gold loan:
Only minimal documentation is needed for a loan against gold. You have to submit your PAN card, and any government recognized identity proof, address proof, along with your recent passport-sized photographs.
To apply for this loan, you must be over 18 years of age.
While both these loans have no restriction on the end-purpose of funds, they are yet distinct. A gold loan is secured in nature, while a personal loan is collateral-less. The former has tenure up to 2 years, and the latter up to 5 years. The interest rate on the former is also lower than on a personal loan.
There are special gold loan schemes for farmers and agriculturists. The rates of such schemes are subsidized, lower by 1% or 2% than the standard rate of interest. Here, the fund can be specifically used for farming or agricultural activity only, and the borrower has to serve the proof of land.
The financial institution has the right to auction the gold to recover outstanding due in case you default on the loan.
You can repay the loan through any method of money transfer such as a post-dated cheque or an online transfer.
Though a hard credit check is not mandatory, lenders expect the borrowers to have at least 600+ CIBIL score to attain a loan against gold.
You do not have to bills against the gold, until specifically asked by the financial institution. Billing proof may be required if the loan amount is big..
No, you do not need a guarantor to apply for this loan.