What is a Gold Loan ?
- Gold loan, also called loan against gold, is a secured loan taken by a borrower by pledging their gold articles (within a range of 18-24 carats) as collateral.
- The loan amount provided is a certain percentage of the gold, typically up to 75%, based on current market value and quality of gold.
What are the benefits of taking gold loans from SahiBandhu?
Some of the biggest benefits for our customers are:
- Instant loan across the table
- Attractive interest rates
- Multiple payment options and tenures
- Simple & easy documentation
- Wide range of products
- Complete safety of gold deposit
- Get personal assistance
Who is eligible to avail a gold loan?
- Indian resident and citizen
- 18 to 70 years of age
Is CIBIL required?
No. Gold Loans require you to provide gold as collateral, which is a liquid tangible asset. Even if you have a low credit score, banks are likely to give you a loan because your gold acts as a security and shields them from the risk of default.
What are the documents required for a gold loan?
- Passport size photograph
- ID Proof - Driving License / PAN Card / Form 60/61 / Passport Copy / Voter ID Card / Aadhaar Card / Ration Card. (Any one document needs to be submitted)
- Address Proof - Driving License / Voter ID Card / Ration Card / Aadhaar Card / Passport Copy / Registered Lease Agreement with utility bills in the name of landlord (not older than 3 months)
- Proof of land holding in case of agriculture loan
How is gold loan different from other loans like personal loan and business loan?
- As gold loan are secured loans so the interest rate is lower compared to other loans
- A person is required to only submit their KYC documents like ID with address proof to get their gold loan approved and get the amount disbursed within 30 Minutes.
- Limited paperwork in gold loan makes its approval and disbursal quicker whereas personal loan has elongated paperwork which leads to delayed loan disbursal.
- Credit history is not required in gold loan to some extent whereas it is required in personal loan and can also impact rate of interest.
- There are flexible repayment options available with gold loan, with zero or minimum prepayment charges
Is my gold safe with SahiBandhu?
- Your gold is absolutely safe with us. It will be deposited in a safe vault in the strong room of your nearest Bank branch, giving you the assurance of complete transparency and peace of mind. Your Gold is valued in your presence, sealed, and secured in a tamperproof packet.
- Whenever you wish to get your gold back, it will be given back to you in exactly the same state as you submitted in the first place.
How do I know if a SahiBandhu executive is authentic?
- When you fix an appointment with our executive, we will share the executive’s photo and basic details with you via SMS link.
- Our executives always carry their ID card. Please ask for the same when you meet them.
How to apply for a SahiBandhu Gold Loan?
You can apply for a gold loan by calling us at 18003098440 or by requesting a call back on our website.
What type of gold can I pledge to avail the gold loan?
Any gold ornament above 18 carats can be used to avail a gold loan.
How can I repay my loan ? What different options are available for the payment?
You can repay the loan by Cash, Cheque, Demand Draft or through Funds Transfer. The ornaments will be released on realization of amount by the Bank.
What happens if the loan amount is not repaid on the due date?
You will be given an option to pay only the interest and renew the loan. Further default on loan payment will result in a notice being sent to you, informing you of the time within which you will have to clear your obligations.
Non-payment of loan by the final notice date will lead to lenders auctioning your gold articles to recover the outstanding loan amount.
Are there any charges levied for late payment of interest?
You will be charged a penal interest (as the case may be) at the bank rate, over and above the normal rate of interest.
I need some more information; how can I contact SahiBandhu Gold Loans?
You can contact SahiBandhu by calling us at 18003098440 or by requesting a call back on our website.