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Allahabad Bank Gold Loan

Author: Nikhil Chawla
by Nikhil Chawla
Posted: Jul 15, 2019

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 with its main set up in Kolkata. It was founded in 1865 and is one of the oldest banks in 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 he/ she 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. For agricultural purposes, it is even lower.

However, There are queries regarding whether it is better than personal loans or not? Gold loans are cheaper than personal loans. Being an unsecured loan, the personal loan carries a higher rate of interest as compared to the gold loan which is a secured loan.

Allahabad Bank Gold Loan Calculator

With this facility, the customer can have access to the interest rate on the required amount for the given tenure. With the help of this feature, the customer can have an idea about the total interest rate, the amount of Loan that the applicant has to pay eventually and other calculation. This helps him to decide the amount of Loan and the tenure of the Loan. The applicant is always advised to use this feature before applying for an Allahabad Bank Gold Loan.

About the Author

Gaurav Khurana worked as national sales head of Ing Investment Mgt India, Vice President & National Sales Director of Cross-Sell. Asst. Vice President & Branch Head of Citi Bank. Ceo of DidalaBank India’s First Financial Portal from 2011 to Present.

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Author: Nikhil Chawla

Nikhil Chawla

Member since: Jul 08, 2019
Published articles: 4

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