A Gold Loan is a loan where Gold is kept as collateral. Gold trading has been practiced in the elapsed Golds and lenders used to store Gold as a covert of collateral Following the establishment of banks, gold pledging in banks began Gold has significant emphasis because of its economic value and exterior Gold gifting is found to be extraordinary auspicious in Indian culture
Documentation process while availing Gold Loan
The method of availing Gold loan
The way of obtaining a gold loan is quick. In times of need, a Dena Bank Gold Loan can be valuable The practice of availing Gold loans are
Application protocol
The application is a process where one has to captivation to the respective order 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 authenticated website or app An application contains some personal story along with gold news and additional details
Documentation
This is the most momentous process for acquiring loam A innocent background test is conducted to duck fraud. KYC documents, along with two passport-sized photographs, are asked to be submitted
One can charge any one of the Aadhar Card, Driving licenses, Voter IDs, PAN Card as Identity unsusceptible Aadhar card, Ration card, passport, utility bills, or tenant sublet for family residing on contract can be submitted as Address resistant or dwelling proof.
The Borrower has to visit the Bank for this method A bank representative cede assess your KYC Documents
Purity check of Gold
Bank authorities do the Purity inspection of Gold on the premises of the Bank. The purity investigation of Gold is an investigation of Gold for its composition, weight, and impurities present in it The loan quantity is sanctioned based on the evaluated gold ratio per gram A purity check is a compulsory test
Loan Approval
After completing all the procedures and meeting the Eligibility criteria, a Gold loan is sanctioned A Sanction message is issued in the phrase of the Borrower A mandate message contains details about the lending bank, loan scheme, gold ratio per gram, gain rate, processing fee, prepayment options, tenure period, decrease options, etc., along with the Dena Bank’s terms and conditions After depositing the evaluated Gold in the Bank, the loan digit is reflected in the Borrower’s tally quickly
Safety of Gold
The Gold deposited in the Bank is placed in the bag and noted by a unique application no This is placed in the lockers allot in the Bank Lockers are allot inside the Bank’s vault It is safely unharmed and kept unbefitting surveillance Bank authorities only register this room Each locker has its specific keys. The keys are with one of the Bank authorities
Repayment options
These choices are given for the fulfillment of the Debt The loan figure has to be paid over the tenure phrase chosen by the Borrower If the Borrower misses repaying an installment, he/she can renew or increase their tenure period, but this has to be done before the expiry of the tenure period.
The three options given for repayments are Bullet decrease scheme, Overdraft deduction scheme, and EMI option
One has to repay towards month-end, and the cardinal symbol is due at the closing of tenure
This scheme can be available for lofty loan amounts, and the behalf is only charged on the cipher disbursed by the Borrower.
In EMI, an indicated digit by the Borrower gets deducted towards the latter of the month. EMI can be calculated using EMI Calculator Choices obtain been given to the Borrower for making a suitable EMI choice.
- Standing Instruction (SI)- It is For Dena Bank tally holders The repayments are made towards month-end on the cipher indicated by the borrowers.
- Electronic Clearing Service (ECS)- It is for Non-Dena Bank tally holders to digitally transfer the amount
- Post-Dated Checks (PDC)- to enable non-Dena Bank accounts to propose post-dated EMI cheques hold to be submitted