Individuals above 18 years can apply for the Gold Loan. Both existing and new customers are eligible to apply.
Gold is considered to be the most precious possession in any individual’s life which is kept and preserved with utmost safety and under a trusted custody like Banks. Usually the purpose of Gold is make jewellery, coins etc which are to be worn and to be gifted and treasured as family tradition, but the same gold can be utilized to take loans as well in order to fulfill various kinds of personal needs.
Dena Bank, one of the foremost public sector banks in India provides such Gold Loans which can be taken for any personal requirements like family marriage, higher education, starting of business, medical exigencies etc.
Why Apply for Gold Loan from Dena Bank?
Dena Bank follows very simple and hassle free procedure like
- Faster loan disbursal.
- Minimum documentation.
- Improves customer service in a much shorter response turnaround time.
- Absolute protected custody of gold ornaments.
The loan amount is totally dependent on the value of the gold jewellery or the gold coins. However, one important point here to note is bullion is not allowed under this scheme. The minimum loan amount is Rs 10000/- and the maximum loan amount is Rs 500000/-
There are two methods or two ways of repaying the loan. Firstly, till 2 years of repayment, the amount needs to be repaid in EMIs or half-yearly or quarterly or annual installments or on a lump sum base, as decided and as agreed by the borrower or borrowers. Secondly, other than the EMI method as stated previously, one has the liberty to pay only the interest on a monthly basis.
Let’s take example: Mrs Sahana Bhattacharyya wants to avail a gold loan for her boutique. She wants to know about the EMI. Her loan eligibility according to her old valuation is Rs 3,00,000 and repayment will be for 24 months with 12% fixed rate of interest, then the EMI which she will be paying will be Rs 14,123/- and the total interest will be Rs 38,929.
Another example can be taken, where Mr. Arup Biswas, a salaried person , wants to avail gold loan, and his eligibility came to Rs 5,00,000 and repayment will be for 60 months with 13% variable rate of interest, then the EMI which he will be paying will be Rs 11,377/- and the total interest will be Rs 1,82,593.