Is PAN card mandatory for gold loan in SBI?
✅Is a PAN card mandatory for a gold loan? No, you do not need to provide a PAN Card to borrow money against gold mandatorily. It is one of the documents that the lenders accept as Identity Proof. However, if you do not have a PAN Card, you can submit other gold loan documents such as Aadhaar Card, passport copy etc.
Is PAN mandatory for loan?
A PAN card is one of the identity proofs that lenders seek to approve loan applications. Although there are substitutes to this identity proof in the form of Voter ID, passport, driving license and aadhaar card, lenders keep PAN card as mandatory for accessing loans.
What is not accepted for gold loan?
In the case of banks, one can pledge gold ornaments or specially-minted gold coins sold by banks; however, loans cannot be given for gold coins weighing more than 50 gram. With NBFCs, only gold jewellery can be pledged. Also, loans cannot be given for the purchase of gold in any form.
What are the documents required for gold loan in SBI?
You need to submit one proof of identity and one proof of address to get a SBI gold loan. The list of identity and address proofs is as follows: Identity proof: PAN Card, Driving License, Passport, Voter’s ID Card, Aadhar Card. Address proof: Voter’s ID Card, Aadhar Card, Rent Agreement, Utility Bills, Bank Statement.
Is Bill required for gold loan?
It is possible to get a gold credit without a bill or invoice of jewellery purchase, and there is no rule against it. Here are the steps involved in getting financing against gold coins and other forms of the yellow metal: Fill up the application form and submit it to the branch or online.
Which bank is best for gold loan?
Gold Loan Interest Rates Comparison
|Name of the Bank||Interest Rate||Loan Amount|
|Canara Bank Gold Loan||7.35% p.a.||Rs.5,000 to Rs.35 lakh|
|Muthoot Gold Loan||12% p.a. to 26% p.a.||Rs.1,500 onwards|
|SBI Gold Loan||7.00% p.a. onwards||Rs.20,000 to Rs.50 lakh|
|Kotak Mahindra Gold Loan||10.00% p.a. – 17.00% p.a.||Rs.20,000 to Rs.1.5 crore|
How many days will it take to get PAN Card?
On submission of the PAN Card application form, it would generally take between 15-20 working days for the PAN card to be issued. Now, however, applicant can receive their PAN card in 2 days. The process is outlined below: Visit the NSDL website and select the appropriate form from the options provided.
Can I open online bank account without PAN Card?
Yes. PAN is not mandatory for opening a bank account. You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.
Can I get loan without Aadhar card?
An Aadhaar card is mandatory for NIRA personal loan application. It is required to complete the verification and KYC process.
Will a bank take gold?
The bad news is that most banks do NOT accept gold due to missing evaluation possibilities. During the last 10 years many counterfeit coins and bars appeared because the gold price raised so rapidly. The risk of buying gold with a tungsten core is serious and most banks are not willing to bear buying-risks.
What is Las account?
Loan Against Securities (LAS) is an overdraft facility which enables you to deposit your investments as collateral without having to sell them during market downturns. … Apply for loan against securities to obtain instant liquidity without any foreclosure charges.
Is SBI gold loan Safe?
Security – Gold items provided as security are returned on repayment of loan. Fast approval – This loan is easy to avail, with quick approval and minimal documentation. Low processing fee – SBI charges a processing fee of 0.25% of the loan amount.