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Many of the banks receive a lot of gold loan applications all day. Although if you make a very good point to make your all the application perfect according to some of the bank’s guidelines your gold loan has a chance of getting very quick approval and therefore a quick disbursal.

Some different banks have very different guidelines for their applications and they should be followed accordingly. Many of these banks only provide HDFC gold loan to people whose salary accounts are with the same bank. If you do not have your salary account there then simply applying for the gold loan over there is just a futile effort. Many of the banks have also different guidelines for all the self-employed individuals such as very minimum years of the business profits if your business is not very old enough then you are also ineligible to avail of this gold loan from that bank and you can also search for a different bank.

Many of the banks also have schemes for the differently employed individuals such as farmers, people from all the defence services pensioners, public as well as private-sector employees. This kind of scheme provides features to those individuals and many of the people should apply to those things accordingly. These kinds of schemes often come with perks such as a very lower rate of interest, more payback period, or more money borrowing very good capacity, and other things.

Many of the banks might ask for all the particular identity proof such as a passport is mandatory for all the people who apply for the gold loan for going abroad. Always make sure you have those identity cards ready to go. Adhar card, pan card, driving license, and some very basic things. Some banks can ask for all or some of them according to all the policies. Such kind of address proof is also a very important aspect as banks also get them verified. If you live in a rental apartment be sure to convey to the bank that all the permanent, as well as postal addresses, are very different. Many of the banks require you to stay in the rental for a few months.

Also, make sure you are fulfilling those kinds of guidelines. Address proofs such as ration cards, the electric bill, and more very basic things. To check all the repaying capabilities you are asked to provide you with some of the bank account statements for up to one year and income tax. This kind of gold which you are submitting to the bank for the gold loan purposes must be of very minimum carat purity less than that is not simply acceptable to avail the gold loan.

Try to avoid all the jewellery which has also precious stones in them such as diamonds or pearls as this kind of gold loan is only valued for gold and all the valuation process can become tedious if you have every good diamonds or pearls as they need to be removed as well as reattached back which also not a very good thing for the authenticity of that kind of jewels. If you want to take all the insurance on your gold loan then also make sure to submit those kinds of documents along with the very normal gold loan documents to get very fast approval. Some of the documents mentioned above are only required for many of the banks and this can be overkill to submit all kinds of documents.

Conclusion

If some of the banks have not asked for them. Hence visit any bank’s website to do thorough research on this bank’s guidelines to make sure you are submitting the very right documents needed. Whenever availing of the gold loans for very older individuals check the bank’s policies on age. You can very easily apply for the gold loan if a bank is providing loans for most of the people of that age.

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