- Allahabad Bank Gold Loan
- Why Gold Loan
- Gold Loan Documents
- Gold Loan Eligibility
- Terms And Conditions:
Allahabad Bank Gold Loan
What is Gold Loan?
Gold Loan is a very simple concept and in this type of loan, A customer pledges gold. It may include jewelry, ornaments etc. as security for taking the loan. This type of loan is useful if you are in need of money for immediate expenses. And also expect to be able to pay it back in the short term. It is cheaper and faster as compared to personal loan. The banker uses the gold as security against latent mortgage default by the customer. The loan that is against gold is a specific percentage of the value of the gold. The gold has been pledged and the loan is sanctioned after analysis of basic documents. The amount is then given to the customer in the form of cash, account transfer or demand draft. These are short-term loans while the repayment period can vary from one month to a few years.
About Allahabad Bank
Allahabad Bank is a nationalized bank with its headquarters in the Indian state of Kolkata. The Bank was set up on 24th April 1865 at Allahabad by a Group of Europeans. It is the oldest Bank in the country at present and also it has been chosen as one of the banks to manage India Development Bonds Scheme.