A Gold loan is an excellent option when you need funds urgently. It is a secured loan that allows you to get the funds required while preserving the investment, which the bank returns upon successful repayment of the loan.
DBS is considered to be the Best Gold Loan Bank. It has an easy application process and easy eligibility for Gold Loans, which anyone can apply for. Once the loan is repaid in full, the lender bank will return the gold held as collateral. In case one is not in a position to repay the loan, the lender bank may sell the gold to offset the losses.
Key Highlights of DBS Gold Loan
Mentioned are the key highlights of DBS Gold Loan:
- These are secured loans, wherein the gold can be pledged to get cash.
- The loan can be obtained within minutes with the help of minimal documentation.
- Its features include high LTV, no-end use restrictions, and instant processing of loans.
- It provides flexibility in terms of varied repayment methods and loan tenures.
- Once the loan is repaid in full, the bank will return the gold to you.
Features of DBS Gold Loan
Mentioned are the prominent features of DBS Gold Loan.
- Competitive Rate of Interest:
To secure the investment risk and take care of the gold pledged, DBS comes with a competitive rate of interest on gold loans compared to unsecured loans.
- Minimal Documentation:
The documentation requirement is minimal, i.e., only KYC documents, i.e. identity and address proof, are required.
- High Loan-to-Value Ratio:
Lenders may provide loans up to 85% of the current market value of gold. The maximum LTV ratio can differ from lender to lender.
- Instant Processing of Loan:
The lender bank will weigh the gold to disburse the loan quickly.
- No End-Use Restrictions:
There are no restrictions on the intended use of the user on how to use the loan amount.
Benefits of DBS Gold Loan
Mentioned are the benefits of the DBS Bank Gold Loan:
- Easy Eligibility:
There are no strict eligibility parameters to meet. One is simply required to be an Indian resident between 18 and 75 years of age.
- Zero Prepayment Charges:
The loan can be repaid anytime between its commencement and the date of maturity. No penalty is levied if the borrower opts to close the loan before the stipulated time.
- Flexible Terms Repayment:
The borrower can repay the gold loan by selecting the bullet repayment mode, i.e., paying the principal and interest at the end of the loan tenure.
- Ability to Reuse Gold:
The lender will return the gold once the loan is repaid. One can pledge the same gold in further need of funds.
DBS Gold Loan Process
Mentioned below are the steps of the DBS Gold Loan Process:
Step 1: The initial step is to look for different lenders who offer gold loans.
Step 2: Next, visit the lender chosen along with your gold ornaments, coins, etc.
Step 3: Fill out the loan application form and submit the same along with the necessary identity and address proof documents.
Step 4: The lender will then weigh the gold and evaluate it to check its purity. After which, he will determine the loan amount that can be availed.
Step 5: The lender bank will then sanction the loan, keeping gold as collateral.
Step 6: Once the loan is repaid in full, the lender bank will return the gold back. However, if the loan is repaid within the stipulated time, the lender has got all the rights to sell or auction it off the gold to recover the investment.
Documentation Required
Mentioned below is the list of documents required to be provided along with the loan application form:
- A copy of your identity proof document, like PAN, Aadhaar card, Voter’s ID, Driver’s License, etc.
- A copy of your address proof document, like an Aadhaar card, Voter’s ID, passport, Driver’s License, etc.
- In case the amount of the loan exceeds a specific amount, the lenders will be required to provide a copy of their PAN card.
Features of DBS Gold Loan Eligibility Calculator
Mentioned are the prominent features of DBS Gold Loan Eligibility Calculator:
- Easy Usage: With a simple and straightforward-to-use interface, this eligibility calculator can be easily used by anyone.
- No Errors: It is an online and automated tool, hence assures 100% accurate results free from manual calculation errors and mistakes.
- Swift Results: It provides instant results and allows users to recheck and amend the values entered into the calculator, no matter how complex the calculation is.
- Unrestricted Access: It has unlimited and unrestricted access, which means there is no limit on the number of times the calculator can be used.
- Assistance with Planning: It assists in budget planning by providing an estimate of the loan amount and applicable interest rates so that the EMI amount can be planned before obtaining the loan.
How to Use the DBS Bank Gold Loan Eligibility Calculator?
Using the DBS Bank Gold Loan eligibility calculator, one can compute the estimated loan amount that DBS offers on the basis of pledged gold by following some simple steps mentioned below:
Step 1: From the provided drop-down menu, choose the desired purpose for acquiring between agricultural and non-agricultural reasons.
Step 2: In case the purpose of acquiring a loan is agricultural, select the preferred loan tenure between 6, 9, and 12 months. In case the purpose of acquiring a loan is non-agricultural, the loan tenure would be auto-selected as 12 months.
Step 3: Now, select the type of ornament to be pledged to secure the loan. Acceptable ornaments include bangles, necklaces, chains, earrings, finger and toe rings, and pendants.
Step 4: Input the net weight of the gold pledged; the numeric value of the gold should be in grams only.
Step 5: Enter the carat of gold that is to be pledged, which should be selected from the drop-down menu. The acceptable caratage of gold is 18, 20, 22, and 24 carat.
Conclusion:
Once the details mentioned above are entered, the calculator will compute the maximum loan amount instantly. After that, the gold can be brought to the bank to obtain the loan.