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Gold Loan in Aareymilk Colony

Aarey Milk Colony is an area that falls within the eco-sensitive zone of Sanjay Gandhi National Park. The ghost stories associated with its name is quite known in and around the locality. It is a neighborhood situated in Goregaon, a suburb of the city of Mumbai. It was established in 1949 to revolutionize the processing and marketing of dairy products in the city. The people here sometimes get depend on instant gold loan in Aarey Milk Colony for their additional expense and their needs. The area is considered a mixed moist deciduous forest. Aarey Forest has an array of wildlife and several species of insects, butterflies, and birds. Around 600 acres of the colony is classified as a reserved forest.

Eligibility criteria for an online gold loan

Since a gold loan is a secured loan, it offers many benefits that the other sources of funds do not offer. Some of the benefits offered by a gold loan include:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

The requirement for eligibility for a gold loan isn’t much. To avail a gold loan, the borrower has to fulfill the below-mentioned criteria:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

The loan amount is then calculated by the lender by multiplying the quality, purity, and weight of the gold. The lender then multiplies it with the average price of gold for the past thirty days. The resultant amount id the loan amount that the borrower can borrow.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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Frequently asked questions

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Mumbai where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 

Will gold items with stones be accepted for gold loan?

If you are looking to apply for and procure a loan against your existing gold jewellery, the gold ornaments with stones and gems will not be evaluated for the loan amount. They will deduct the stone weight and only the gold will be valued depending on its purity. When you take a gold loan in Mumbai, you are eligible to get up to 75% of the market value of the gold as your loan amount. The valuation of the gold is ascertained by its weight and purity among other factors. For this reason, the weight of the stones or the gems will be disregarded.
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