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Gold Loan in aau

Located in the rural area of ​​Jodhpur, Aau is one of the 272 villages in Phalodi. The village has very less population, but the illiteracy rate is high. 71% of women are illiterate and 49% of men are illiterate. These ratios affect the career opportunities of the students in the village. Most people are still unemployed, and those employed are agricultural farmers and laborers who generally choose gold loans in Aau to meet their agricultural needs. The village also does not have good amenities and transport facilities. The nearest railway station is more than 15 kilometers away.

What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

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

Do I need to update the bank in the event of a change in address due to relocation or any other reason?

As a borrower, you are required to submit address and identity proof before being eligible to avail the loan. This is primarily to ascertain your nationality, as well as to keep track of your whereabouts in case necessary. Hence, if you happen to shift your place of residence during the tenure of your loan, you are required to promptly inform your Rupeek executive in-charge. If necessary, your loan manager will schedule a visit and visit you at your new address. If not, your new address will simply be updated in our records provide you submit a proof of address online. 

What happens if the loan amount is not repaid on the due date?

Delay in repayment of loan reflects poorly on the borrower's credit score which affects the borrower's credit health if he/she were looking to avail a subsequent loan in the future. As a borrower your number one priority has to be prompt repayment of loans. Despite that if a borrower is unable to complete gold loan repayments because of unforeseen circumstances, the borrower will face extra charges with jumping interest rates. The loan manager will also be in touch with you to discuss the issue. If the loan amount remains unpaid beyond a stipulated date, the gold will be auctioned off. 

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