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Gold Loan in Abbineniguntapalem

Abbineniguntapalem refers to a village in Andhra Pradesh, about 24 km from the town of guntur. The principal highlight of this region is the abbineniguntapalem bay. This body of water lies along the guntur parchor path. The lake's natural beauty as well as the temples that surround it has made it an draw for people from surrounding places. Temples of devi durga, velangani matha shrine, and sri kaasi visweswara swami temple are among the temples in the area surrounding the lake. There are a few churches and a mosque in abbineniguntapalem too. The region provides no space for doing business. In abbineniguntapalem many local residents also use gold loan to meet their financial needs.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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Frequently asked questions

What is gold loan renewal and how is it done?

Rupeek strives to provide flexible, convenient, and affordable solutions for everyone. Most of the gold loan schemes available are of short tenure and our generally one of the below three:

1) 3 Months

2) 6 Months

3) 12 Months

Some lenders give the customers the option to extend the tenure of their loan. This process of availing an extension is known as gold loan renewals. It is noteworthy that your lender might levy a renewal fee if you choose to transfer your loan.

What are the benefits of a gold loan?

A gold loan offers many benefits when compared to other types of loans. Gold loan benefits include faster processing time, higher loan to value ratio, lower interest rates, the convenience of availability of the collateral, faster loan disbursal, and relaxed eligibility criteria. Based on the lender, you may also enjoy other benefits like a waiver on the processing fee and insurance cover. Since the lender has been provided with an asset of the borrower, it Is understood that in case of failure of repayment of the loan, the lender can sell the asset of the borrower to settle the debt. This is why the lender can offer various benefits to the borrower, in the case of a gold loan.
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