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Gold Loan in acharya vihar

According to the magic bricks website, acharya vihar is ranked 5/5 by locals, agents & tourists for its climate, commuting & points of interest. It is best rated to contact, hospital standards where there is an average 5.0 rating given. Currently, the locality has 5 properties available for rent and housing purposes, while the average rental price is rs 11,852 per sq. Foot. feet. The locality itself is closer to other residential areas including hans pal, jayadev vihar and khorda town. Local residents have commented on the area's accessibility through roads to other odisha cities, and have mentioned that the spaces inside the area make for great parking spaces. An gold loan for living at acharya vihar could be a cheap affair.

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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.

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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 Bhubaneswar 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. 

Do online gold companies offer different schemes for different income groups?

No, online gold companies do not even take into consideration the income of the borrower before approving the loan, let alone offer different schemes based on their income. Unlike an unsecured loan, the lender does not check the financial health of the borrower before approving the loan. All that an online lender looks for is the authenticity of the gold and the validity of the documents (the identitiy proof and the address proof) before sanctioning the amount. The loan amount and the interest rate are determined by various economic factors and by the pledged gold. A gold loan also makes it possible for the lenders to procure the loan even if they are unemployed. 

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