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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in ajnala

Ajnala is a small town of considerable historical significance in the district of amritsar in the punjab Indian province. Located in west punjab, it shares a border with pakistan. It has significant historical significance because the town has the well 'shaheedan da khu' in which bodies of 282 sepoys from the 26th native infantry were dumped after being executed without trial by frederick henry cooper, then deputy district commissioner. The old tehsil, ajnala is now a member of punjab's list of state-protected monuments. With various hospitals, schools, colleges, theatres, banks etc., the town is well known. The residents can apply for an gold loan in ajnala if they face financial emergencies.

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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.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

Can I avail EMI facility on gold loan?

Yes, EMIs are available for a gold loan in Amritsar. EMI stands for Equated Monthly Installment where a fixed amount is paid every month towards the repayment of the loan. The EMI consists of both the principal amount as well as the compound interest. EMIs are fixed and consistent and make sure that the repayment of the loan does not burn a hole in the pocket of the borrower. Before you place an application for a loan, using the online gold calculator, it is possible for you to check the amount you will have to pay as EMI for your gold loan in Amritsar.

Does gold loan affect CIBIL?

All gold loan lenders do not consider the credit score before sanctioning a loan. Some lenders take into consideration the CIBIL score. Rupeek does not require the CIBIL score of the borrower before giving the loan approval. In that case, your CIBIL score is of no concern when you obtain a loan from Rupeek. But on the other hand, what can affect your CIBIL score is your repayment of the loan. If you have made all the repayment of the gold loan in Amritsar on time, your CIBIL score will take a boost. On the other hand, if your repayment has been poor, your CIBIL score will be adversely affected. This will, in turn, affect your eligibility of loans in the future.
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