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Agra
akola
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In accordance with the respective state government’s directive, we’ve resumed operations in all the cities. However, a few services will remain affected while others will continue as usual. To read about the services or moratorium updates, Click here

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

Gold Loan in akola

Akola is one of the most important towns in the district of agra. It falls under the legislative district of agra rural assembly and parliamentary constituency of fatehpur sikri. Agra city is located about 16kms from this area. The famous drop zone of the Indian air force is located 5kms away from the city. Akola belongs to the state with the highest number of wrestlers. The local youth more often apply for gold loans at akola and train to join the armed forces. Bhandai junction and mirhakur are the closest railway stations. Chaudhary charan singh chaharvati vidhyalaya, sri rafi ahmad inter college, v p s degree college, shanti uday college of science & technology, junior high school, and sg senior secondary school are well established educational institutions near the locality. As people always need money to meet life's varied ambitions, they apply for gold loans in akola.
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Gold Loans at the privacy of your home

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Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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.

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Frequently asked questions

Is a gold loan taxable?

Even though borrowers have the flexibility to spend their loan amount as per their choice, whether or not this amount is taxable essentially relies upon the purpose for which it is being capitalized. Not only are gold loans that are utilized for business purposes are taxable, but the interest component is also eligible for a tax rebate. The same does not apply to gold loans that are availed to be spent on personal reasons such as weddings or academic fees in which case the loan amount will be taxable.

What are the things to keep in mind when taking a gold loan?

When taking a gold loan, a borrower should consider the following points before choosing a lender - 

  1. Loan-to-Value (LTV): The loan amount being sanctioned for the gold can vary between lenders. A borrower should ensure they are receiving the highest LTV amount for their gold.
  2. Interest rate: This rate determines how much a borrower will pay for the loan, so the lower this is, the better.
  3. Gold security: Without an insurance cover or secure transport of the collateral, there may be certain risks to consider which can result in major losses.
  4. Additional fees and charges: These can increase a loan amount immensely, so it’s important to look out for a lender that charges the minimum amount for services being provided.
  5. Repayment schemes: A borrower needs to be able to repay the loan amount based on their monthly budget and financial standing to avoid defaults. Borrowers should look for flexible repayment plans to ensure this is made possible.

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