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Gold Loan in alwarkurichi

Alwarkurichi is a small panchayat town, situated in Tamil Nadu's tenkasi district. It is located about 52 km from tirunelveli city. The western ghats stand guard near the town as it is surrounded by green paddy fields, giving it a majestic look. The town has the river gadanathi flowing to its east, while the river rama flows to the west. Alwarkurichi boasts a high literacy rate of 71% which is slightly above the national average literacy rate. Many citizens from the town also opt for gold loans in alwarkurichi and satisfy their ambitions to lead a better standard of living.

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

When you require emergency funds or urgent loans, a gold loan is one of the most flexible and hassle-free loans that you can acquire. A few of the benefits that are exclusive to gold loans are listed below:

  1. Low loan interest rates - the interest rates are less because of the security of the collateral.
  2. Minimal documents – the only documents that the borrower is expected to submit are the address proof and identity proof
  3. High-value loan – up to 75% of the market value of the gold can be obtained as the loan and in some cases, up to 90%.
  4. No upper limit – the amount that you can obtain is determined by the value of the pledged gold.
  5. No requirement of income proof – the borrower can be unemployed or have an irregular income and still get a gold loan.
  6. No requirement of credit history – the borrower can have a poor credit score or CIBIL score and still be eligible for the loan.
  7. Flexibility – a secured loan is more flexible than other sources of income. The borrower has a variety of repayment schemes to choose from.
  8. Speed – the whole transaction, from the loan application to the disbursement of the funds takes place within an hour.

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Frequently asked questions

How does gold loan work?

The reason why gold loans are the most popular in the financial market is the ease associated with acquiring the funds. There are many online gold loan platforms now, using which, quick funds can be obtained. Getting a gold loan is a quick and hassle-free process. First, you have to download the lender’s app to place the loan request online. You can also place the request offline by calling their customer care desk. Within minutes, a company official will get in touch with you. From thirty minutes of placing the loan request, the representative will show up at your doorstep. After the careful gold valuation and verification of your docuemtns, the loan will be approved. Immediately after the loan approval, the amount will get transferred, which then has to be repaid within the loan term.

Can I avail EMI facility on gold loan?

Yes, you are eligible to leverage an EMI facility on your gold loan. Especially since Rupeek is designed to provide affordable solutions for borrowers from all walks of life, it offers EMI along with monthly reminders if you wish to avail that feature. EMI refers to the payment that you make each month to your lender for the loan you have received against your gold. This EMI component includes both the principal amount coupled along with the compound interest. Most times, while applying for an online gold loan in Tirunelveli you can simply use the gold loan calculator and check the EMI applicable for your loan amount. 
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