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

Gold Loan in ambasamudram

Ambasamudram is an important town situated in Tamil Nadu's tirunelveli district. The position derives its name from amba and samudra merging two words. Ambasamudram sits against the backdrop of lush green western ghats on the north bank of the tamirabarani river. This picturesque town is famous for its natural scenery as well as for its old temples. The thirumulanathar temple and kasibanathaswami temple, which is 200 years old, are two of this twon's main attractions. No wonder, both visitors and pilgrims are making a beeline for this area. Several companies have come up in this town to appeal to the visitors. Residents are known to take advantage of gold loan at ambasamudram to support their company during the tourist season.
Today's maximum loan value/gm **
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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. 

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

Is there a possibility of damage to the ornaments at the time of appraising?

Thanks to the affinity we feel towards ancestral jewelry we tend to tag a lot of sentimental value to our gold. This trend is pervasive especially in a country like India where gold is passed on from one generation to another. At Rupeek, we full well understand that your gold ornaments are of utmost value to you. We assure you that at Rupeek we maintain at high standard of safety and that our representatives will take all the necessary care and caution while handling your ornaments. The entire gold appraisal process will happen right in front of your eyes, during which you can witness our safekeeping in real-time!

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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