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

Gold Loan in Amritsar

The city of Amritsar is the second most populous city in Punjab and it gets its name after the Amit Sarovar lake which is situated in the premises of the Golden Temple. The late Sikh Guru Ramdass Ji was the person involved in finding this majestic city. Amritsar, the sacred pilgrimage, is a highly visited spiritual destination for people from different religious backgrounds across the world. According to history, this city has been subjected to some of the most vicious acts of forced migrations in all times. Till date, the people here connect with their distant relatives across borders. Temples and community kitchens located in the city are well acclaimed for its immense nature of hospitality and kindness. The Gurudwaras practice a culture of offering free food to anyone in need, thereby taking care of the hungry souls. Kulcha (Indian bread) and Lassi (sweet buttermilk) stand as the authentic staple diet of the people. The city is abundant in tourist sites and the most renowned ones are the Golden Temple, Gobindgarh Fort, the Jalinwala Bagh memorial, Partition Museum, Maharaja Ranjit Singh Museum, Jama Masjid Khairuddin, Akal Takht, Durgiana Temple and Ram Tirath Ashram. In order to manage financial commitments, most people consider the choice of gold loans in Amritsar.
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We offer the highest per gram rate on our gold loans.

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Gold Loans at the privacy of your home

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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

Why should I take a gold loan with my jewellery?

If you are in the lookout to have your short term goals financed, you can always use your gold jewelry that you aren't actively using and exchange it for cash. Once you have repaid your loan, you can reclaim your loan as it was. As gold loans in cityname are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Gold loans in <cityname> are the go-to option if you require emergency funds.

What are the benefits of a gold loan?

Gold loans require the borrower to pledge their gold against the loan. The value of this gold needs to be at least 30% more than the loan amount being availed. In case of an arrear or a failure to repay the loan, the lender assumes full and permanent ownership of the collateral. Owing to this, availing an online gold loan comes with a lot of benefits that include but arent limited to:

1) Speedy Disbursal

2) High LTV (LOan-Value Ratio)

3) Low-Interest Rates

4) Minimal Documentation

5) Relaxed Eligibility Criteria

6) Waived Processing Fee

7) 100% Insurance Cover

Are banks or NBFCs better for availing gold loan

If you are looking for a gold loan in cityname but find yourself confused about the source from where to procure the funds, it is important to understand the pros and cons of each source. Since there are many lending institutions today that supply funds both offline and online, they all have their specific list of advantages and disadvantages. While banks and NBFCs look like the obvious choices, the borrower has to evaluate both of the sources with respect to their financial status. Banks usually take a longer time to process the loan, to verify the CIBIL score and they also offer lower LTV and have a strict EMI model. On the other hand, although NBFCs offer higher Loan to Value ratio, they charge higher interest rates. 

Who can avail Rupeek gold loan?

A gold loan is one of the most flexible sources of funds. That is to say that the borrower doesn’t have to fulfill many criteria to be eligible for the online gold loan. Unlike other unsecured sources of funds, such as a personal loan, the borrower isn’t required to have a stable source of income or a high credit score. The security of the pledged asset opens up several doors of benefits for the borrower. 

The only eligibility criteria that the borrower has to fulfill are listed as follows:

  1. The borrower has to be above 18 years old to qualify for the loan. Usually, minors are not allowed to acquire loans in their name.
  2. The gold that is to be pledged has to be equal to or above 18 karat gold. 18 karat gold is the cheapest and the least pure form of gold that can be pledged before the lender. 
  3. The pledged gold has to be in the form of ornaments or jewelry. Gold, depending on its purity, exists in different forms. The only form of it that can be submitted before the lender is ornaments. 

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