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Gold Loan in Arera Hills

Located near the arera hills lower lake, is one of bhopal's largest residential colony. It is a posh place to the south of bhopal city and is riddled with greenery. The arera hills is this area's back drop which makes it easy for gold loans if you want to buy a house here. Secretariat of state for vallabh bhavan, cm office is situated here. This place really has a number of government departments, and is very stable. There is also chinar park and rose garden. There are quite a few temples and mosques in here as well. The regional office of the national bank of punjab and the zonal office of bank of India are located north of the arera hills district.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

Benefits of an online gold loan

The benefits a borrower can reap from an online gold loan are boundless! All you need to do to avail an online gold loan is download the lender's app and place a loan request. One of the best features of a gold loan is that this process can be done online entirely without manual intervention provided that is what the borrower prefers. The borrower also has the flexibility to place a call on the lender's customer care number to avail the same if he/she were to feel like they might need assistance with the process. All this happens right from the comforts of your home. Even when it comes to gold valuation, you do not need to venture out with expensive gold in your pocket! The lender assigns a representative that will visit you at a location and time as stipulated by you. While an online gold loan does require a few basic documents, you can also avail a loan with just your Aadhar card! As a borrower, you are eligible to receive up to 75% of the gold you are pledging. If both parties are in agreement with the loan amount, the loan is disbursed to your account within a matter of 10 minutes. What's more, the entire process takes only an hour end-end!

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Frequently asked questions

Can my gold loan be written off?

'Written off' refers to the term which implies that the borrower has not repaid the loan amount borrowed over 180 days ago. In such a case, the lender will have to do away with the outstanding amount that needs to be repaid. It is noteworthy that a 'written off' in your record will reflect poorly on your credit score which will not play out in your favor when you are looking to avail subsequent loans. However, in the case of a gold loan in Bhopal, the lender has the right to auction off your jewelry if you fail to make your repayments three or more consecutive times during the tenure of your loan. Though the value of used gold is lower in the market, the lender settles the losses incurred for granting a loan to that customer with the auctioned money.

Can a family member be present for the appraisal in my place?

No, a family member cannot represent the borrower when loan appraisal is happening. Most lenders require the loan applicant to be physically present while gold valuation is underway. This is primarily for transparency and security purposes. While family members can also be present while the gold appraisal is happening, the presence of the loan applicant cannot be substituted by that of a family member. Since the presence of the loan applicant helps confirms the identity and address proof of the applicant, you will not be able to move forward with your loan on gold if you request a substitute for the process. 
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