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Gold Loan in ashok nagar ranchi

Ashok nagar is a ranchi city locality in jharkhand state, India. The nearest villages are tongritoli, dibden, argora, daud nagar, old a g settlement, etc. The nearest cities of ranchi are ranchi, khunti, patratu, saunda. Ranchi's name was lohargada earlier, and is now known as the city of waterfalls and lakes. Ashok nagar has undergone an immense change in the infrastructure owing to many luxurious residential projects being built in and around the city. gold loan in ashok nagar has allowed people to care about their hopes and wishes, and to invest in them carefully. Ashok nagar has convenient access to malls, colleges, schools, hospitals, hotels, and other shopping and leisure centres. The charm of the location adds to argora talab or lake in the neighbouring locality. Ashok nagar, above all, is healthy, peaceful and environmentally hygienic making it an perfect place to live in.

Benefits of an online gold loan

An online gold loan offers unparalleled benefits. To avail a gold loan, you need to register yourself as a borrower and mortgage your gold ornaments. The best feature of an online gold loan is that the entire process of the loan application and approval takes place online. Hence, the location of the borrower does not matter. Usually, the lender sends a loan officer to the borrower within half an hour of getting the loan request, who verifies the gold, and gives a quote. On successful verification and subsequent approval, the lender then sends the amount directly to the bank account of the borrower. With an online gold loan, a borrower can get up to 75% of the gold's average market value. As it is a secured loan, the rate of interest is lower than many other types of instant loans. Additionally, a borrower can apply for a gold loan only with the Aadhaar Card.

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

Are there any charges levied for late payment of interest?

Yes, lenders usually charge a penalty fee on failure of repayment of the gold loan in Ranchi. This charge will be added to the next monthly payment. On failure of repayment of the next payment as well, the lender will be forced to hand over the matter to the respective loan managers. They are likely to be harsh with the borrowers to make sure that the repayments are done on time. In order to avoid any such circumstances in the future, the borrower has to take care not to miss out on payments or delay the payments. The EMI payment has to be a priority of the borrower.

Does gold loan affect CIBIL?

Yes taking a gold loan will affect your CIBIL credit score depending on how you finish repaying your loan amount at the end of the tenure. The score directly reflects how responsibily you handled the loan payments. Taking a gold loan will influence your CIBIL score positively when you have repaid your loan amount and interests consistently. The lender mark the loan as 'closed' in your credit report which means you have repaid the loan amount entirely, thereby boosting your credibility and increasing chances of availing a loan next time. However if you were irregular in your interest payments or failed to repay the entire loan amount the lender will mark it as 'settled' or 'written off' in the credit report which makes you a defaulter and reduces chances of availing any loan further.
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