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Gold Loan in attibele

Atibelle is a part of Anekal and it is primarily a residential area. Around the area, there are plenty of prime industrial areas, which makes it a perfect place for business individuals and house seekers. Real estate in this locality is pretty much booming due to the easy access to JP IT Park, Harita IT Park, Electronic City, and Hosur IT Park. The expectation for the development of this area is very high because of projects like flyovers, ring roads, and Hosur metro. Various schools. IT offices, restaurants, and hotels are located in this region. One more booming sector in Attibele is the healthcare one. Some of the most famous hospitals in the vicinity are Holistic Life Care Hospital, Life Care Hospital, and Apollo Hospital. In order to make some big purchases, people often opt for a gold loan in Attibele as there are several shopping malls in the locality.

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.

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.

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Frequently asked questions

Is a CIBIL score required for a gold loan?

CIBIL scores arent always required while you are applying for a loan. One of the several perks of subscribing to an online gold loan is that it does not require a stellar credit history. The borrower's credit score is not an integral element of the eligibility criteria. All one requires to avail of a gold loan is collateral and a few basic KYC documents. The said basic documents comprise of basic identity and address proof. Sometimes, lenders even approve loans just based on the Aadhar Card.On the other hand, in the case of an unsecured loan, the borrower has to submit their CIBIL score as a mark of their financial health.

What about the tenure of the loan, lock-in period, and prepayment penalties?

The factors associated with a loan - such as the loan interest rate, the loan term, the processing charges and the loan amount vary from lender to lender. Different lender offer different schemes to its borrowers. For instance, the average loan term for gold loan at Rupeek is 12 months. But secured loans offer a lot of flexibility in repayment options to its borrowers. To begin with, there are several schemes from which the borrower can pick the option most convenient to them. The borrower can also opt to prepay the loan before the end of the tenure. There are neither any prepayment penalties, nor any lock-in period.
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