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Gold Loan in banashankari

The largest locality in Bangalore is the Banashankari that is divided into six stages and is an essential part of the Bengaluru urban district. One of the oldest temples in Bangalore is the famous Banashankari Amma temple and it also adds other temples that are famous and oldest like Ramajaneya Temple, Kumari Swami Devsthana, etc. This locality is the shelter for many people. It gives priority to education and consists of one Teacher's colony to one of its stages. It has a high business network and contains brands like the Brand factory, the Adidas, Tanisha jewels, the Puma, etc. Moreover, it also contains shopping malls like Big Bazaar, etc. for people residing in it. As living standards are high in this region, people opt for gold loan in Banashankari for their actions.

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.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

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.

Is there a Rupeek branch which I can visit? How do I find the nearest one?

Through the Rupeek app has been seamlessly designed with the intent of providing the best user experience, if you still wish to visit our premises and meet our team in person you are most welcome to do so! For this purpose, we at Rupeek have set up lender branches with our partnered banks across 3000 locations to ensure the presence of branches within 3 km of main areas across 11 cities. You can view Rupeek's network of regional offices and bank branches to detect the branch nearest to you. Drop by anytime and we would be happy to help you!
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