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

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.

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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.

Eligibility criteria for an online gold loan

As a secured loan, the online gold loan offers unparalleled convenience, like easy eligibility, minimal documentation, high loan amount, long tenure, flexible repayment options, low rates of interest, and instant loan approval. Because of its simple eligibility criteria, virtually any Indian citizen can avail a gold loan. To avail a gold loan online, your age must be above 18. The purity of the gold you want to mortgage should be 18 Karat and above. The third and the last eligibility criterion is that the gold should be in the form of jewellery or ornaments. Generally, Indian lenders do not accept gold bars or coins for approving the gold loan. To calculate the loan amount, the lender evaluates the quality, weight, and purity of the gold and multiplies it with the previous thirty days' average price of gold. The figure that comes out as a result of the gold evaluation is the loan amount a borrower becomes eligible for.

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Frequently asked questions

Can I avail EMI facility on gold loan?

Yes, EMIs are available for a gold loan in Bangalore. EMI stands for Equated Monthly Installment where a fixed amount is paid every month towards the repayment of the loan. The EMI consists of both the principal amount as well as the compound interest. EMIs are fixed and consistent and make sure that the repayment of the loan does not burn a hole in the pocket of the borrower. Before you place an application for a loan, using the online gold calculator, it is possible for you to check the amount you will have to pay as EMI for your gold loan in Bangalore.

What are the gold items I can pledge

As per the regulations of Rupeek, only gold ornaments can be pledged as the collateral with the lender. Gold ornaments are usually between 18 karat and 22 karat. Purer forms of gold , that are between 22 karat and 24 karat exists in the form of coins or bars. Although there are lenders that accept gold coins and gold bars for gold loans in Bangalore, most lenders only accept gold ornaments. The gold ornaments that can be pledged with Rupeek include the following:

  1. Chains and necklaces
  2. Haraams
  3. Mangalsutra
  4. Rings
  5. Bracelets
  6. Bangles
  7. Earrings
  8. Anklets
  9. Hip chains
  10. Cufflinks
  11. Coins
  12. Bars

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