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Mumbai
Bangur Nagar
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Bangur Nagar

In Goregaon West in Mumbai, there is a famous residential locality named Bangur Nagar. During the 1970s, the Bangur Group Builders of Kolkata had built this region. Among the 20 co-operative socities in Bangur Nagar, most of them are 30 years old. Some of the eldest societies located in Bangur Nagar are Jal Kalyan, Ganga jyoti, Jalnidhi, Jal Padma, and Hariniketan. Visnu Park and Laxmi Park are the two major parks in this locality, and they are often rented out for social and marriage occasions. Bangur Nagar is connected with the Goregaon Railway Station through the Mahatma Gandhi Road. Transportation services are provided by BEST from the Goregaon Railway Station. People are able to boost their cash flow for fulfiling daily needs through a gold loan in Bangur Nagar.
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Gold Loans at the privacy of your home

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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.

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

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

It is mandatory that at the time of the loan appraisal and the verification of the documents, the borrower has to be present. Nobody, not even the close relative or family member can be sufficient in the place of the borrower. The process of verification and validation of the KYC documents as well as the gold is an important step in the process of loan approval. The identity proof and the address proof of the borrower have to be cross-checked. This demands the physical presence of the borrower. It also helps in establishing the transparency and security of the company. If you cannot be present in person during the verification process, the appointment will have to be rescheduled. 

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 <cityname>, 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.
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