In the city of Mysore, Karnataka, there is a historical place named Bannimantap. Bannimantap is a word that has been derived from banni mara which translates to Prosopis cineraria tree in the Kannada language. Mandapa or mantapa means an outdoor hall or pavilion for public rituals as per the Indian architecture. In the northern part of Mysore, there are historical evidence of approximately 400 years which indicates Maharajas of Mysore provided pooja to the Bannimara. Dasara Air Show is featured at this venue and it is called the Mysore Dasara festivities. Mysore area provides great socio-economic status and provides various schemes to its residents like a gold loan in Bannimantap.
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:
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:
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.
When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.
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