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

Gold Loan in bap

Bap is a large village in Phalodi Tehsil, Jodhpur, with more than 1,600 families. The village is developing rapidly and the literacy rate is higher than the national average. The literacy rate is 70.68%. It is 167 kilometers away from Jodhpur and well-connected by road and rail. Due to the lack of competitive education, many families choose to borrow money using gold loans in Bap to fund the education of their children and provide them with better opportunities to pursue prestigious careers. Due to the high literacy rate, Bap's living conditions have been greatly improved.

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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.

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

Do online gold companies offer different schemes for different income groups?

No, online gold companies do not even take into consideration the income of the borrower before approving the loan, let alone offer different schemes based on their income. Unlike an unsecured loan, the lender does not check the financial health of the borrower before approving the loan. All that an online lender looks for is the authenticity of the gold and the validity of the documents (the identitiy proof and the address proof) before sanctioning the amount. The loan amount and the interest rate are determined by various economic factors and by the pledged gold. A gold loan also makes it possible for the lenders to procure the loan even if they are unemployed. 

Why should I take a gold loan with my jewellery?

If you are in urgent need of immediate loans, you can always use your gold to secure it against a loan. It is noteworthy that this gold has to be either in the form of jewelry or ornaments, as most lenders don't accept gold bars or coins. As gold loans in Jodhpur are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. After you have repaid your loan, you can reclaim your gold as it was. If at all you find that your jewelry is damaged or not returned in original condition, you can always contact us and we'll help you get it sorted instantly.
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