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Gold Loan in bargi

Bargi in jabalpur is famous for its bargi dam, which happens to be the first of its kind to be built in madhya pradesh on the banks of the narmada river. It has two big irrigation projects built around it, the bargi diversion scheme, and the rani avantibai lodhi sagar project. This place's prominence is attributed to the bargi dam which also makes it a hot-spot for visitors. The local people here are working on small tasks and have minimal livelihood resources. Accordingly, gold loan in bargi is a standard practice followed by bargi residents to address their unexpected expenses and other life obstacles.

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.

Documents required for an online gold loan

A gold loan is the perfect solution when a borrower is looking for urgent loans or emergency funds. With the help of an instant gold loan online, the borrower can receive the required funds in less than an hour. The borrower is eligible to get up to 75% of the market value of the pledged gold as the loan amount. Unlike many other sources of funds, an online gold loan requires minimum paperwork before giving the loan approval. The required documents are:

  1. Identity proof – any document such as voter ID, PAN Card, Aadhaar Card, Passport, or driving license can act as the identity proof of the borrower.
  2. Address proof – the same documents as mentioned above, except for voter ID and PAN card can act as the address proof of the borrower.

Some lenders also approve the loan against just the Aadhaar Card of the borrower. The Aadhaar card is the most important document for an Indian, which has all the details regarding name, father’s and mother’s name, address, biometric information, iris scan, etc. Therefore, it can function as the identity proof as well as the address proof.

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Frequently asked questions

Can I partially repay the gold loan amount?

Yes, it is possible to make partial prepayment of the loan. This is one mode of repayment of the gold loan in Jabalpur where the borrower pays an amount larger than the fixed EMI and less than the full loan amount. The amount can range anywhere between the EMI and the remaining loan amount with the interest compound. Some borrowers resort to this method to finish off the loan prematurely. However, it has to be noted that the collateral will only be returned by the lender once the whole repayment has been completed. 

Can I pledge anything other than gold?

No. Most lenders do not accept anything other than a gold pledge as their lending partners accept only gold jewelry. The kind of collateral and the type of it that an online lender accepts also depends on the conditions of its partner banks. Rupeek only deals in gold ornaments and not in the other forms of gold – such as coins or bars because its partner banks only accept ornament. Further, lenders like to specialize in the kind of loan that they offer so that they can provide their customers with the maximum benefits and the best services. 
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