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

Gold Loan in basavanagudi

Basavanagudi locality is located in the southern portion of Bangalore and it has got its name from the Nandi Bull Temple. This is one of the oldest regions in Bangalore and it is pretty much renowned for its retail industries and heritage restaurants that had been made way back before the Indian Independence. DVG Road is the most prominent place for trade and commerce in this entire region. There are several temples in this area and the people of Basavanagudi are very much religious and they pray at different temples here. People are very lively in here and they celebrate various festivals and events together. Bengaluru Ganesha Utsav and Kadlekai Parishe are the most important events of all. The area is even filled with some of the best educational institutions where students find excellent education in different disciplines. Basavanagudi is filled with some of the best parks in Bangalore. People sometimes need a loan to solve their financial problems, and this is the reason why they opt for a gold loan in Basavanagudi.
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Documents required for an online gold loan

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.

Eligibility criteria for an online gold loan

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:

  1. Low rate of interest
  2. Minimal documentation
  3. High loan amount
  4. Flexibility in repayment options
  5. Instant loan approval, etc.

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:

  1. The borrower shouldn’t be a minor
  2. The mortgage loan should be of 18 karat or above
  3. The gold should be in the form of ornaments or jewelry.

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.

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Frequently asked questions

Is a CIBIL score required for a gold loan?

No, a CIBIL score is not required when availing of a gold loan. The eligibility criteria for a gold loan does not include a credit score or credit check of any sorts - only the KYC documents required for a gold loan should be submitted. When the loan is obtained by pledging an asset of the lender as collateral, the paperwork associated with the transaction is minimal. The only documents that the borrower has to submit before loan approval are their identity proof and their credit score. In some cases, the lender also makes provisions for the borrower to obtain a loan against just their Aadhaar card. On the other hand, in the case of an unsecured loan, the borrower has to submit their CIBIL score as a mark of their financial health.

Is part withdrawal of gold Jewellery allowed post part closure of gold loan?

No you cannot withdraw your pledged gold ornaments with a part payment as most lenders do not allow it due to chances of fraudulence. The gold pledged is like a surity for the lender that assures your repayment of borrowed loan amount. However making part payments of both principal and interest is allowed. Only when the entire principal and interest amount is repaid and the gold loan in cityname is deemed close, the loan manager will hand over the pledged gold ornaments to you and obtain an acknowledgement from you.
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