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Gold Loan in beas

Beas is a scenic and picturesque riverfront town in the district of amritsar, in punjab Indian state. It sits on the banks of the river beas and draws thousands of devotees for the radha soami satsang beas each year. The radhasoami society has set up a charitable hospital in beas named as charitable hospital maharaj sawan singh. He has treated thousands of patients since the day it was inaugurated, even free of cost. Amritsar lies to the town northwest while jalandhar lies to the southeast. The town is established, however, and has all the other facilities such as schools, theatres, shopping malls, banks, etc. People don't have to drive far to apply for an gold loan at beas.

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

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

What are the benefits of a gold loan?

There are many benefits that are unique to a gold loan. The security of the pledged collateral makes the borrower eligible for loans that they otherwise wouldn’t be able to enjoy. Some of the benefits that are exclusive to a gold loan are listed as follows: 1. Low rate of interest 2. Minimal paperwork 3. High-value loans 4. Flexibility in repayment options 5. Quick disbursal of funds In some cases, it is also possible to get an online gold loan just by presenting the Aadhaar card of the borrower. The disbursal of the funds is so quick that within an hour from the loan application, the amount will get transferred into the borrower’s account.

What are the things to keep in mind when taking a gold loan?

For starters, gold loans come equipped with a variety of benefits as opposed to any other form of credit. The reason lenders can afford to offer so many added benefits to borrowers of gold loans is because of the collateral pledged against the loan. Some of the stark difference between gold loans and other loans are: 

1) Gold loans have much lower interest rates 

2) Gold loans don't require as much documentation as to any other form of credit. Some lenders even approve gold loans with just the Aadhar Card for verification. 

3) Though other forms of credit require you to maintain a stellar credit history, gold loans can still be availed even with a poor credit score.

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