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Gold Loan in beas pind

Beas pind is an adampur mandal village, situated in jalandhar, punjab. Established between the late nineteenth and early twentieth centuries, this village hosts a number of cultures nearby. Along with hosting punjabis, this multicultural culture also acts as a home for people from Uttar Pradesh and bihar. The doaba region's largest village, the zone is filled with many temples & gurudwaras around it. Educational institutions - schools and colleges run in the village, contributing to higher rates of literacy. It is surrounded by duhre, sanghwal, sikanderpur, and jAgrawan's neighboring villages. In beas pind, people apply for gold loans to survive under the increasing prices.

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 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.

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Frequently asked questions

What is gold loan renewal and how is it done?

Most of the schemes of gold loans in Jalandhar are of short tenure, generally ranging from anywhere between 3 to 6 to 12 months. Some lenders give the customers the option of extending the loan tenure through gold loan renewal if they are in need of fresh funds. However, renewal fees may be charged by some lenders. A borrower usually opts for a renewal of their gold loan in Jalandhar when they are still in need of funds. By opting for a second loan from the same lender by repledging the same gold ornaments, the borrower can meet the emergency fund requirement.

Are there any charges levied for late payment of interest?

Yes, lenders usually charge a penalty fee on failure of repayment of the gold loan in Jalandhar. This charge will be added to the next monthly payment. On failure of repayment of the next payment as well, the lender will be forced to hand over the matter to the respective loan managers. They are likely to be harsh with the borrowers to make sure that the repayments are done on time. In order to avoid any such circumstances in the future, the borrower has to take care not to miss out on payments or delay the payments. The EMI payment has to be a priority of the borrower.

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