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monthly Interest (9.69% P.A)*

Gold Loan in beltola

Beltola is a prime suburban area in south guwahati. The place is in the outskirts of assam's capital dispur. Beltola's experienced fast development of late. Several commercial and educational establishments have come up in the city. Beltola's availability of gold loans lets people start up new businesses in this part of the area. Beltola bazar is the locality's nerve center. It is a historic marketplace that today has become a bi-weekly market that sells vegetables and fruits. Beltola enjoys fast connectivity by regular bus service to all parts of guwahati. Reliance store, matrix mall, and jdds supermarket are just some of the major shopping spots here.

Gold Loans at the privacy of your home

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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

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 is a gold loan?

Gold loans are those loans that are availed by securing gold against your loan amount until the repayment of the loan. The value of this gold has to be at least 30% more than the loan amount. This functions like any other secured or collateral-based loan, where the gold operates as the collateral. Several factors make gold loans such a widely popular source of credit: 

1) Flexibility- Borrowers have the latitude to apply for a loan and choose the loan terms, loan amount, loan interest rates, and repayment schemes as per their requirement.

2) Speedy Disbursal- Gold loans take only about an hour to get approved and disbursed since the point of the loan application.

3) Minimal Documentation- Gold loans require minimal documentation. At times, the lender even approves loans with just collateral and the borrower's Aadhar card.

Is a gold loan taxable?

Even though borrowers have the flexibility to spend their loan amount as per their choice, whether or not this amount is taxable essentially relies upon the purpose for which it is being capitalized. Not only are gold loans that are utilized for business purposes are taxable, but the interest component is also eligible for a tax rebate. The same does not apply to gold loans that are availed to be spent on personal reasons such as weddings or academic fees in which case the loan amount will be taxable.
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