sub_locality
Kurnool
bethamcherla
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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in bethamcherla

Betamcherla town is a land rich in calcareous, dolomite deposits, and flooring stones. These services play an significant role in the town's economic growth. aroud 500 small-scale factories work in betamcherla making it the largest producer of revenues for the kurnool district's electrical department. This town is renowned for the flooring of the polish stones. The mines around bethamcherla have different beautiful shades of stones. The people who collect, polish and lay such stones from their ancestors have learned the art of doing so. Often these people take in town gold loans to get instant cash. those not engaged in mining grow corn, wheat, and vegetables.
Today's maximum loan value/gm ₹ **
max LTV

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Gold Loans at the privacy of your home

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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.

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

Can I close the gold loan earlier than intended?

Yes, you can choose to close the gold loan earlier than originally planned if you prefer. Whether or not you have to pay additional charges due to this depends on your lender. Rupeek for instance doesn't levy any lock-in period or prepayment penalties in case of early repayment. Whereas some other lenders might have small penalties ranging up to 200 rupees if you wish to foreclose your loan account before 3 months or 1 month, the lock-in period set upon the respective lender's discretion. The penalty also depends on the loan amount availed.

Do online gold companies offer different schemes for different income groups?

Any major of Indian nationality that meets the basic eligibility criteria will be able to avail a gold loan, even if they don't have a steady source of income. Now, different online gold companies offer different schemes. While these schemes are bound to differ in terms of loan tenure and loan amount but not by income groups. These gold loans don't require the borrower to have a healthy credit score. Every borrower is considered equal irrespective of his or her income profile. The borrower has the latitude to choose a loan interest rate, loan term, and repayment scheme as per his or her convenience.

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