Bhandup is a bustling suburban locality in Mumbai, Maharashtra. This area is one of the oldest neighborhoods in Mumbai. The term Bhandup is derived from Bhandupeshwar which is one of the names of Hindu god Shiva. An old temple dedicated to Lord Shiva, the Bhandupeshwar Mahadev Mandir, is located on the western side of Bhandup near Moti Bai Wadi IDUBS Hindi high school. There are a few fast trains stop at Bhandup station, mostly during peak hours. This locality was not a part of the city until 1950 when the boundaries of the Bombay municipal corporation were extended up to Andheri on the western side and Bhandup on the eastern side. The residents rely heavily upon the gold loan in Bhandup. The locality is full of different types of automobile and pharmaceutical companies. The famous places of local and tourist interest in the locality are the Shivaji Talao and Bhandupeshwar Kundh, where devotees come from near and far to immerse Lord Ganesha's idol during the month-long celebration.
An online gold loan is the most hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!
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:
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:
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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