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Gold Loan in bhavi

Bhavi, a small village in Jodhpur, has its own railway station. It is connected to Delhi via road. Bhavi is located 68 kilometers from Jodhpur, on the State Highway 112. It comes under Bilara Tehsil. Residents mainly rely on agricultural activities to earn their daily bread. Gold loans in Bhavi are availed by the residents to meet their daily expenses. The village does not have adequate medical and educational facilities resulting in most people to leave or travel out of the city frequently. The existence of the railway station makes it easier for them to travel as and when required.

Documents required for an online gold loan

When a borrower needs urgent cash, an online gold loan acts as a blessing. With an online gold loan, you can get up to 75% of the gold's average value as the loan, instantly. Before approving the loan, the lender might ask you to submit a few documents, which the lender uses to determine your eligibility. The first document that you need to submit is an identity proof, like voter ID, PAN Card, Aadhaar Card, Passport, or driving license. The second document you need to submit is an address proof. Except for the PAN and Voter ID, all other documents mentioned above function as the address proof. Many reputed lenders also offer the facility to apply for a gold loan only with the Aadhaar Card. As the Aadhaar card contains all your personal details, like name, date of birth, father's/mother's name, address, and biometric information and iris scan, it functions as both the identity proof as well as the address proof.

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 are the benefits of a gold loan?

Gold loans require the borrower to pledge their gold against the loan. The value of this gold needs to be at least 30% more than the loan amount being availed. In case of an arrear or a failure to repay the loan, the lender assumes full and permanent ownership of the collateral. Owing to this, availing an online gold loan comes with a lot of benefits that include but arent limited to:

1) Speedy Disbursal

2) High LTV (LOan-Value Ratio)

3) Low-Interest Rates

4) Minimal Documentation

5) Relaxed Eligibility Criteria

6) Waived Processing Fee

7) 100% Insurance Cover

How is gold appraisal done at home for online gold loan?

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