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Gold Loan in bheemunipatnam

A prime tourist location in Visakhapatnam District is Bheemunipatnam. This area comes under Kadapa parliamentary constituency and Nandyal assembly constituency. Visakhapatnam Airport is only at a distance of 40 km, and the nearby railway stations are Nellimarla, Vizianagaram Junction, and Visakhapatnam. Bhogapuram, Madhurawada, Bay of Bengal, and Rushikonda are the bordering localities. Ramalayam Temple, Santoshi Mata Temple, Narasimha Temple, and Sri Pollamma Thalli Temple are the most renowned temples in this region. Some of the famous hospitals in this area are VGP Hospital, Dr. Hedgewar School Hospital, and Dr. Prasad Hospital. Sri Vani Vidya Niketan, ZPH Govt High School, Sarada Public School, Avanthi Institute of Pharmaceutical Sciences, Avanthi Engineering College, and Avanthi Institute of Engineering & Technology are some of the most prominent educational institutions in this area. Gold loan in Bheemunipatnam is pretty famous because of the presence of various commercial, tourist, and industrial hubs in this region.

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.

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.

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Frequently asked questions

How do I close my loan on gold and release my jewels?

You can close your gold loan in Visakhapatnam in one of several ways to finish complete repayment and have your collateral released. One of the options you can use is an option called 'close loan' online. In this method, the closure summary of your loan will be displayed in the app on your profile. The details enclosed are accrued interest, rebate amount(if applicable), the final payable amount for your gold loan. Your loan manager will handover the gold jewelry or ornaments you had pledged as collateral once your loan account has been closed.

How are gold loans different from other loans like personal or credit card loan?

For starters, gold loans come equipped with a variety of benefits as opposed to any other form of credit. The reason lenders can afford to offer so many added benefits to borrowers of gold loans is because of the collateral pledged against the loan. Some of the stark difference between gold loans and other loans are: 

1) Gold loans have much lower interest rates 

2) Gold loans don't require as much documentation as to any other form of credit. Some lenders even approve gold loans with just the Aadhar Card for verification. 

3) Though other forms of credit require you to maintain a stellar credit history, gold loans can still be availed even with a poor credit score.

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