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Gold Loan in bhola

Surrounded by the valley of the gods, bhola's town lies in bhubaneswar district, odisha. It lies near the famous caves of udayagiri and khandagiri. This elaborately carved caves have considerable architectural, archeological, and religious value. This caves aren't totally natural; in recent years, most of the development has taken place. They are thought to have been built in the 1st ce century and acted as residential areas for jain monks. Byasa kabi fakira mohan senapati bda park, jurassic jungle and madhusudan park are other points of attraction in bhola. People are primarily dependent on agriculture and take immediate loans to meet their everyday struggles in bhola.

What is an online gold loan?

Gold loan is the most flexible and popular source of funds in the Indian financial market. A gold loan is a secured loan, which means that to obtain quick funds or emergency loans, the borrower has to pledge their asset (in this case, their gold) with the lender to obtain funds in return. A secured loan is also known as a collateral-based loan since the funds can be availed only against the asset of the borrower. Gold loans owe its popularity to its attractive features such as:

  1. Low rate of interest
  2. High-value loans
  3. Minimal paperwork
  4. Flexible repayment options
  5. Instant loans etc.

Using a gold loan, the borrower can get up to 75% of the market value of the collateral as the loan amount. In some cases, up to 90% can also be disbursed as the loan. Instant gold loans are so true to their name that the funds get transferred to the borrower’s account within one hour from the loan application.

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

Is there any age limit to avail a gold loan?

Lenders have their age eligibility criteria on individuals that are applying for a gold loan. Some lenders require the borrower to be a minimum of 18 years while some require the borrower to be 21 years of age and some have a limit of 65 years while others have 75 years as the age limit. However, largely, if you are an Indian citizen, above the age of 18 and possess the required KYC documents and gold, you can avail of a gold loan. The eligibility criteria for a gold loan in Bhubaneswar is less compared to other sources of funds. As long as you are above 18 years of age, and the gold that you are providing as collateral is above 18 karat gold, you are eligible to get a gold loan. Normally, the gold that you keep as collateral can only be in the form of ornaments.

Why should I take a gold loan with my jewellery?

If you have any short-term goals that need to be financed, you can use the gold jewelry that is lying dormant in your home lockers to encash them, but at the same time reclaiming them as they were. As gold loans are good in a rising market, a lender offering good LTV will get you the most out of your gold jewelry. If the expected appreciation in value is greater than the cost of the loan, it is better to take a loan bearing in mind to keep it short-term and being able to repay the principal. Ideally, you should go for a gold loan in Bhubaneswar if you are looking for emergency funds.
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