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0.79%*
monthly Interest (9.69% P.A)*

Gold Loan in Bhowanipore

Bhowanipore is a locality in South Kolkata; it is known for many notable personalities like Netaji Subhash Chandra Bose, Satyajit Ray, and Uttam Kumar. The place is very popular and can be reached by both via road and metro. It's also connected to Kolkata's most important parts like Ballygunge, Alipore, Maidan, Elgin Road, and Park Street. Industrial bodies like Tata Tea, ITC, Exide Industries, and Automobile Association of Eastern India. Central Government Offices like the Central Bureau of Investigation, DWO Office, and the PWD office are located here. Given its location and facilities, it's a place of elites and expensive lifestyles. It's an excellent place for business, and many people are starting every day. With more businesses, people feel the need for extra cash and going for gold loans in Bhowanipore.

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What is an online gold loan?

An online gold loan is the most straightforward secured loan you can avail when you require instant cash. The easy eligibility criteria and high loan amount make a gold loan one of the most popular loans in India. Usually, lenders approve up to 75% of the gold's market value; although at times, the upper limit may go up to 90%. The final amount would depend on the previous thirty days' average gold price and the quality and Karat of the gold. To avail an online gold loan, the borrower has to download the lender's app or call the customer helpline. After this, a loan officer would schedule a meeting and visit the borrower's residence or office and value the gold. Generally, the loan amount gets transferred to the borrower's bank account within ten minutes of loan approval. The total time from loan application to loan approval can be anything from half an hour to an hour.

Documents required for an online gold loan

If you are looking to source immediate funds at short notice, online gold loans are your go-to avenue! The eligibility criteria are relaxed, it requires only minimal documentation, you are eligible for a higher loan amount (though the upper cap is contingent on the value of your gold), you can choose from a range of flexible repayment options, the benefits are endless! The documentation requirement can be split into two parts:

1) Identity Proof- Documents that serve as identity proof include but are not limited to:

* Voter's ID

*PAN Card

*Aadhaar Card

*Passport

*Driving License

2) Address Proof- Documents that serve as identity proof include but are not limited to: 

*Aadhar Card

*Passport

*Driving License

When it comes to gold loans, most lenders allow the borrower the latitude to avail a loan using just the king of all documents- The Aadhaar Card. Since it contains almost all the necessary information including Name, DOB, Name of parents/spouse, Address, Biometric information, and Iris Pattern Scan it acts as an all-rounder when it comes to documentation!

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Frequently asked questions

How does gold loan work?

To take out a loan against gold, you must pledge your gold ornaments to the lender. This gold is valued first, and then a loan amount against the pledged gold is fixed. A self-evaluation can also be done with a gold loan calculator online. Once the loan is disbursed, the borrower will have to complete the repayments within the loan tenure, after which, the collateral is returned to the borrower. An online gold loan is the easiest to procure among all types of sources of funds. It is the ease with which an online gold loan can be procured that makes it the most popular in the market. There are also various benefits that are exclusive to an online gold loan.

What about the tenure of the loan, lock-in period, and prepayment penalties?

The components of a loan always vary from one lender to another. There is no standard method in which your gold is valued, the loan amount you are eligible to receive, the gold gram rate, and loan interest. As a rational borrower, you are required to conduct due research before availing an online gold loan as there are a lot of red flags you might overlook. Even minute factors like overhead charges can increase the cost of your loans. The processing fees for your gold loans can vary from one lender to another and range between 0.20% and 2% of the loan amount. The processing fee at Rupeek is at the lower end of the spectrum and is in fact, one of the lowest in the market.
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