Bicholim is a city situated in North Goa, also known as Dicholi or Divchal. The city is known as Goa 's mining hub and receives a large portion of its income from mining activities. Around 36 percent of the town's population is said to work for the owner of a single iron ore mine. Many of those not working in these mines also apply gold loans in Bicholim to cover their expenses. The Bicholim Industrial Estate, which has over 50 production units and factories working out of it, is also home to Bicholim. A weekly market is held in Bicholim every Wednesday, where buyers and sellers meet to deal with different kinds of commodities. Four of this city's main attractions are Our Lady of Grace Shrine, Namaz Ghar, and Shanta Durga Temple.
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.
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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