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Gold Loan in bodakdev

There are many explanations for Bodakdev being a sought-after Ahmedabad residential neighborhood. The presence of many housing projects and the proximity of Bodakdev to jobs centers such as Pinnacle Business Park, Titanium Heights and Satellite-Prahlad Nagar have made it a lucrative choice for home-seekers. It is very convenient to enter the neighborhood as Bodakev is less than 2 km from prominent roads such as Sardar Patel Ring Road and 132 Foot Ring Road. Multiple famous educational establishments, super-speciality hospitals, and banks pepper the city when it comes to social amenities. The shopaholics of the city are served by shopping malls like The Acropolis, Iscon Mega Center, and Himalaya Center. People love to live a good life and rely on gold loans in Bodakdev to tide over every financial crisis.

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!

Eligibility criteria for an online gold loan

As far as forms of credit go, online gold loans provide a range of peerless flexibility! Here are some of the basic eligibility criteria that you need to meet if you are looking to avail an online gold loan-

1) Since lenders prefer disbursing loans to borrowers that are domiciled within the same geographic boundaries as theirs, you will have to be of Indian nationality and residing in India to avail a loan.

2) You must be an independent major, that is of the age 18 or above

3) Since, usually, Indian lenders do not approve gold coins or bars, the collateral you are looking to secure your loan with has to be gold in the form of jewelry or ornaments.

4) The jewelry you are looking to pledge must be 18 Karat or above (Karat is the measure of the purity of gold)

It is noteworthy that the loan amount you are eligible to receive is bound to vary from the market gold rate. This is due to the fact that lenders don't go by the current market price and instead arrive at the average gold rate based on the rate from the past 30 days. 

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Frequently asked questions

What is an LTV?

LTV abbreivated as Loan-to-Value Ratio is the financial term used by the lender to asses the risk of lending you a gold loan in Ahmedabad by determining the relationship between the loan amount and the value of the pledged collateral. Borrowers can ideally avail up to 75% of the value of the pledged gold as the loan amount. The loan amount that will be obtained by submitting the borrower’s collateral gold can be calculated online. Several lenders, including Rupeek provide this facility online.

What is gold loan renewal and how is it done?

Most of the schemes of gold loans in Ahmedabad are of short tenure, generally ranging from anywhere between 3 to 6 to 12 months. Some lenders give the customers the option of extending the loan tenure through gold loan renewal if they are in need of fresh funds. However, renewal fees may be charged by some lenders. A borrower usually opts for a renewal of their gold loan in Ahmedabad when they are still in need of funds. By opting for a second loan from the same lender by repledging the same gold ornaments, the borrower can meet the emergency fund requirement.
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