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

Gold Loan in Bommasandra

Bommasandra is an industrial as well as residential location that emerged due to the Electronic City in its proximity. It houses some of the major IT firms that are serving and operating in India as well as all around the world. Muthanallur Lake is a massive waterbody and it is the heart of this area. This area is completely accessible from all the parts of Bangalore because of National Highway 44 passing from here. Shetron & SKF India, Precision Engineering Division (PED), Titan Industries, Biocon, Wirtz Manufacturing Ltd (India), Continental Automotive Components (India) Pvt. Limited, and Continental AG are some of the major factories in Bommasandra. Several churches, mosques, and temples are located in this region. In order to fulfil their dreams, people often take a gold loan in Bommasandra.
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Gold Loans at the privacy of your home

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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

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

Can a family member be present for the appraisal in my place?

No, a family member cannot represent the borrower when loan appraisal is happening. Most lenders require the loan applicant to be physically present while gold valuation is underway. This is primarily for transparency and security purposes. While family members can also be present while the gold appraisal is happening, the presence of the loan applicant cannot be substituted by that of a family member. Since the presence of the loan applicant helps confirms the identity and address proof of the applicant, you will not be able to move forward with your loan on gold if you request a substitute for the process. 

Does gold loan affect CIBIL?

All gold loan lenders do not consider the credit score before sanctioning a loan. Some lenders take into consideration the CIBIL score. Rupeek does not require the CIBIL score of the borrower before giving the loan approval. In that case, your CIBIL score is of no concern when you obtain a loan from Rupeek. But on the other hand, what can affect your CIBIL score is your repayment of the loan. If you have made all the repayment of the gold loan in cityname on time, your CIBIL score will take a boost. On the other hand, if your repayment has been poor, your CIBIL score will be adversely affected. This will, in turn, affect your eligibility of loans in the future.
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