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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.

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

Can I take more than one loan at a time?

At Rupeek, it is possible to take more than one loan at a time! It is noteworthy that if you are looking to avail secured loans, the loan amount you are eligible for depends entirely on the value of the collateral. Since according to the norms set by the industry, the borrower can get up to 75% of the market value of the pledged gold as gold loan in Bangalore. As long as your collateral is of a corresponding value, the minimum amount you are eligible to receive is INR 15,000 and the maximum amount is INR 1.5 Crores. 

How to repledge my existing loan?

Most lenders adhere to different terms and conditions as per their discretion. Hence, the flexibility to repledge an existing gold loan may or may not be available with all lenders. Rupeek however strives to offers unparalleled features via peerless customer service. Hence, at Rupeek, if you want to continue an existing gold loan in Bangalore and repledge your jewels, you can always contact our customer support team through your profile from the app. Alternately you can also place your request via the customer care number. A loan manager will be assigned to tend to you who will then guide you through the process.
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