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

Gold Loan in Burari

Burari in Central Delhi plays a host as a constituency that chooses the representatives to a legislative body. This zone also has a historic legacy to it, given the presence of a temple dedicated to Lord Shiva, stemming down from the times of Mahabharata. The illustrious tale of Arjuna offering his devotion to Shiva to conflagrate Indra Prastha circles around this wondrous geographical location. Connected with a plethora of commuting options like DTC buses, private minibuses, Gramin Sewa Vehicles along with Ola and Uber cabs, this is one of the finest residential zones. It bcomes quite obvious for an individual to seek for gold loan in Burari to meet his or her aspirations.
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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 hassle-free form of instant credit. It owes its popularity to the array of flexible features it comes with. It comes with extremely relaxed eligibility criteria, high loan amounts at low-interest rates! Sounds like the perfect package doesn't it? Well, it gets better. There is no set upper limit on your loan amount. This completely depends on the value of your gold. Ideally, lenders approve up to 75% of the market value of the collateral. However, at times it can even go up to 90%! It is noteworthy that this market value does not refer to the prevailing market price. The lender arrives at the gold valuation by taking an average of the gold gram rate from the past 30 days. The borrower can avail the loan right from the comforts of his/her home by downloading the app and placing a loan request using just the Aadhar card as document proof! A lender appointed representative will then visit the borrower's house for gold valuation and post which the loan amount will be transferred within 10 minutes. The entire process end-end takes only about an hour!

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

How is gold appraisal done at home for online gold loan?

When you want to get a gold loan, the two most important factors that need to be verified and validated are your KYC documents and your collateral asset, which in this case, is the gold. An official from the lending company will be sent to your house to accomplish both the tasks. For the gold valuation, the representative will weigh your gold. It should be taken care that the pledged gold has to be in the form of ornaments and not in the form of coins or bars. The quality of the gold will be appraised before your eyes, through industry-standard tests. Details regarding the gold – such as its weight and price will be uploaded in the company’s system. Once these details are approved by the approval team online, the official will proceed with the rest of the process.

Is there any age limit to avail a gold loan?

The eligibility criteria that a lender offers are unique to them. That is to say that the eligibility criteria offered by the lenders in the market differ when you are applying for a gold loan in cityname. The conditions vary to the extent in terms of age (and other factors) that while some lender requires the borrowers to be at a minimum age of 18 some lender wants their borrowers to be at a minimum age of18. Some lenders keep the upper bar on age at 65 years while for some others, it is 75. But generally, and according to Rupeek, the only eligibility criteria that the borrower has to fulfill are listed as follows:

  1. The borrower has to be an Indian citizen
  2. The borrower should possess the required KYC documents (address proof and identity proof)
  3. The borrower should possess sufficient gold which is above 18 karat gold and up to 22 karat and are in the form of gold ornaments.

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